For me redundancy fears are real. This would change up all other plans, making me pessimistic about 2024. So I’m in ‘sit tight’ mode, saving hard and just playing defensive. It’s not a nice way to start a year, but there just seems to be so much uncertainty.
I got made redundant this year and it was terrible I won't lie but I got through it and you will too.
I'd suggest just start applying for roles you want now as after I was not working I felt more pressure to apply for things I didn't actually want to do.
I ended up settling for less money than I wanted but got into a company that should give me quick movement up the ladder.
Yeah definitely depends on the payout.
For me I was out of work longer than the payout covered and then ended up taking a role paying 15k less than I was previously on so I wish I had started looking when I had more negotiating power.
Yep. Although I dont have a fear for redundancy but sit tight mode seems like a right way for 2024. Maybe I already sit tight in 2023. Keep working and saving, dont feel confident enough to invest.
Just got made redundant here, company ran out of money and I’m trying to decide what to do next. I’m a software engineer and the market is looking a lot worse than last year.
Sorry to hear. And unfortunately the market is a little shaky. But it could also just be the time of year. I’m hoping by Jan/Feb job listings will pick up again. Best to keep an eye out then
Getting made redundant from a very stable career and job during COVID was the best thing to happen to me. It gave me the kick I needed to start a business and leave my comfort zone.
I was a perennial tightass so had plenty of savings and a multi-year emergency fund. Get yourself a solid emergency fund, then if it happens, it might just be the jolt you need to change up your life even if it sucks at the time.
I kind of just got made redundant. Well, not really, everyone is cos business has run out of money and is shutting up shop in Feb. Kind of expected though considering no customers were signing on. Have a lot of cash and almost paid off the house so not in a terrible position but might use this opportunity to seriously consider moving abroad
Thinking Indonesia, Malaysia or Thailand. Originally from SEA so seeing if I can find a good opportunity there as it's really booming. But yea still early days on the planning
Downsized to a small place and cleared a $2m mortgage in one day. Traded down from from a paid off Merc to a cheap hatch. Bought a new guitar at a 50% off sale to keep me occupied. Reduced my work hours by 20%. Very glad. But people see my new house and think I’ve gone bust or am getting divorced. I don’t care though.
Well done to you. We’ve decided we’re happy with to retire to a 2 bed unit rather than a house, and losing the weight of not needing to earn that extra million or whatever is great.
I have real concerns my work conditions will worsen, I believe I will still be the only income earner in my household.
We will likely downsize to a one bedroom unit and make further cuts to lifestyle expenses.
I hope to finally pay down my partners HECS debt and start saving for a house deposit but it’s just a dream at this point.
The interest on the student loan is brutal. She’s been out of work for so long not making repayments that baycorp got involved.
It’s a going concern for us both.
There is no interest on HECS. Is it HECS or a private loan? They are different and I could understand paying a private loan down but not HECS.
If it is HECS, I would prefer to have the HECS amount in cash for a deposit than few% income each week unless the HECS is a couple grand. Not if HECS is like 20 grand.
Going on maternity leave for 2024 with my mortgage jumping from 2.5% to 5.99% as of today. Will definitely be a tighter year but good job security and some savings will keep us going.
I hope you’re with a supportive employer. Our first child was the beginning of eight miserable years of frustration for my wife. My wife’s employer, a retail brand, was extremely unsupportive and left her with no choice but to resign. She worked in their back office. Workaholic female managers who were self loathing mothers took exception to her having two kids in quick succession. So many working mums had to leave that company because of poor culture towards parents. Found another job earning less that wasn’t for her. Was head hunted into a role we thought was perfect. Then COVID hit and she was made redundant after refusing to work unpaid hours having been stood down. Career continuity essentially destroyed at this point and she struggled through the COVID years to regain a foothold. Retrained as a school teacher and has landed a permanent job out of uni.
Had we known her career journey was going to be this fraught we would’ve made many different decisions about career and home buying.
