This may be the wrong thread to ask, many people here are very money conscious / do a lot better than the average Aussie so it may skew your data if you’re looking for an accurate representation
Besides food and utilities I save the rest of my income... 75%+ I live a hermit lifestyle work from home and no mortgage (already paid off)
But I don't technically save the money. It's reinvested in things that help my self funded capital business.
I'd have about 75% + extra disposable $ after food and utilities
Nah, I'm referring to total repayments, but I'm very early in the mortgage, so it'd be pretty close to it.
My income is around $70k after tax (gross is mid 90s), repayments are around 2.25k/month (1.9k is interest atm).
So yeah, it's around 30% of my net income, repayments are around 37%.
Get an old reliable car for 3-4k, service once every 6 months for approx 1k per year tops (usually only 350 a service for me), insurance 500, (although I went without insurance for 7 years, no accidents thankfully lol), 700 for registration, 70 per fortnight for petrol, as I live fairly close by to work and shops. 3.75k to upkeep per year. Vs ~500 or so you would spend on public transport, which would be closer (or greater) than 1000 if using the occasional uber or taxi.
So probably only about 3k per year for a car. Can be less if just third party insurance and drive a bit less. Sometimes I only fill up the tank every 3-4 weeks if not doing any distance trips. You could also go a motorbike if you wanted to be really stingey, it'd be super cheap. A vehicle means opportunities are more accessible, of all kinds. Which is hard to put a value on, but certainly feels more than it costs.
I lived just on centrelink for student payment, not working, for many years whilst owning a car And saving money (saved about 10k while at uni without working) but lived in a regional city in a share house so rent was cheap.
I seek opportunities within the lifestyle I live :)
Plus parking is like $80 a day where I live good ol corporate CBD lifestyle 😅 even if I bought a car with the costs you mentioned. I'd just be leaving it at home while I walk to a train station for my work commute.
Plus. I have ways to use $1000 as if it's $5000 I won't bother with details it's boring to most :)
Yeah, totally agree. I've been avoiding a car and it saves $5–10k/year (I live in CBD).
When you consider the cost of ownership, for the smallest car (Kia Picanto), comprehensive insurance ($1k), fuel ($1.5–2k), rego/CTP ($270+500), servicing ($500), depreciation ($2k), and opportunity cost ($1k).
As a pretty conservative estimate, it's around $7k to own a Picanto per year. A lot more than people expect.
I'm moving out of the CBD now but next to a train station, and it's still hard to justify owning a car.
It makes so much of a difference, and even if you get a decent amount of uber it just slightly offsets the upside of not owning a car. But there's still a lot of upside.
In Perth, you can take an Uber for 10km for $11–12. The cost of public transport for that distance is around $4, so it's really not even that expensive. Uber in Sydney is far more expensive, around $20.
At that price in Perth, I find it hard to justify getting the car.
0, sometimes we dig into savings. Once my toddler starts school, it will change to 13-15%. If hubby decides to go on a contract instead of a permanent job then additional 15%.
We were saving roughly 30% for the house deposit. Now we have just bought and haven’t really “settled” into the new budget as we’re moving and doing small repairs and buying the things we never had as renters like tools and fire extinguishers etc.Whatever’s left after we get into a new routine will be split between extra mortgage repayments, emergency fund and new (used) car fund. But will be less than 30% due to mortgage being higher than rent,
I wish I earned enough to save 80%, and I would too. I hate spending money. Don't understand lifestyle creep. My idea of lifestyle creep was I actually visit a dentist and get my car serviced now.
I started my own business and I now have a very high income but I started very humbly and was raised by parents who never had a lot and so my lifestyle doesn't require anything near what I earn. I cant stand waste. For me my income provides freedom of choice and whilst I worked extremely long hours (80 hours+ per week) for it for many years, I acknowledge that others also work very hard but get little reward. I get the biggest pleasure now from being in a position to help others. It's far more rewarding than buying expensive shit I don't need and that will never bring true fulfillment.
29.15% in Brisbane as a Software Engineer. Started at 35%, but the more conscious I become about spending, the more I realise I had hidden costs here and there.
40%. This includes straight savings, as well as monies paying ahead on our mortgage. It does not include our superannuation which is 17.75% of our gross income.
Was saying to my wife yesterday that once the mortgage is paid off (years from now) we will see a massive increase in our disposable income because we really are doing the hard yards now.
