FundRobot » Growth Fund » Is $60,000 a year a good salary?

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Old   #1 (permalink)
 
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Default 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?

Beauty2000 is offline   Reply With Quote
Old   #2 (permalink)
 
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Default 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.
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Old   #3 (permalink)
 
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Default 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.
TheGreat33 is offline   Reply With Quote
Old   #4 (permalink)
 
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Default is $60,000 a year a good salary

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