Earnings,Budgets and Mortgages
#1
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Location: northumberland,uk
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Earnings,Budgets and Mortgages
Forgive me if this has been asked a thousand times but.....
I have got the impression that to cover bills,etc. on a weekly basis,we would need to be earning about $1000 a week for basics nothing flash or fancy i.e. holiday saving etc.
Does this amount coming in a week allow for running a car ?
Also,
Say you had a mortgage of a $1000 a month,is it realistic to pay that out of the $4000 a month ,or would it be required to earn even more?
Or putting it another way, if mortgage was taking out $250 a week, would $750 be enough to live with car food and bills for a week or is that not realistic?
Lynn
I have got the impression that to cover bills,etc. on a weekly basis,we would need to be earning about $1000 a week for basics nothing flash or fancy i.e. holiday saving etc.
Does this amount coming in a week allow for running a car ?
Also,
Say you had a mortgage of a $1000 a month,is it realistic to pay that out of the $4000 a month ,or would it be required to earn even more?
Or putting it another way, if mortgage was taking out $250 a week, would $750 be enough to live with car food and bills for a week or is that not realistic?
Lynn
#2
Forum Regular
Joined: Apr 2004
Location: Wigan, UK
Posts: 64
Re: Earnings,Budgets and Mortgages
Originally Posted by lynnbrooks
Forgive me if this has been asked a thousand times but.....
I have got the impression that to cover bills,etc. on a weekly basis,we would need to be earning about $1000 a week for basics nothing flash or fancy i.e. holiday saving etc.
Does this amount coming in a week allow for running a car ?
Also,
Say you had a mortgage of a $1000 a month,is it realistic to pay that out of the $4000 a month ,or would it be required to earn even more?
Or putting it another way, if mortgage was taking out $250 a week, would $750 be enough to live with car food and bills for a week or is that not realistic?
Lynn
I have got the impression that to cover bills,etc. on a weekly basis,we would need to be earning about $1000 a week for basics nothing flash or fancy i.e. holiday saving etc.
Does this amount coming in a week allow for running a car ?
Also,
Say you had a mortgage of a $1000 a month,is it realistic to pay that out of the $4000 a month ,or would it be required to earn even more?
Or putting it another way, if mortgage was taking out $250 a week, would $750 be enough to live with car food and bills for a week or is that not realistic?
Lynn
BUMP!
#3
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Location: northumberland,uk
Posts: 498
Re: Earnings,Budgets and Mortgages
Originally Posted by Cat_Harrison
BUMP!
could you ellaborate on this please..........................
#4
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Joined: Jun 2004
Location: The Gold Coast
Posts: 3,069
Re: Earnings,Budgets and Mortgages
Originally Posted by lynnbrooks
could you ellaborate on this please..........................
Tracey
#5
Re: Earnings,Budgets and Mortgages
Originally Posted by lynnbrooks
Forgive me if this has been asked a thousand times but.....
I have got the impression that to cover bills,etc. on a weekly basis,we would need to be earning about $1000 a week for basics nothing flash or fancy i.e. holiday saving etc.
Does this amount coming in a week allow for running a car ?
Also,
Say you had a mortgage of a $1000 a month,is it realistic to pay that out of the $4000 a month ,or would it be required to earn even more?
Or putting it another way, if mortgage was taking out $250 a week, would $750 be enough to live with car food and bills for a week or is that not realistic?
Lynn
I have got the impression that to cover bills,etc. on a weekly basis,we would need to be earning about $1000 a week for basics nothing flash or fancy i.e. holiday saving etc.
Does this amount coming in a week allow for running a car ?
Also,
Say you had a mortgage of a $1000 a month,is it realistic to pay that out of the $4000 a month ,or would it be required to earn even more?
Or putting it another way, if mortgage was taking out $250 a week, would $750 be enough to live with car food and bills for a week or is that not realistic?
Lynn
boomie
x
#6
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Location: northumberland,uk
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Re: Earnings,Budgets and Mortgages
Originally Posted by tracey.d
People generally say bump on a post to "bump it back to the top". Therefore the previous poster is probably interested to see what replies you get and as nobody had answered you they have bumped it back to the top of the listings for you.
Tracey
Tracey
Well i have learnt something new tonight,cheers,and thanks for the bump,
lynn
#7
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Re: Earnings,Budgets and Mortgages
Originally Posted by Boomie
when you find a job that pays $1000 per week let me know what trade cuz I will get andy to do a career change!
boomie
x
boomie
x
Well this will be probably the income combined between me and my hubby if we are lucky,so i take it from that comment ,my query may be possible?