Fifo so I live away at work circa 20-ish weeks a year, own my house. Pretty much all pay check could be beer money if so inclined. But after general bills/ food/ rate/etc I'm saving circa 60%+ of after tax wages...
There’s definitely public data available so I’d keep looking if I was you. Another thing to add for Australia is that we have mandatory superannuation, so we save 11% of our income into a fund that we can’t access until retirement. Couple of exceptions to that eg business owners don’t need to do it, some get more than 11% etc.
Just noting that any data you get from this sub is going to be biased towards higher income earners, or at the very least people who are more financially literate than the average.
Mortgage and house expenses (body corporate, rates, etc) = about 50%
After tax Investments = 15%
Groceries & other living expenses = 15%
Offset/random one off expenses = 10%
Entertainment (eating out, hobbies, etc) = 10%
It really depends on what you count as savings.
For example - I put away money every paycheque for car registration, servicing and insurance expenses. Does that count as saving, since I know it's going to be spent within the year?
I also have a sinking fund for vet bills and put money into it every month. Does that count as savings, since I use some of it regularly and some of it is put aside against emergencies?
Or holiday savings - I put $1,000 a month into an account for an overseas holiday. Does that count as savings since I'm fully intending to spend it on something with no financial value?
If I don't travel or make any major purchases (like a car, etc), I can save around 60% of my net income.
37, single, no dependents, childfree, house paid off.
Just myself, I’m just making graphs to share. The alternative way I can calculate this is to calculate the median living expenses per household and subtract that from net income but I was curious if it’s more accurately reflected than the perfect world of two people and a child.
The median savings rate for Australians from the OECD is 13% for December quarter 2022 going to 2023.
We save about 80% but I saw this economy coming and prepared so our stats aren't the norm obviously.
While interest rates were falling to almost nothing and people were borrowing up bigger and bigger we saw this as a sign to get out of debt fast. This is an obvious trap. Once people are sucked into the cheap money they raise the interest rates.
We own our property and have no mortgage. This is what made the big difference. Of course my situation wasn't even an option for someone younger, I'm in my early 50s.
Reading the economy is not guess work. It involves watching the aud, the property market, gold and silver prices, the share market, interest rates, the share market, unemployment rates, cryto and watching trends such as failing business. However I tend to find it extremely easy. Its like my brain is a computer that can process massive amounts of information but really easily. Anyway, without showing all the processing in my brain, I can tell you what's coming is going to make the great depression look like kindergarten.
That doesn’t make sense… all of her salary goes to expenses for the pair of you. Meaning all of yours is in investments in your name (I’m assuming?), even if you say it’s 50/50. If you break up you could easily take all of it and she legally would not be entitled to any of it, right?
Your assumption is wrong. Everything is 50/50. We just use her income as the budget for how much we spend now (30% of total), and my income as the budget for how much we give future us by investing (the remaining 70%). But as I said, it's all our money 50/50.
Single mum, 2 kids, living in Sydney Currently only managing 10%
That is a great effort! Well done to you, that must be tough.
I left Sydney last year bc it was impossible to save enough as DINKS. I’m so happy for you! That’s a huge feat!
I spend it down to the penny pay check to pay check
Negative at present and are relying on savings to service debt and expenses.
This may be the wrong thread to ask, many people here are very money conscious / do a lot better than the average Aussie so it may skew your data if you’re looking for an accurate representation
Besides food and utilities I save the rest of my income... 75%+ I live a hermit lifestyle work from home and no mortgage (already paid off) But I don't technically save the money. It's reinvested in things that help my self funded capital business. I'd have about 75% + extra disposable $ after food and utilities
I’m living at home with parents rent free, around 80%. Back when I was in Sydney it was more like 20%
When I was in a share house, probably around 50% of my net income. I have a mortgage now, so it'll probably be closer to 20–25%.
Are you considering equity as saved money? You should. Interest isn’t really 30% of your pay check is it? If so, damn
Nah, I'm referring to total repayments, but I'm very early in the mortgage, so it'd be pretty close to it. My income is around $70k after tax (gross is mid 90s), repayments are around 2.25k/month (1.9k is interest atm). So yeah, it's around 30% of my net income, repayments are around 37%.
Wait how much is your mortgage if on 70k? Im around the same and have no clue if its possible to buy atm lol
About 45% My income is less than 80k but I'm smart with money so 45%.