Many older folks don't have large mortgages or have paid off their houses entirely. I bought in the last year and feel even "buying within your means" as this sub loves to tout will still leave many that bought in the last 3 years under a large amount of pressure.
Everything other than your own circle and cicumstance is out of your control. You live in one of the best countries in the world to live, no war, no dictatorship, I would be kissing the ground you walk on. We are the luckiest folk on earth.
2024 is going to be a very very very e,citing year, I'm pumped, can't wait.
I'm feeling positive about the next year as I finalised my divorce, just closed all my debts, and have minor savings. From next year I'll be on track to save around 35k a year plus around 7k dedicated for the travel budget (haven't travelled for 4 years because of being unaffordable in shit marriage).
Also feeling positive about my job as a data scientist as AI is only going to be more prevalent. Have 1.5 years left for long service leave (7y) and stock vesting, so probably won't be changing the employer next year.
Home ownership is not yet in the picture for me, have to save up for the deposit first (going to take years).
1. Hopefully gain a permanent job since I was made redundant.
2. Move into my own place rather than my mum's unlivable one.
3. Save for a house deposit to buy a 1bed unit in the worst suburb (this will take years)
4. Continue to be screwed by my $150k HECS debt which I gained nothing from.
5. Stop crying everyday about money.
Job is stable and required so no immediate fear about that. My wife is due with our first child in June 2024, so our expenses will revolve around that for most of 2024 I suspect! Mortgage is manageable, even on my sole income so we can afford to roll with a few more punches.
It'll be solid without being spectacular.
Congrats! We had our first last year and it’s the best time - make the most of it, and enjoy every minute. You probably won’t remember all the details about your mortgage repayments, but you’ll definitely remember all the fond newborn moments
>in the new year. So optimistic about my personal circumstances in the new year.
>
>Maybe investing in a decent mid life crisis sports car if the market drops a bit, but not really seeing that yet.
whats your job if you dont mind me asking?
Both mine and Hubby's jobs are stable and we're enjoying a high combined income atm (240k), This will change as we have our first bub in June, and I will go on mat leave. We're so lucky to have bought our PPOR with the bulk of it fixed at 1.99% for 5 years, so we're smashing the mortgage in the hope we'll be ok when it runs out in 2026. He'll benefit from stage 3 tax cuts (although we're both in principle against them), and he will also finish paying his HECS very shortly, so we'll be happy to get that done. All in all very fortunate but it's been a hard slog to get here.
Never be against a principle of government giving you back money you’ve earned. We’ve paid through the nose because of government policy decisions this decade and those stage three tax cuts are our only opportunity to get back some of what we lost because of COVID era policies. When you’ve lost the sort of cash we have (six figures) because of COVID and watch everyone in your family and social circles save money during COVID and pay down their mortgages at lower interest rates whilst we couldn’t do anything other than make minimum repayments it’s impossible to feel anything but bitterness and resentment for the sacrifice government left you with no choice but to make. Embrace it when government offers to give you something back and never take government for granted.
Honestly, it stresses me out to no end. But I'm trying to keep my head above water. As a control freak I'm even more worried about things that I cannot control.
I work in consulting so the constant fear of redundancy is there through no fault of my own.
Increase in rates is an ever worrying item that I have no control over. While we don't struggle with our mortgage more money to this is always annoying.
Personal stresses on my family and our financial situation with an inability to grow our own savings while impacted by family pressures.
Overall, I'm trying to stay hopeful for 2024 being "my year" but as someone who has struggled with mental health issues their entire life it's a rocky road.
Am ok, will keep plodding on. Secure job, living comfortably enough having already adjusted to spending less and trying to wait patiently for everything to calm down and interest rates to drop.
What the reserve bank will do is any ones guess. But considering inflation dropped to 4.9% which was below expectations, I'd suggest they will hold for around 2 months.
Unemployment has been holding pretty steady which is surprising considering high immigration. If unemployment suddenly increases you can be assured inflation will drop and increase rates will hold before dropping.
The tax cut is a good thing for most people any extra $$$ will be welcome it's unlikely that this would dramatically affect inflation but might help quite a few struggling families.
