How much would you save on a salary of 77,000? (Excluding 11 p/c Super)

[vbtyree]

EDIT: mortgage is 541 a month, not week. Edit: some people are asking how I have a mortgage. I was in a very bad accident and received a relatively modest settlement. Did nothing with the money, just put it away and used it as a housing deposit on a small unit in an up and coming location. I am extremely fortunate but no, I didn't borrow from the bank of Mum and Dad. I worked multiple casual gigs at the same time to pay for the mortgage.

I earn 77,000 per year minus 11 percent super, take home 1752 per fortnight.This is my first grown up job: main expenses are mortgage 541 per month and 115 for health insurance per fortnight. How much would you save on these figures and how would you do?

 

[arianex]

@vbtyree

This is my first grown up job: main expenses are mortgage 541 per week and 115 for health insurance

Idk man, you seem to be doing better than me, I don't even have a mortgage and am on significantly more than you. Just dump money into that offset that you can afford and try to get those promotions to a higher paying income.

 

[vbtyree]

@arianex Thanks, I did a lot of shitty casual work (tutoring mostly) to get here

 

[slidewayz88]

@vbtyree How does shitty casual work = a mortgage?

 

[vbtyree]

@slidewayz88 I was in an awful accident, and received a settlement as compensation. I didn't touch the money and used it as a deposit for a small unit instead. To pay the mortgage, I worked at some points 3 different jobs. Due to the injury I am restricted to certain kinds of jobs.

 

[arianex]

@vbtyree Good on you mate, this sub is negative at times but you are making the best of what you got.

 

[theskippingcow]

@slidewayz88 Exactly. Somethings not adding up here. I know it used to be easier to get a mortgage, but it took me 10 years busting my ass as a tradesman, and then my partner and I both getting permanent full time wages gigs just to get a small mortgage.

 

[vbtyree]

@theskippingcow See above comment

 

[12stonerfb]

@theskippingcow Sounds like you needed a better mortgage broker..

 

[rebecca1918]

@theskippingcow Not sure why you got so severely downvoted when you weren't aware of the settlement amount, and only pointed out an obvious discrepancy. This place is confusing sometimes.

 

[theskippingcow]

@rebecca1918 Hahaha I didn’t even notice. Maybe cause I wasn’t immediately and unquestionably supportive towards OP?

 

[rebecca1918]

@theskippingcow Yeah probably. It's a hive mind in most subs. Once one person downvotes, everyone stacks on.

 

[resjudicata]

@vbtyree Buy shares that have a dividend reinvestment plan.
If you're living basically and wanting to save hard, you should be able to save 50% per f/n.
Another part of saving depending where you are is salary sacrifice more to put some pre tax $ in your super

 

[wrk87]

@vbtyree

1. Make sure you are using a fully structured budgeting system e.g set aside weekly money for bills/loan.
2. From that you should be able to figure out weekly spending money from that.
3. Once you have that weekly spending figure, take 33% of that money and put it into savings.

This has been my strat for years, no point saving money out of your means (Especially if you will just pull money straight out of your savings to have fun)