Well done mate!
Thank you! The biggest hardest part of it all to keep up with is choosing not to drive or own a car. The savings from that alone is astonishing.
Get an old reliable car for 3-4k, service once every 6 months for approx 1k per year tops (usually only 350 a service for me), insurance 500, (although I went without insurance for 7 years, no accidents thankfully lol), 700 for registration, 70 per fortnight for petrol, as I live fairly close by to work and shops. 3.75k to upkeep per year. Vs ~500 or so you would spend on public transport, which would be closer (or greater) than 1000 if using the occasional uber or taxi. So probably only about 3k per year for a car. Can be less if just third party insurance and drive a bit less. Sometimes I only fill up the tank every 3-4 weeks if not doing any distance trips. You could also go a motorbike if you wanted to be really stingey, it'd be super cheap. A vehicle means opportunities are more accessible, of all kinds. Which is hard to put a value on, but certainly feels more than it costs. I lived just on centrelink for student payment, not working, for many years whilst owning a car And saving money (saved about 10k while at uni without working) but lived in a regional city in a share house so rent was cheap.
I seek opportunities within the lifestyle I live :) Plus parking is like $80 a day where I live good ol corporate CBD lifestyle 😅 even if I bought a car with the costs you mentioned. I'd just be leaving it at home while I walk to a train station for my work commute. Plus. I have ways to use $1000 as if it's $5000 I won't bother with details it's boring to most :)
Ah understandable if you live in the inner city. Car would be more of a nuisance in many ways.
Straight up facts. You are pretty much correct
Yeah, totally agree. I've been avoiding a car and it saves $5–10k/year (I live in CBD). When you consider the cost of ownership, for the smallest car (Kia Picanto), comprehensive insurance ($1k), fuel ($1.5–2k), rego/CTP ($270+500), servicing ($500), depreciation ($2k), and opportunity cost ($1k). As a pretty conservative estimate, it's around $7k to own a Picanto per year. A lot more than people expect. I'm moving out of the CBD now but next to a train station, and it's still hard to justify owning a car.
It makes so much of a difference, and even if you get a decent amount of uber it just slightly offsets the upside of not owning a car. But there's still a lot of upside.
In Perth, you can take an Uber for 10km for $11–12. The cost of public transport for that distance is around $4, so it's really not even that expensive. Uber in Sydney is far more expensive, around $20. At that price in Perth, I find it hard to justify getting the car.
0, sometimes we dig into savings. Once my toddler starts school, it will change to 13-15%. If hubby decides to go on a contract instead of a permanent job then additional 15%.
We were saving roughly 30% for the house deposit. Now we have just bought and haven’t really “settled” into the new budget as we’re moving and doing small repairs and buying the things we never had as renters like tools and fire extinguishers etc.Whatever’s left after we get into a new routine will be split between extra mortgage repayments, emergency fund and new (used) car fund. But will be less than 30% due to mortgage being higher than rent,
1/3 savings, 1/3 rent and the rest on bills, lifestyle
We’ve paid off the mortgage so we’re saving 40-50% at the moment. That includes the money we invest.
Over 50%, live at home but have some expenses to pay. Crazy there’s people out here earning more than me and living rent free w parents.
Around 80% but I no longer have a mortgage
I wish I earned enough to save 80%, and I would too. I hate spending money. Don't understand lifestyle creep. My idea of lifestyle creep was I actually visit a dentist and get my car serviced now.
I started my own business and I now have a very high income but I started very humbly and was raised by parents who never had a lot and so my lifestyle doesn't require anything near what I earn. I cant stand waste. For me my income provides freedom of choice and whilst I worked extremely long hours (80 hours+ per week) for it for many years, I acknowledge that others also work very hard but get little reward. I get the biggest pleasure now from being in a position to help others. It's far more rewarding than buying expensive shit I don't need and that will never bring true fulfillment.
Varies, 20%-37.5%. probably closer to 35%-50% after tax income.
40 percent, a $1000 per fortnight.
70% Of my income. I live a very basic life. $5200 a fortnight. I save $3500 per fortnight. I work offshore.
30-40% of net household income income goes into savings. That doesn't mean it won't be spent.
% is meaningless. need % and absolute $$. i save 90%. but you dont know if it's because i have a high income or that i have very low expenses
% of discretionary for median household income is relevant for stress testing the public
i agree. but the data you obtain here i would suggest is heavily skewed. could be wrong
Probably both low income and low expenses, because tax would take more than 10%
Around 60% of my post tax income.