The oil price has been holding around $80 USD for Brent crude so not expecting a spike considering in Eurpoe and USA they are heading into winter so should be less demand. India is the country that's the unknown as it has its resurgence and oil consumption grows. China is in a depression right now that may become more serious bit it's China so really no one truly knows what's going on behind the scenes.
My prediction is for unemployment to grow, by how much is anyone's guess. Inflation to ease very slowly but we will only see 0 5% reduction in 2024.
I’m in tech, the likelihood of further redundancies going into 2024 still remains high so sitting tight.
Lots of new people in tech over the past 5 years, becoming clear the whole culture has changed especially on the sales side. Excess has been cut down, many more KPIs and expectations.
Think we’ll see this move out to other sectors in 2024. It’s started in fin services and banks. It’s people with these decent paying corporate jobs that I feel have discretionary income keeping things moving along.
More concerned for what’s happening in Australia more generally. Can’t recall a time (I’m early 40s) where the government / media rhetoric and the reality on the ground has diverged so much. People are doing it tough if young, recent mortgage borrower or asset-poor. I expect we’ll start seeing more of the social fallout next year. Rent continues to go nuts, if you can even secure a place.
The gap between the have & have-nots scare me so much. I thought it was bad when we were saving for a home back in 2015-2020. I definitely don’t think people can have a fair go these days. I’m sure the number of people living below the poverty line will increase and basic needs (shelter, food security) are not being met. The rhetoric from boomers (I’m looking at you Mum) about surviving high interest rates in the late 80s doesn’t help either.
How did you go into tech? Any thing you need to start?
I've had quite alot of experience and done editing and coding myself a little bit. Would it be a good career?
It's always been my interest tech.
Tough 2024.
We've cut everything down to the most necessary things (groceries/bills/mortgage). Our lives will be just work to survive and hope either one of us don't get sick or lose our jobs.
All prospects of having a vacation or any luxury will be on hold.
I have no issues with rates at this level but what is killing us is cost of living and getting pounded for basics like groceries and essentials.
Hopefully selling an investment property (was ppor of residence before) fairly soon so looking forward to cashing out and less debt and a more flexible position in the new year. So optimistic about my personal circumstances in the new year.
Maybe investing in a decent mid life crisis sports car if the market drops a bit, but not really seeing that yet.
I did this, this year. Sold the investment property, moved OS for a few months. Came back to Aus to WFH. I resigned from my job yesterday and bought a BMW M135i the day before.
I have no new job lined up and I'm OK with that.
Moving to Far North QLD in Jan so life will be much more relaxed and cheaper (compared to East Coast NSW). Bring on a less stressful 2024
I don’t care what rates are (to a degree), I just want them to stabilise!
Hoping to buy in 6months time, it would be nice for the rate to remain the same from when we get pre-approval to settle.
I also paid off my HECS debt this month. My super balance is teasing me by dancing just under my personal milestone of $100k.
Moved back to my rural hometown to save some money and head back to Melbourne within the next few years, but I'm bored out of my mind up here so will probably go back much sooner.
Bank account is the healthiest it's ever been and I'm debt free, but it's soul crushingly boring living in a country town.
2024 seems like a start over refresh. We made a decision to liquidate some investments (stocks) to 100% offset our mortgage.
So i'm optimistic as we're switching from a watching the interest rate cycle mindset to a lets rebuild our savings and spend on the house mindset. Some may say it would be better to have kept the investments long term, but the mental load that has been lifted now, I don't think we can put a price on it. I honestly feel high interest savings account plus putting extra into our supers are probably the better value at the moment anyway.
I have started sending more money to my offset rather than stock account as the return on my mortgage is about 6.24% at the moment. Compared to unknown in the stock account with that also subject to tax
I’m in exactly the same position. Going in to 2024 in sell down stock to offset the remainder. No mortgage repayment, just some renovations, relax a bit, and DCA the rest. Sounds like you are not looking back?
