For the first time in my life I created a budget as a New Financial Year's Resolution.

[MARYROSE02]

I've actually got three going, all from Googling 'budget', one for daily spend, one for monthly, and one for yearly. I guess I could have combined them into one?

 

I basically figured out that I have an income of about $2,500 per month (which could change as the FX rate for GBP to AUD fluctuates - I have more income from UK than OZ) and I need to save about $1,100 a month to allow for my existing bills over the year, plus another $200 a month to save into my cash management account. I had to do some 'guestimates' because I don't know how much I will spend at the dentist, for instance.

 

I keep meaning to look seriously at Health Insurance. So far, I've just paid cash for anything I want to have done immediately - my hernia was done within four weeks of seeing my GP. I still feel guilty about people on the public hospital waiting list. The surgeon said 'when would you like to have it done?' 'ASAP' I said. He looked at his diary. 'How about two weeks from now?' Of course it cost me $9,000, but it's my money. I think I will get some kind of relief for this year's tax return for those bills though?

 

How much should I allow for Health Insurance - single bloke, 60 plus?

 

At the moment I can spend $36 per day, Yesterday, I spent $36.10 and my phone bill for the month has increased by $10 for extra internet space.

[theroberts]

I'm pretty sure they are phasing out the medical expenses tax offset so you can only claim if you also claimed in the last 2 tax years or it is for disability care. I'm going to get stung with this as well as I have 2 lots of braces to pay for this year!

 

In terms of health insurance any of the sites should give you a quote but bear in mind you will probably be due lifetime health loading. Basically you have a year from your 30th birthday (or when you became a permanent resident) to get cover then they add 2% a year to the premiums up to an additional 70%. I think after you have been paying it for a while they will take it off again but dont know how long that is - ten years sticks in my mind for some reason.

[MARYROSE02]

I'm pretty sure they are phasing out the medical expenses tax offset so you can only claim if you also claimed in the last 2 tax years or it is for disability care. I'm going to get stung with this as well as I have 2 lots of braces to pay for this year!

 

In terms of health insurance any of the sites should give you a quote but bear in mind you will probably be due lifetime health loading. Basically you have a year from your 30th birthday (or when you became a permanent resident) to get cover then they add 2% a year to the premiums up to an additional 70%. I think after you have been paying it for a while they will take it off again but dont know how long that is - ten years sticks in my mind for some reason.

 

Thanks for those two bits of advice. I'll ask my accountant about the medical expenses offset. I have already claimed it in previous years, and I've been storing all my bills up for this financial year.

 

I've been confused about Health Insurance for a couple of reasons. Presently, I use bulk bill services where I can - eg with an ultrasound I had done on Tuesday - and pay cash when I have to, eg for the dentists. Why do I actually need the insurance? What if I choose to save money into a separate account to spend on any things I need. I realize that for a really expensive operation, I may not have enough saved up.

 

I'll have to do some research.

[PommyPaul]

this is something i need to do, i'm absolutely terrible with money! would be pretty easy to budget since i'm on a fixed salary now.

[MARYROSE02]

this is something i need to do, i'm absolutely terrible with money! would be pretty easy to budget since i'm on a fixed salary now.

 

 

I can't find the bloody files now! I saved them all, but they are gone! I wrote down every bill.