![]() I wear same outfit all week so only need to do laundry once a month. Underwear and pyjamas for all three as well. Medication $120/month (With a Health Care Card for our son)Ĭlothing.very minimal as we rarely shop for clothes, usually just work uniform for husband and school uniform for son. Petrol for one car $80 x 4 weeks = $320/month Mortgage $ 800/month(we purchased our home for $305,000 but had a $150,000 deposit due to a compensation payout. When we need extra funds we request a drawdown. All bills are paid through the mortgage via direct debit. All income goes into home loan, we get paid a fortnightly allowance for food/fuel/medicines. We manage to pay off our mortgage by $10,000 a year by using a mortgage through the Crown Money Management program (Crown Lending). I receive $8,000 a year in Family Benefits and Carer Allowance from Centrelink. We live in Sydney south- west, 2 adults + one 13 yr old child. * Wages - average wages and unskilled wages much higher than USA * Unemployment and Pensions - modest but better than many other countries * Assets - the average person will have greater assets which may be accessed if needed * Mortgages - usually a 6 months freeze or switch to interest only is available * Illness - you retirement fund may have insurance or you may have months or years of employer benefits accumulated as well as months of holiday leave to get you through this period ![]() * Job Loss - less likely with secure employment and if you are made redundant you may receive say a tax free redundancy of say $50k to find another job * Kid's College Funds - not needed as costs are less and covered by a tax payment plan * Retirement Savings - 10.5% is paid by your employer and may be accessed in extreme emergency - you will be aiming to have about $500K or more when retiring You will always have access to Healthcare * Healthcare - may need to make a modest part payment but will not receive not a catastrophic bill. Good advice but don't necessarily need this in Australia because of the different way society and costs are structured - there is less risk: Living in the USA, Suzie Orman the finance guru always spoke about having a 5 month fund to cover unexpected job losses or health costs. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.Is it hard - yes and no - but you need to think of what is the purpose of saving also. One year is assumed to contain exactly 52 weeks or 26 fortnights. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.Īll months are assumed to be of equal length. That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.Įxcept for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). This information does not take your personal objectives, circumstances or needs into account. This is general advice only and may not be right for you. Terms, conditions, fees, charges and lending policies apply. This calculator does not replace personal financial advice and you should seek specific professional advice, prior to acting on any information.īanking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. ![]() The results from this calculator should be used as an indication only.
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