Is a sole $65,000 post-tax income enough for a frugal couple to live on in (Greater Western) Sydney, Australia? Budget included.
I come from a traditional background. I'm living with my family and seeking to eventually move out when married. I'd like to get feedback on a budget I've made. Are the figures realistic? Is there anything missing? I've placed an asterisk* on those I reckon may possible be a bit high.
Assuming $85,000 pre-tax, which would be $65,000 post tax. The following are for two people.
Home & Utilities (2 adults):
- $400 per week 1 bedroom apartment or studio in Greater Western Sydney
- $2,000 annually for furniture/appliances*
- $250 quarterly for electricity
- $100 quarterly for water
- $70 monthly for home internet
- $150x2 annually for phone plans
Groceries (2 adults):
- $150 per week groceries
Eating out (2 adults):
- $20x2 per week coffee and/or the odd take-out lunch
- $60 per week eating out for two
Transport (2 adults):
- $50x2 per week for Adult Opal cards
- $6000 car
- $300 monthly for petrol, insurance and tolls
- $1250 annually for rego, service, repairs and fines
Personal (2 adults):
- $750x2 annually for clothing and shoes*
- $1000x2 annually for electronics*
- $400x2 annually for running gear and/or gym
- $1600x2 annually for education (this is more a misc)
Medical (2 adults):
- $400x2 annual for for dental, eyecare, medicines and pharmacy*
Entertainment (2 adults):
- $50 per month for books, movies or subscriptions
Total annual expenses is roughly $63,000.