Jump to content
jhbsr

Reality check

Recommended Posts

I am looking to make the move to Oz (Melbourne) within 12 months, but really starting to doubt our family finances. We are a family of 4 (mid 30s, 2 kids 3 and 1). One of us will work full time the other part time.

 

Our jointly income from salaries and money from uk will be $85K plus super to start with for the first year or two.

 

I've calculated childcare and included the childcare rebate and benefit online and taken this into account, takes us up to $94k

 

Research has brought me to monthly costs of about $6700and my monthly income including the childcare allowance to $6900. So I am very much on the line, there is a couple of things that can go our way to help and for the monthly costs to come down $200-300 but we wont know that until we are there.

 

It looks like it will be very tight and very much on the line, but I am being realistic or about to make a huge mistake. I noticed when doing the childcare allowances that a possible family assistance may be payable of about $800, I have never received anything like this in the UK but we both work full time. I do not want to count on this family assistance but will be good if this is true for the kids.

 

$94k (salaries, uk money, childcare allowances) is this going to be ok, on paper it looks ok and spending is in line with what we spend here, but do I need a reality check?

Share this post


Link to post
Share on other sites

Many people do not earn 94k a year. In fact I would say a lot are on 60 = 70. The advantage is that they are Australian and usually have a home of their own. It will depend on your expenses and where you choose to live. Rents are cheaper further from the CBD. As we are all individual and live our lives differently its hard to assess what one person needs for living.

 

We brought up our children with no family assistance whatsoever and no tax relief either and we managed. As governments change and policies change its never wise to rely on payments or interest rates. Perhaps visit one of the facebook groups State specific you may get more of an idea from the people who visit there.

Share this post


Link to post
Share on other sites

As Petals said you should be fine if you are earning $94,000 a year. The cost of living obviously depends on your expenses, where in Melbourne you want to live, generally it is more expensive in the inner east, but depending on how close you want to live to the CBD you could find a good family home for less than $3000. Then the other big costs would be education if you want your children to go to private schools and private medical insurance. Buying a car in Australia is higher than in the UK but petrol is currently cheaper at less than $1 a litre. I think you would therefore be ok.

 

Richard Weider

Make Melbourne Your home

https://www.facebook.com/makemelbourneyourhome/info/?tab=page_info

Share this post


Link to post
Share on other sites

Very generally I reckon you need about $2.5 for every £1 of income to maintain the same lifestyle. So if you currently earn £40,000, you would need to earn $100,000 in Melbourne to have the same lifestyle.

 

The other thing to consider is set-up costs, which can be very high. Getting yourselves started in Australia can immediately cost $20k - $30k.

 

BB

Share this post


Link to post
Share on other sites

You should have enough money to be comfortable. So long as you are sensible. Our family income is similar, and we are a family of 5.

 

You are not going to afford to live in the inner suburbs, but you can afford to live in nice suburbs with easy access to the CBD (<1 hr).

 

There's great parks and beaches for the kids, rather than pay for indoor play areas to exercise kids when it's raining.

 

Forget 3 foreign holidays a year, but buy yourself a tent and explore the national parks for free. Toilets and barbecues for free.

 

Shop sensibly. Use also for staples and the others for more special foods.

 

Less restaurants and more bbqs out. Much cheaper and usually with a better view.

 

If you are careful, you will have enough for a trip to the cinema, zoo and other treats fairly often,as well as saving for the future.

 

That type of income will be enough to live a good and comfortable life here.

Share this post


Link to post
Share on other sites

Thanks for the posts, Just cant help but think we are going to struggle and end up not covering the costs. Just feel my actual oz income wont be enough and I am relaying on money from the uK and rebate/benefit to get by.

 

Really cant see a joint income of much more than $75k initially

Share this post


Link to post
Share on other sites

Please sign in to comment

You will be able to leave a comment after signing in



Sign In Now

×