Are we not earning enough? (Full time working couple with 2yr old)

[melbourne]

And it will be similar here.

But statistically speaking you are on a well above average income. Most earn a lot less so it must be doable or society would be collapsing.

 

At least public transport is a reliable, safe option. Not so here. So hoping to save a lot on commuting.

[mext60]

My wife, son and I moved here just over 6 months ago from Dubai we here we lived and worked for the last 6 years. Moving to Australia has always been a long term goal of ours and we're happy that we are now finally here. However I'd be lying if I didn't say we are finding it quite tough financially.

:err:

 

Wish you all the best matte. Reading your story has scared me but nevertheless I wish you the best in Australia.

I am currently in Dubai since last 9 years and am planning to shift by the end of next year i.e. 2016. So I think I shall be pretty well prepared in terms of cash in hand before shifting. My earlier plan was to move to Australia with cash of about AUD 40K or something which shall last us 5 to 6 months (time that might lapse finding a job in my field). We are a couple with no children. I am not sure now after reading this thread if that money would be enough.

[rammygirl]

People do manage on lower incomes than that.......but often they have been here a while bought a house when they were more affordable and therefore have low or even no mortgage. Gone are the days when people could move from the UK and buy a house outright here with the profits from the sale......

[RNB31]

Great post and some good info in this.

 

I am trying to see if we (2 x adults, 2 x kids under 5) could live off a joint income of $95k and its proving hard to justify this from the uk. If we had a joint income of $125k which we would if it wasnt for one of us having to work only 3 days a week due to childcare costs and that out of preference I wouldn't want my kids in 5 days a week full time, then I would say from what Ive looked at we personally would live ok on that $125k

 

I noted someone said ride it out and once their at school you will have more cash, I think a lot of people forget that if you dont have family here then you have to work school hrs, or use before and afterschool care and then comes all the holidays kids get from school, very hard to both work full time. Least in nursery you can work part time 3 full days, as school hrs work will be hard to come by.

 

I know my friends in the uk havent thought about this when I say it but they have family to help.

[Marisawright]

I guess that's the thing. I will say that we pay a fortune in 'ordinary' monthly costs at the moment, that I'm looking forward to reducing in a new country. Things like electricity, water, sanitation, rates (house ownership tax), private medical insurance. These things have become ridiculously overpriced, never mind the normal mortgage, petrol (prices through the roof), food costs soaring.

 

Don't expect it to be any different in Oz. These things are all influenced by global trends as much as anything.

[goingbacksoon]

In relation to child care, you get a subsidy based on 10 hours a day - it doesn't matter whether you have your child in there for one hour or 10 hours a day, they will still charge you for the whole day. Most child care centres charge for 11 or 12 hours a day, so the fifth day you are paying at the full rate. When my youngest was in child care and I was working full time I managed to successfully apply for an extra 10 hours a week rebate as I was also studying. This made a big difference to my weekly bill. It might be worth giving them a call to see if that it still the case.

[calNgary]

Great post and some good info in this.

 

I am trying to see if we (2 x adults, 2 x kids under 5) could live off a joint income of $95k and its proving hard to justify this from the uk. If we had a joint income of $125k which we would if it wasnt for one of us having to work only 3 days a week due to childcare costs and that out of preference I wouldn't want my kids in 5 days a week full time, then I would say from what Ive looked at we personally would live ok on that $125k

 

I noted someone said ride it out and once their at school you will have more cash, I think a lot of people forget that if you dont have family here then you have to work school hrs, or use before and afterschool care and then comes all the holidays kids get from school, very hard to both work full time. Least in nursery you can work part time 3 full days, as school hrs work will be hard to come by.

 

I know my friends in the uk havent thought about this when I say it but they have family to help.

 

What visa will you be on? If your are coming on PR you are entitled to Family Tax Benefit which can be a few hundred dollars a week if you have 2 children. This is on top of Child Care help and Rent assistance so can help a lot whilst you get on your feet.

FWIW we are a family of 4 with a tiny home loan and manage fine on a little less than what your single income will be.

 

Cal x

[Paul1Perth]

We earn quite a bit more than you and aren't exactly rolling in it in Brisbane - No car loans, $650 a week rental (we live near the city), rarely go out, buy food at local markets, take sandwiches to work, don't buy coffees, source most clothes from UK (with UK funds).

Things that take our money - servicing and running 3 modest cars (2 teenage drivers), school fees (state school but IB so quite costly), electricity bills (sky high), telstra, gym, Foxtel, extra super contributions - Went to New Zealand for a holiday last month $$$$$ (and of course no paid leave for me) So we have scope to cut down but I wanted my lifestyle to be similar to that in UK. I am on a zero hours contract (well paid when I do work) so it's famine or feast. What I do spend a huge amount on is medical bills - cost of health insurance, medical bills for the 90% of things that aren't covered by private health insurance, prescriptions etc... It is bloody expensive to live here. We are fine as long as there is work, but quickly suffer if I can't get a contract.

So I'm not surprised that you're not flush with what you're on. Australia offers a lovely lifestyle for those on big bucks who own their houses but otherwise it's a struggle for many!

 

By the sound of this you are paying for your kids cars. That would be an expense beyond most for a kick off. If the kids want cars they should be able to pay for and afford to run them themselves.

 

You could cut down heaps that's for sure.

[RNB31]

What visa will you be on? If your are coming on PR you are entitled to Family Tax Benefit which can be a few hundred dollars a week if you have 2 children. This is on top of Child Care help and Rent assistance so can help a lot whilst you get on your feet.

FWIW we are a family of 4 with a tiny home loan and manage fine on a little less than what your single income will be.

 

Cal x

 

Thanks Cal

 

Yeah I did the calculations already on centrelink to see what rebate etc we would be entitled too and yes it does help, but its a scary thought to be so reliant on those. In the first 2 year I think we would be ok just, without saving in those years, or booking holidays we should get on our feet with the $95k joint plus rebate etc, but when one goes to school in 2 years thats when things get a bit tighter.

 

We both want to do this, we have the cash to make it happen, we would have a £15k nest egg on arrival, plus money from the sale of our uk cars to buy car outright 2nd hand and have no uk debt, (uk mortgage the acceptation) and still have a good amount in our uk property to buy a house in a few year down the line on oz, we just need to decide if we as a family can budget well enough on these figures. I hope so