Lynn
#8
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Location: northumberland,uk
Posts: 498
Re: Earnings,Budgets and Mortgages
I've noticed that 103 people have viewed this subject,why are there no comments?
#9
Re: Earnings,Budgets and Mortgages
Our bills (anticipated as havent had first ones yet)
Monthly
$1480 rent
$100 phone (hopefully but probably more for first one )
$75 elec?
$69 foxtell (found it crap but tele wont pick up oz signals at mo)
water is paid by landlord but could get excess but have no idea on this one
$50 car ins but paid in one go for the year approx monthly cost
$250 full private health ins (family 5)
$70 broadband (unlimited)
No gas here
$2094 total
Obviously this can be greatly reduced this is just ours and doesnt include shopping just basic bills. If I have forgotten anything please feel free to remind me as I may have missed something vital.
Cant think of anything else yet apart from contents ins which I must bloody do but keep forgetting.
Very lucky at the mo as hubby has 4 month contract earning $590 a day. Wont last forever though so am saving as much as can. Which is the reason we have taken out health ins. I am sure I read somewhere that if you earn over $100k or thereabouts you really ought to have Health Ins as this reduces your tax.
Jo
Monthly
$1480 rent
$100 phone (hopefully but probably more for first one )
$75 elec?
$69 foxtell (found it crap but tele wont pick up oz signals at mo)
water is paid by landlord but could get excess but have no idea on this one
$50 car ins but paid in one go for the year approx monthly cost
$250 full private health ins (family 5)
$70 broadband (unlimited)
No gas here
$2094 total
Obviously this can be greatly reduced this is just ours and doesnt include shopping just basic bills. If I have forgotten anything please feel free to remind me as I may have missed something vital.
Cant think of anything else yet apart from contents ins which I must bloody do but keep forgetting.
Very lucky at the mo as hubby has 4 month contract earning $590 a day. Wont last forever though so am saving as much as can. Which is the reason we have taken out health ins. I am sure I read somewhere that if you earn over $100k or thereabouts you really ought to have Health Ins as this reduces your tax.
Jo
#10
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Thread Starter
Joined: Jun 2004
Location: northumberland,uk
Posts: 498
Re: Earnings,Budgets and Mortgages
Originally Posted by joho
Our bills (anticipated as havent had first ones yet)
Monthly
$1480 rent
$100 phone (hopefully but probably more for first one )
$75 elec?
$69 foxtell (found it crap but tele wont pick up oz signals at mo)
water is paid by landlord but could get excess but have no idea on this one
$50 car ins but paid in one go for the year approx monthly cost
$250 full private health ins (family 5)
$70 broadband (unlimited)
No gas here
$2094 total
Obviously this can be greatly reduced this is just ours and doesnt include shopping just basic bills. If I have forgotten anything please feel free to remind me as I may have missed something vital.
Cant think of anything else yet apart from contents ins which I must bloody do but keep forgetting.
Very lucky at the mo as hubby has 4 month contract earning $590 a day. Wont last forever though so am saving as much as can. Which is the reason we have taken out health ins. I am sure I read somewhere that if you earn over $100k or thereabouts you really ought to have Health Ins as this reduces your tax.
Jo
Monthly
$1480 rent
$100 phone (hopefully but probably more for first one )
$75 elec?
$69 foxtell (found it crap but tele wont pick up oz signals at mo)
water is paid by landlord but could get excess but have no idea on this one
$50 car ins but paid in one go for the year approx monthly cost
$250 full private health ins (family 5)
$70 broadband (unlimited)
No gas here
$2094 total
Obviously this can be greatly reduced this is just ours and doesnt include shopping just basic bills. If I have forgotten anything please feel free to remind me as I may have missed something vital.
Cant think of anything else yet apart from contents ins which I must bloody do but keep forgetting.
Very lucky at the mo as hubby has 4 month contract earning $590 a day. Wont last forever though so am saving as much as can. Which is the reason we have taken out health ins. I am sure I read somewhere that if you earn over $100k or thereabouts you really ought to have Health Ins as this reduces your tax.
Jo
thanx for that.
so if and when you went for a mortgage,would you be hoping for it to be around the price of your rent?
