Personal Savings in Australia? And Bonuses

beth_loggins

Hi Guys,

I just read an article
http://www.telegraph.co.uk/finance/personalfinance/expat-money/8942489/The-true-cost-of-expat-living-in-Australia.html

staying mahal daw sa Australia, esp Sydney.
Do you guys manage to save or offset $ sa sweldo nyo?

Also, practice ba sa Aussie na mag bigay ng bonuses?

li_i_ren

Bonuses only for executives and ceos... Not to the ordinary workers:(

Mahal ang sydney pero if you live within ur means and if for a family 2 incomes you can still save:)

LokiJr

Live around the suburbs..malaki matitipid niyo dun hehe...malayo pero hindi naman tulad ng Manila-Makati commute satin na malaki pang tsansang maholdap ka pa along the way hehehe

Also...I think in Australia, bonus na yung puwede ka umuwi nang saktong 5 sa kanila at common practice lang yun. Yung free time mo puwede kang magpart time job hehe

hotshot

ang lagi din sinasabi sa amin dito ay "live within your means". so i think kahit ano pa trabaho mo dito basta nacocontrol mo naman expenses and you're following a budget, makakapag-save ka naman.

sa bonus, depende nga cguro sa company. yung sa contract ng wife ko nakalagay meron pero depending on performance. pero kakastart lang nya magwork so i guess next year pa namin malalaman kung magkano ang bonus na yun (kung meron man). hehe

LokiJr

Hehe general rule of thumb naman yung 'live within your means' pero mahirap isubstantiate yung "means" kasi hehe..it's very subjective. Some companies offer bonuses pero iilan lang talaga hehe. Salaries in Australia is generous enough to be honest so just be creative with how you make the most of it --investing, superannuation, tax incentives, cost cutting etc

Metaform

Depende yung savings sa number of family member IMO. Kung kayo lang mag-asawa and isang anak na wala pa sa school, kahit isa lang ang mag-work you can still live comfortably.

atchino

hindi uso ang 13month pay at bonus in Australia.

Annual salary kas iang usapan. hahatiin na nila sa weekly or forthnightly mo yung sweldo.

Isipin mo na lang na

IslanderndCity

in summary, diskarti nalang talaga on how to (consistently) save & invest without expecting salary bonus.

dhey_almighty

ang isang natutunan ko lang talaga ung nagsimula ako magabroad way back in 2004 e ganito:
kung may gusto kang bilhin,equipments, gadgets etc. bago mo siya bilhin e tanungin mo muna sarili mo kung kailangan mo ba talaga un...then base sa sahod mo, mag tabi ka na agad para sa savings mo...then kung may extra kang kinita, un ang ipambili mo sa gusto mong bilhin...para hinde affected ang savings mo...so in summary, savings muna bago ang luho... :-)

**pero syempre, wag na wag mong titipirin ang sarili mo sa pagkain...thats more important :-)

Milkan

Personal Savings - try nyo sa Commbank mag enquire about GoalSaver and Netsaver savings nila. (parang time deposit)

Bonuses - depende sa company. Sa pinagttrabahuan ko meron profit sharing plus performance review. Every last week ng Nov or Early days ng Dec binibigay.

IslanderndCity

ang isang natutunan ko lang talaga ung nagsimula ako magabroad way back in 2004 e ganito:
kung may gusto kang bilhin,equipments, gadgets etc. bago mo siya bilhin e tanungin mo muna sarili mo kung kailangan mo ba talaga un...then base sa sahod mo, mag tabi ka na agad para sa savings mo...then kung may extra kang kinita, un ang ipambili mo sa gusto mong bilhin...para hinde affected ang savings mo...so in summary, savings muna bago ang luho... :-)

**pero syempre, wag na wag mong titipirin ang sarili mo sa pagkain...thats more important :-)

awesome

TasBurrfoot

ang isang natutunan ko lang talaga ung nagsimula ako magabroad way back in 2004 e ganito:
kung may gusto kang bilhin,equipments, gadgets etc. bago mo siya bilhin e tanungin mo muna sarili mo kung kailangan mo ba talaga un...then base sa sahod mo, mag tabi ka na agad para sa savings mo...then kung may extra kang kinita, un ang ipambili mo sa gusto mong bilhin...para hinde affected ang savings mo...so in summary, savings muna bago ang luho... :-)

**pero syempre, wag na wag mong titipirin ang sarili mo sa pagkain...thats more important :-)

One way to do that in Australia in a tax efficient manner is to salary sacrifice a certain percentage of your earnings to your superannuation account.

cholle

^Pwede namang automated yun, diba?

TasBurrfoot

^Pwede namang automated yun, diba?

@cholle what are you talking about?

cholle

@TasBurrfoot Via standing order?

TasBurrfoot

@TasBurrfoot Via standing order?

i meant ano yung i-automate mo? di kasi clear tanong mo...

TasBurrfoot

Hi Guys,

I just read an article
http://www.telegraph.co.uk/finance/personalfinance/expat-money/8942489/The-true-cost-of-expat-living-in-Australia.html

staying mahal daw sa Australia, esp Sydney.
Do you guys manage to save or offset $ sa sweldo nyo?

Also, practice ba sa Aussie na mag bigay ng bonuses?

Mentioned this one previously... Effective net taxi namin mag-asawa dito sa Melbourne is much lesser than what we were getting sa Singapore however it seems like mas malalaki naman na set-aside namin for the rainy days and for savings.

Maybe because di na ako gumagastos ng $15/day for food - Singapore kasi, di talaga kami nagluluto while dito sa Australia, nagluto ako ng 2kilo adobo and etc. Eating out is something we do mga at most twice a week nalang. Sayang din kasi yung cost ng 1 meal ko, it is already the cost of the 2 kilo adobo, ahahah!!

Maybe because mas cheaper na ang house rental namin...

Maybe because we don't travel as much as we did before; dati kasi out of the country at least every 2 months. Once a yr we try to go somewhere far from SG like HK or Europe - that alone will have a very big dent in our savings. Ngayon, our travel would be window shopping to a seaside town in Victoria that would involve 3hr back and forth driving. Or a picnic in a football field just outside our home.

And maybe because ngayon, we are just very conscious na of our gastos especially that we are soon getting our own place and the fact that yun nga mas lesser ang take home pay namin than SG.

All these factors and more add to the fact that we are better off financially that we were in Singapore previously; did it mean that our quality of living was better before in Singapore? Big NO - ngayon kasi, we are enjoying the finer things in life that does not cost too much (sometimes even free pa nga...)

cholle

@TasBurrfoot Ah haha. Onga noh ang gulo ng pagkakasabi ko :P I meant kung pwedeng may standing order or automated yung pagpasok ng funds sa super... I'm guessing pwede

TasBurrfoot

@TasBurrfoot Ah haha. Onga noh ang gulo ng pagkakasabi ko :P I meant kung pwedeng may standing order or automated yung pagpasok ng funds sa super... I'm guessing pwede

Ah yeah, that can be done... Just set-up an auto debit arrangement from your transactional account in your bank and you are good to go.

atchino

@cholle :

Another option is to ask your employer if they can do "salary sacrifice" / before tax contribution
- this way the contribution is only taxed at 15%

Another option is to contribute on your own (after tax contribution) like transfer money from your bank to your SUPER. You may be eligible for the government co-contribution. Last time I check was $500)



Link might help: http://yzzymae.blogspot.com.au/2014/09/tax-effective-top-up-your-super_9.html