Is $60,000 a year a good salary?

Beauty2000

Is earning $60,000 a year in Australia enough to live comfortably? I live in Sydney on the north shore (an area considered slightly more expensive to live in) and would like to continue living in this demographic. Would earning $60,000 be enough to live comfortably while living alone. I don't want many luxuries and never really buy anything particularly expensive, so would earning that amount provide a reasonable and comfortable lifestyle?

JohnyZone

Sydney is very very expensive, home rentals can run $600 Australian dollars a WEEK !

I dont think $60,000 is a lot to live on in Sydney at all unless you go and live in the less affluent districts.

TheGreat33

Let's look at the budget you would have. 60k before taxes is more like 48k after taxes, or $4000 a month.

10% of your monthly income should be going to long-term (retirement) savings: $400 a month.

15% goes to debt repayment/emergency fund: $600 a month goes into a regular savings account until you have at least 6 times your monthly income saved up ($24000).

35% goes to housing (rent, mortgage, bills, utilities, insurances, etc.): All-inclusive, you can afford monthly payments of $1400 a month.

15% goes to transportation (gas, insurance, repairs, bus): $600 a month.

25% goes to life (food, entertainment, clothing, gifts, travel, medical, wants, phone, internet, cable, other): $1000 a month, or $250 a week.

ForexCash10

Its a good salary for Australian citizen. I am earning $10,000/Year from my website.

	#1 (permalink)
Beauty2000 Posts: 2,546	is $60,000 a year a good salary Is earning $60,000 a year in Australia enough to live comfortably? I live in Sydney on the north shore (an area considered slightly more expensive to live in) and would like to continue living in this demographic. Would earning $60,000 be enough to live comfortably while living alone. I don't want many luxuries and never really buy anything particularly expensive, so would earning that amount provide a reasonable and comfortable lifestyle?

	#2 (permalink)
JohnyZone Posts: 2,611	is $60,000 a year a good salary Sydney is very very expensive, home rentals can run $600 Australian dollars a WEEK ! I dont think $60,000 is a lot to live on in Sydney at all unless you go and live in the less affluent districts.

	#3 (permalink)
TheGreat33 Posts: 2,604	is $60,000 a year a good salary Let's look at the budget you would have. 60k before taxes is more like 48k after taxes, or $4000 a month. 10% of your monthly income should be going to long-term (retirement) savings: $400 a month. 15% goes to debt repayment/emergency fund: $600 a month goes into a regular savings account until you have at least 6 times your monthly income saved up ($24000). 35% goes to housing (rent, mortgage, bills, utilities, insurances, etc.): All-inclusive, you can afford monthly payments of $1400 a month. 15% goes to transportation (gas, insurance, repairs, bus): $600 a month. 25% goes to life (food, entertainment, clothing, gifts, travel, medical, wants, phone, internet, cable, other): $1000 a month, or $250 a week.

	#4 (permalink)
ForexCash10 Posts: 2,584	is $60,000 a year a good salary Its a good salary for Australian citizen. I am earning $10,000/Year from my website.