Lynn
#11
Re: Earnings,Budgets and Mortgages
At the moment hubby and I are renting a lovely house for $1000 a month. We haven't started to look at mortgages as I assume that the payments could well be higher than this, to buy a nice house in a decent area, and to be honest at the mo we couldn't afford much more. It would be interesting if a few people could mention how much they pay each month for their mortgage, that is if they wouldn't mind sharing this information.
Katie
Katie
#12
Re: Earnings,Budgets and Mortgages
Can you survive on that money at the moment in the UK? Prices are pretty comparable.
#13
Guest
Posts: n/a
Re: Earnings,Budgets and Mortgages
Originally Posted by lynnbrooks
I've noticed that 103 people have viewed this subject,why are there no comments?
Mortgage payments are often more than Rent, and in the current housing market, they tend to be a lot More than Rent.
eg: House valued at $300,000: currently rented at $1,085 pm, but the mortage would cost (with a 80% mortgage) $1,669 per month over 25 years.
The Landlord/Owner would also be up for costs of about $150 pm to cover rates and insurance, and a further unknown amount for general maintenance.
So, the cost for that house would be $1,820+ per month to buy it, compared to $1,085 per month to rent it.
I have done figures for our normal expenditure on a previous thread. I'll dig it out shortly.
#14
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Posts: n/a
Re: Earnings,Budgets and Mortgages
Here was the other information, and the figures are WEEKLY:
I recently went through my last two years costs of living here, and the averages per week are:
Cars - $103.00 (2 cars, both fully paid)
Education - $73.00 (Private School)
Electricity - $23.00 (No Gas in house)
Food - $126.00 (For 2 adults and 1 pre-teen child)
Household - $97.00 (Building & Contents Insurance, Garden, General Maint etc)
Medical - $39.00 (No Medical Insurance)
Misc - $195.00 (Including Holidays, clothes, the wifes shoes & handbags etc)
Phones - $23.00
Rates - $33.00 (Rates & Water)
Total Weekly $712.00 (But No rent or Mortgage included)
Some specific Items are:
Building & Contents Insurance $600 per year
Car Registration & CTP $541 per year for each car
Car Ins: Comp $412 per year for each car approx
Some people will spend more, and I know that some others will spend less.
I recently went through my last two years costs of living here, and the averages per week are:
Cars - $103.00 (2 cars, both fully paid)
Education - $73.00 (Private School)
Electricity - $23.00 (No Gas in house)
Food - $126.00 (For 2 adults and 1 pre-teen child)
Household - $97.00 (Building & Contents Insurance, Garden, General Maint etc)
Medical - $39.00 (No Medical Insurance)
Misc - $195.00 (Including Holidays, clothes, the wifes shoes & handbags etc)
Phones - $23.00
Rates - $33.00 (Rates & Water)
Total Weekly $712.00 (But No rent or Mortgage included)
Some specific Items are:
Building & Contents Insurance $600 per year
Car Registration & CTP $541 per year for each car
Car Ins: Comp $412 per year for each car approx
Some people will spend more, and I know that some others will spend less.
#15
Re: Earnings,Budgets and Mortgages
Originally Posted by ABCDiamond
Hi, and here is a possible answer to that particular question. Most of the viewers are probably in the UK, and are also waiting for us in Australia to wake up and begin to answer the question
Mortgage payments are often more than Rent, and in the current housing market, they tend to be a lot More than Rent.
eg: House valued at $300,000: currently rented at $1,085 pm, but the mortage would cost (with a 80% mortgage) $1,669 per month over 25 years.
The Landlord/Owner would also be up for costs of about $150 pm to cover rates and insurance, and a further unknown amount for general maintenance.
So, the cost for that house would be $1,820+ per month to buy it, compared to $1,085 per month to rent it.
I have done figures for our normal expenditure on a previous thread. I'll dig it out shortly.
Mortgage payments are often more than Rent, and in the current housing market, they tend to be a lot More than Rent.
eg: House valued at $300,000: currently rented at $1,085 pm, but the mortage would cost (with a 80% mortgage) $1,669 per month over 25 years.
The Landlord/Owner would also be up for costs of about $150 pm to cover rates and insurance, and a further unknown amount for general maintenance.
So, the cost for that house would be $1,820+ per month to buy it, compared to $1,085 per month to rent it.
I have done figures for our normal expenditure on a previous thread. I'll dig it out shortly.
Katie