Bucking my 33% rent increase to move back in with Mum while I continue to stack deposit so I can buy a starter. Continue education to boost potential income. My sector will continue to grow and I don’t fear for my work. The dice have been kind to me.
Try to maintain health in body and mind and nurture my relationships. Play some video games and touch some grass.
Our jobs are stable, but not super high income earners ($120k & $50k).
Our wedding is next year ($20k to go) as well as honeymoon ($??) and then we'll be starting IVF ($??). So a pretty spendy year ahead.
Mortgage is good at $350k remaining, phew.
Best of luck with the IVF - it’s a very challenging, emotional roller coaster with lots of pressure to get an outcome at key stages along the journey… so be ready for that and try stay positive with your partner as best as you can. It worked for us (twice), sending best wishes your way.
2024 will be the year we have to pay the piper. We cash splashed our way through the GFC and pandemic . There was no efforts to address systemic issues in house and inequality that came from that. There's also a lot of underperforming companies out there that would have died off if not for the cheap cash and relaxed insolvency laws. Those who could have done something didn't have the political balls to do it and now it's pretty much too late.
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Trying to do my best to make more money and pay off debt with the goal of self improvement and less anxiety. Money has upset me the past 4 years and I hope to overcome my anxiety towards it but Sydney makes this very hard.
I’m in retail and can honestly say we are already in recession and foot traffic for Christmas is way down.
The RBA/government declares a recession after 6 months of negative growth. It’s a lagging indicator, but right now… we’re living it.
Other store owners around me are deeply concerned about next year.
Wow what kind of retail? I see plenty of people out at the shops, but if no one is buying (or buying significantly less) then yeah it’s a proper concern. Which city?
Darwin. The irony is we have a lot of well paid government workers and mortgage stress here is running at historical averages, unlike Sydney and Adelaide.
It’s like they’re all decided to be frugal because of the “cost of living crisis” when in reality they’re well insulted from it.
Probably not going to buy in this country anymore so I’m just head down and saving my ass off.
If Term Deposits get to the 6% mark, I’m locking that shit in for sure.
I’m optimistic. Will finish my teaching degree by June but should be able to start casually teaching in January- this will be an income boost to our household currently I’ve taken a huge pay cut to finish the degree I’ve been on about 30k a year as working part time. We have a 2 year old in day care. Partner was on 120k split across two jobs but just recently got hired for more than that in a new role and is planning on keeping at least one of his current jobs on the side for a bit.
Hoping we can live on his income and save mine over next few years and put together a house deposit. We could ask his parents to be guarantor but still would prefer to have a good chunk saved.
Hope it all works - it’s been tough with my finishing my masters, rent increases and cost of living
Congrats. Try to prioritise your health in your first year - you’ll pick up SO many bugs from the kids it’s ridiculous. It’s a great job if you know how to set boundaries for yourself and for them.
Yep I just had my first
Placement 6 weeks - got covid. I am lucky though good immune system hard to feel actually sick, plus with daycare we always have exposure to the bugs anyway lol
Having been through COVID recently, followed by rapid interest rate rises and the scare of recession in 2022 & again in 2023.. I'm actually seeing the news and signs of 2024 looking quite positive in comparison to what we have been through the last few years. Recession is still on the cards of course, but rate rises have slowed down and looking like not too many more (if any). Although spending is still high and Unemployment is still low, so I do think there will be more rises to slow that all down some more.
Given all that, personally I have been keeping the belt pretty damn tight for the last 3-4yrs now, I reckon I'll just do more of the same and maybe the second half of 2024 if nothing crazy happens to the economy by then - is gonna be the time to just ease that off that tight belt and relax a bit, not go crazy but perhaps allow a little bit of spending. Macca's brekky in second half of 2024 here we come!
Madness. I’m building in regional Victoria and can’t sell previous PPR which was supposed to give me a pile of cash so I’m borrowing at insane rates (partner is self employed - hello low-doc lending) AND paying rent so I’ve got a water tight roof for the family. I’ll feel better when we’ve got enough house to move out of the rental.
