Darren870
Member
Well here is what the average Australian spends per week according to moneysmart:
Lone person aged under 35
Housing $278
Fuel & power $20
Food & drink $104
Clothing & footware $23
Medical & health expenses $24
Alcohol $24
Transport $142
Recreation $106
TOTAL $869
Now, when I got my mortgage I told the banks I only spent $800 a month, as I had no bills besides food and transport. They kind of laughed but then again they don't really need to know an exact, they are more concerned about credit cards and how much debt you already have. Don't forget your yearly bills though! Insurance? Rego? anything really. You should include these and also bills you will be paying such as utilities. Do you have a credit card?
Figure for utilities you will have the following. (single male living in 1-2br apt)
Electric - $40 per month
Gas - $50 per month
Water - $50 per month
Internet - $70 per month (this varies like crazy)
Home insurance and/or body corp - $130 per month
Council rates - $120 per month.
You should +/- $20 to each of these as obviously it varies and I will assume its only you. Id budget higher then try and get it down as you go. The bigger the house and the more people you add the higher these go.
Its better to add money to the calculator then subtract. You don't want to stretch yourself and honestly its better to have all your home expenses (mortgage, gas, elec, etc) at about 25% of your take home. Most people do 35-40% and that is safe too, but once you get to 50%+ you are asking for a world of hurt.
Lone person aged under 35
Housing $278
Fuel & power $20
Food & drink $104
Clothing & footware $23
Medical & health expenses $24
Alcohol $24
Transport $142
Recreation $106
TOTAL $869
Now, when I got my mortgage I told the banks I only spent $800 a month, as I had no bills besides food and transport. They kind of laughed but then again they don't really need to know an exact, they are more concerned about credit cards and how much debt you already have. Don't forget your yearly bills though! Insurance? Rego? anything really. You should include these and also bills you will be paying such as utilities. Do you have a credit card?
Figure for utilities you will have the following. (single male living in 1-2br apt)
Electric - $40 per month
Gas - $50 per month
Water - $50 per month
Internet - $70 per month (this varies like crazy)
Home insurance and/or body corp - $130 per month
Council rates - $120 per month.
You should +/- $20 to each of these as obviously it varies and I will assume its only you. Id budget higher then try and get it down as you go. The bigger the house and the more people you add the higher these go.
Its better to add money to the calculator then subtract. You don't want to stretch yourself and honestly its better to have all your home expenses (mortgage, gas, elec, etc) at about 25% of your take home. Most people do 35-40% and that is safe too, but once you get to 50%+ you are asking for a world of hurt.