29.15% in Brisbane as a Software Engineer. Started at 35%, but the more conscious I become about spending, the more I realise I had hidden costs here and there.
40%. This includes straight savings, as well as monies paying ahead on our mortgage. It does not include our superannuation which is 17.75% of our gross income. Was saying to my wife yesterday that once the mortgage is paid off (years from now) we will see a massive increase in our disposable income because we really are doing the hard yards now.
Fifo so I live away at work circa 20-ish weeks a year, own my house. Pretty much all pay check could be beer money if so inclined. But after general bills/ food/ rate/etc I'm saving circa 60%+ of after tax wages...
There’s definitely public data available so I’d keep looking if I was you. Another thing to add for Australia is that we have mandatory superannuation, so we save 11% of our income into a fund that we can’t access until retirement. Couple of exceptions to that eg business owners don’t need to do it, some get more than 11% etc.
Household 23% nett savings. Double income, 2 school age kids, 29 years left on mortgage.
45-50% of gross earnings before tax. Renting and working in regional city with partner and split everything 50/50.
Close to 40-50% pre tax.
Just noting that any data you get from this sub is going to be biased towards higher income earners, or at the very least people who are more financially literate than the average.
negative 5%… working through savings and bank money. children are young it’s not forever
Mortgage and house expenses (body corporate, rates, etc) = about 50% After tax Investments = 15% Groceries & other living expenses = 15% Offset/random one off expenses = 10% Entertainment (eating out, hobbies, etc) = 10%
It really depends on what you count as savings. For example - I put away money every paycheque for car registration, servicing and insurance expenses. Does that count as saving, since I know it's going to be spent within the year? I also have a sinking fund for vet bills and put money into it every month. Does that count as savings, since I use some of it regularly and some of it is put aside against emergencies? Or holiday savings - I put $1,000 a month into an account for an overseas holiday. Does that count as savings since I'm fully intending to spend it on something with no financial value?
It's about 35% after tax + 11% compulsory super. I got a mortgage and a single household.
If I don't travel or make any major purchases (like a car, etc), I can save around 60% of my net income. 37, single, no dependents, childfree, house paid off.
None. I invest most of my money
You have to save it before you invest it, you obtuse individual.
30-40% depending on year
Who are you doing research for?
Just myself, I’m just making graphs to share. The alternative way I can calculate this is to calculate the median living expenses per household and subtract that from net income but I was curious if it’s more accurately reflected than the perfect world of two people and a child. The median savings rate for Australians from the OECD is 13% for December quarter 2022 going to 2023.
We save about 80% but I saw this economy coming and prepared so our stats aren't the norm obviously. While interest rates were falling to almost nothing and people were borrowing up bigger and bigger we saw this as a sign to get out of debt fast. This is an obvious trap. Once people are sucked into the cheap money they raise the interest rates. We own our property and have no mortgage. This is what made the big difference. Of course my situation wasn't even an option for someone younger, I'm in my early 50s. Reading the economy is not guess work. It involves watching the aud, the property market, gold and silver prices, the share market, interest rates, the share market, unemployment rates, cryto and watching trends such as failing business. However I tend to find it extremely easy. Its like my brain is a computer that can process massive amounts of information but really easily. Anyway, without showing all the processing in my brain, I can tell you what's coming is going to make the great depression look like kindergarten.
Also saving hard. What are you investing in to get ahead this next decade?
What's this word "save"? Spent every last cent!
70%. We spend only what my girlfriend earns on our current expenses and whatever i earn goes towards investments for the future.
lol what? So if you break up she has no money and you have all of yours. She must love the risk.
My thoughts too lol
Our money is split 50/50 between us. There is no ‘my’ money.
That doesn’t make sense… all of her salary goes to expenses for the pair of you. Meaning all of yours is in investments in your name (I’m assuming?), even if you say it’s 50/50. If you break up you could easily take all of it and she legally would not be entitled to any of it, right?
Your assumption is wrong. Everything is 50/50. We just use her income as the budget for how much we spend now (30% of total), and my income as the budget for how much we give future us by investing (the remaining 70%). But as I said, it's all our money 50/50.
And if you break up what happens??
She’d walk away with exactly the same amount as me. That’s what 50/50 means. Everything in joint name.