Most economists are tipping a cash rate of at least 2 per cent by Christmas (up from 0.85 per cent now). If you have a variable-rate home loan, have a play with the government’s online MoneySmart mortgage calculator to see how coming interest-rate increases may affect your repayments. Fortunately for me, the interest rate on my home loan is fixed at 1.84 per cent until mid-2023. HOUSING: $31,188 – That’s my minimum annual mortgage payments (if you rent, you’d estimate that here). It is not intended as a straightjacket, but simply a rough road map to help me navigate the expenses I am likely to encounter throughout the year, and to help identify where I can cut back, if needed, as living costs rise.įor context, my budget is for a high-income household of one-adult and one-child, living in an apartment within 10km of the CBD. Governments get budget forecasts wrong all the time but that doesn’t stop them giving it a crack – and nor should it you. Like any budget, the numbers are just estimates. You can access my free annual budget worksheet (in both Excel and PDF formats) at /resources. If there was ever a financial year in which to write a household budget, 2022-23 is it, amid rising interest rates, soaring power bills, petrol prices above $2 a litre and $10 lettuces. Not only is this incredibly pervy information to read (get ready to judge me for every spending decision I make!) I hope it inspires you take a closer look at your own household expenses. So, I’m about to return the favour and share my own household budget for FY2022-23 with you, dear reader.
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