Income to survive per person and per couple?

johnolocher

1/ how much does a single person need to earn to survive
2/ how much does a couple need to earn

Our situation is my wife has been offered a job on $55k and my job with an Irish company is willing to let me stay on albeit in a reduced capacity & wage for a few months, I'd arrive on $35k per year. So our household income would be $90k per year rising to between $110k per year when I get a job there.

On the one hand I know one single man (Irish) who lives there earns €60k and is having a ball (small shared apartment), money saved and has a great life, on the other hand I know an Australian couple with a baby on $170k household income a year and struggle (3bed house in the suburbs).

So I don't know who to believe, maybe it's the middle of what they are saying; the Irish fellas not as well off as he says and the family are just like the us in Ireland who moan about our mortgages/ cost of living etc.

Any thoughts?

catbear

Maybe the person on $170 is complaining about servicing personal debts that have nothing to do with the cost of living.
My wife and I have a combined income of about $110K, we save about half of that per year. Where we are there's not much to spend money on so it's easy, plus we past the going out constantly phase so I guess you could say we're low maintenance.
Our big spends are rent and traveling abroad.
Now how much a person need to survive depends on what they mean by survive. We're comfortable, actually financially we're far more comfortable than when we were both working back in boom time Ireland, however we don't have any debts to service and that's where I see a lot of friends who've come over struggle.

rightyabe

Its all to do with your lifestyle, no point living a champange lifestyle on a coca cola wage. 90k for the 2 of yas will be alright as long as yas dont go mad altogether, although getting your self set up with a car, furniture, rent bond etc could cost between 5-10k depending how good a car you want and if you get second hand furniture..

hussey

60k for a single guy = 49k after tax = 940 pw, say shared house rent is 250pw, leaves him with 690 disposable income. To me this would be a good amount to get by on.

I would be skeptical about a couple struggling on 170 a year, unless they got a huge mortgage. Obviously other things have to be taken into account, child care for non residents are pretty big here, how much rent, insurance etc do they pay. But to struggle on 170 seems strange.

Slidey

Before I went to the mines I was on 80k in Perth city and it was loads. Even with high rent costs I was still able to save money

HillFarmer

Where will you be living?

We are moving to Sydney, and it seems to be the most expensive place along with Perth.
Rent and childcare are the main killers, but if you move out a bit you could get an ok place for 500 per week.

Presuming you've no kids.
If you start with 90K, you'd be ok I reckon but if you want a nice lifestyle I don't think you'd be able to save that much

johnolocher

Many thanks for the replies. I feel a lot more positive about it now, our 90k earnings would up to about 110 when I get a job there (hopefully quickly) so from your advice that sounds like we will be fine.

It is Sydney we are move too, well aware it's very expensive! I don't have any debts, she has a manageable credit union loan.

We too are past the whole going out all the time lark but we would like enough to have hobbies etc its not worth trading a wage slave lifestyle in Ireland for a wages leave lifestyle in the sun!! (Well maybe it is!)

Ps yeah we will be arriving with about $7k in the bank an dont plan on getting a car straight away

HillFarmer

johnolocher wrote: »

Many thanks for the replies. I feel a lot more positive about it now, our 90k earnings would up to about 110 when I get a job there (hopefully quickly) so from your advice that sounds like we will be fine.

It is Sydney we are move too, well aware it's very expensive! I don't have any debts, she has a manageable credit union loan.

We too are past the whole going out all the time lark but we would like enough to have hobbies etc its not worth trading a wage slave lifestyle in Ireland for a wages leave lifestyle in the sun!! (Well maybe it is!)

Ps yeah we will be arriving with about $7k in the bank an dont plan on getting a car straight away

We'll be moving over April/May. We will be living in the Northern Suburbs.
Have you looked at accomodation yet?

jank

$7k wont last all that long but might be doable if your wife starts to work straight away. A bond for a house will set you back at least $2k never mind you will have to furnish it and so on....

johnolocher

Yeah we have looked at accommodation, looking at some one bed's around the $500 mark to start us off, then look at upgrading when my income goes up to an ozzy rate.

Yeah bond will be about $2k that's fine, we are not getting a car straight away and both working (albeit me at a low rate) so we feel 7k will do us for landing and getting set up. Plus there is the old flexible friend for any emergencies. Do you reckon we would need more?

rightyabe

$500 for a 1 bedroom is OTT. Go onto realestate.com.au and there is loads of people renting out rooms in their houses for anything around $160-200.

mandrake04

Are you staying in a hotel on arrival? takes a week or so to get a gaff and they are usually totally unfurnished.

johnolocher

500 seems the norm for 1 bed apartment in Sydney we don't want to share with anyone! Reckon we could get it cheaper?

Not sure about the hotel, probably. I know most places are unfurnished we are unsure which we will go with there are still plenty of places in Sydney furnished for the $500 mark. I'd rather go furnished seeing as we are only using it as a base til we get settled n can think about a bigger place that we will furnish. Do you think we will need more money if we are staying in a hotel for a couple of weeks?

pa_

You could get cheaper rent than $500 but the quality quickly starts to fall off as there is more competition for cheaper ones. Equally, for higher than average rent you start getting more bells and whistles but the accommodation itself wont be much better.

Furnished are hard to find but convenient initially. You'll probaby find most of the furniture isn't great and will look to replace it eventually anyway. So it's convenient but really restricts your search.

FYI I share a large 1 bed apartment 2 minute walk from central (Chippendale side - $500 between two) and live very comfortably off $250. So $500pw is plenty to live in central Sydney.

johnolocher

pa_ wrote: »

You could get cheaper rent than $500 but the quality quickly starts to fall off as there is more competition for cheaper ones. Equally, for higher than average rent you start getting more bells and whistles but the accommodation itself wont be much better.

Furnished are hard to find but convenient initially. You'll probaby find most of the furniture isn't great and will look to replace it eventually anyway. So it's convenient but really restricts your search.

FYI I share a large 1 bed apartment 2 minute walk from central (Chippendale side - $500 between two) and live very comfortably off $250. So $500pw is plenty to live in central Sydney.

Great, thanks! We are looking for central Sydney as we really want to experience the city for a year so that is encouraging. I will broaden the search to unfurnished too then see what it throws up, that real estate app is awesome

sarahannejen

Get an unfurnished apartment and head straight to the local vinnies(st vincient de paul) and deck out your place from there. Unreal what you can pik up in them at a really cheap price.