Average Monthly Living Expense

[Jesterarts]

Hey,

Just need some input on how much are living expenses on average per month.

Food, gas, water, electricity, rates, etc.

I'm using various Home Loan calculators and most have an input for monthly expenses, which I usually enter in as $3000 per month for a couple.

This is EXCLUDING home loan repayments. I'm just after a figure for much to estimate in terms of bills, insurance, pet food, etc. Ballpark.

Just want to know if I'm being realistic or not.

Thanks in advance.

[minux]

It all depends.

Food, fuel, elec, water, rates, insurances work out what your parents pay and go from there.

[MasterOfReality]

Its not that hard.

My estimate, based on my bills is around $1500 a month. Would be rare if it went over that actually.

That is for a couple with 2 cars, no kids, with a mortgage.

I think $3000 is overdoing it.

[VN_Luke]

Yer I work it out the 'base' rate to be (for a couple in their 20's)

House & food costs:
625/month for food, net, phone, elec, gas, home contents insurance.

Car costs:
200/month/car for 20,000km/year, small car (or LPG), 3rd party insurance only. - (covers rego, insurance, fuel - NO servicing/parts costs included)

So for a couple with 2 cars - just to live and drive to work in basic motoring is around 1025/month.

Then on top of that, you have to add all the stuff you 'like' to do...

- foxtel?
- pub?
- going out for dinner?
- cocaine?
- pets?
- project car?
- car/other loans?
- mobile phone?
- buying a coffee in the morning before work?
- etc...


which is where all the big dollars start adding up

.. and then add a 20% buffer for safety.

[MasterOfReality]

Haha,

The easiest way to calculate it would just be to simply get onto net banking, get a summary of total deposits and total withdrawals for the past 12 months, subtract total mortgage repayments if any, then divide by 12.

Piss easy.

[ClairBear]

Thing is it's hard for any of us to give a ball park figure that is close to realistic for you as each person is in a unique situation. For instance there are 3 adults living in my house who all consume electricity, water and food, then we have partner stay overs that add to those costs. Given my 2 adult children are males, they hoof down tonnes of food and drink per week. Females consume more water for showering generally and this increases the heating of hot water.

There is also appliances to be taken into account that vary from home to home. We have 4 computers than run 24/7 for instance and each room has a seperate airconditioner, often these are left running by people who go out and forget to turn them off.......... Therefore my utility bills would be greater than a couple with no kids and no computers.

Rates and taxes along with insurance costs vary depending on where you live.

As VN Luke points out too, when doing a budget most people forget to add the every day expenses which all add up. Even things like budgeting for birthdays and Christmas should be taken into account. Too often people just add up all the bills and food and then don't account for the other day to day items.

Good luck.