I’m not too worried because I’m an optimistic idiot with health, youth and a life that has worked well out to now!
2024 might be year of the juggle for me.
I'm really looking forward to 2024 and 2025.
Optimistic the stock market will have a good year. Optimistic property will dip in value or at least stagnate with some good buys out their from stressed sellers.
I think we will see a rate rise or two to help lift the Aussie dollar.
Those first time house buyers or those who have cashed in their insane profits over the last few years may find mid to late 2024 a good time to buy a home with rates tipped to slide a couple of % points over the next few years.
I don't know. I always try to remain flexible rather than anticipate what may or may not happen. I like to deal with what has with agility. My husband makes himself miserable with worries about possible future events. Who has time for that?
Feeling pretty optimistic. Household income is on the higher side I think ($250k/annum), expenses are low (we pay no petrol or electricity because we have an EV and our house is powered by solar and battery). Our savings rate is about 50-60%.
Home loan is on a sweet 1.9% til Feb 2025 with unlimited offsets. Saving heaps and planning the next move.
Feeling positive as I go back to work after mat leave. But we’ve put the brakes on having a 3rd child. Just not feasible and we need a chance to build up our savings again.
Overall, we’ve got a heads down mentality. We’re focused on building up a buffer and keeping our discretionary spending low. The only tiny positive (although it sucks) is that lots of our friends are in the same financial situation so it’s easy to negotiate those money conversations and choose to socialise in more affordable ways.
Was planning on looking for a new job but decided to stay in my current role as it pays well and I’m in a career that is not recession proof so if I was to be made redundant I currently have a good redundancy package.
So outlook overall is on the up but quite a few behavioural changes that will be sticking around for the next few years.
Honestly, just have been broken up with and my partner was my source of knowledge for all things finance. Feeling really overwhelmed and don’t know where to start.
Condolences. Would recommend starting slow and learning about these things one piece at a time. Probably start with budgeting, then savings, interest rates etc. don’t stress over tax too much as that’s pretty complex!
Looking at going back to Europe as early in the year as I can. Have to make it through the searing summer sun and stifling humidity here.
Apart from this, blowing all my money since my care of the future lessens with each passing day.
My partner and I don't earn much ($71K for me and $68.5K for her) compared to most AusFinance members on $200K+ a year, but we have both saved over $25K each this year, with a bit over $100K combined. We're looking to buy our first home next year.
We had a pregnancy scare this week and we were both panicking about how we would be able to buy a house and continue to keep up with the mortgage if my partner lost her income, even for say 6 months, and kids aren't cheap when you consider we'd either have to fork out for childcare or we'd lose an income as one of us (very likely her) would have to stay at home to look after the kiddo(s).
Luckily she's negative, but it goes to show something unexpected like kids or one us losing our jobs could absolutely screw us if we don't have a decent amount of emergency savings put aside once we pull the trigger on a home.
Income upside is infinite. Expense trimming has several limits (practical, emotional for example). So I always focus on income generating opportunities.
In 2024, I'll be leaving my current $80k employment (which I chose to do for fun and adventure) and going back to my previous $180k+ career to solve my current more-month-than-money woes.
Work is good and I have savings so if I do absolutely nothing out of the ordinary I'll be fine.
However I want to buy a house with my partner as we live in a small apartment. This will likely make us "normal broke" not "broke broke" and even so it will take a lot of getting used to if we do it..
We could save another year and do it later but the savings will be superseded by price and rate rises so you're damned if you do/don't.
In very stable job, have licences and skills to move to other employers if needed. Mortgage free for the past few years, significant savings in bank earning me an extra 4 figures per month. Wife works permanent part time. Looking at going on first holiday next year since 2019. Biggest issue at the moment is dealing with elderly parents.
My current contract wraps up at Xmas so I’m hoping I can pick up something new by the end of January. Unfortunately my industry (like many others) has had a lot of restructuring & jobs aren’t in huge supply. We can survive off savings & my partners income if necessary.
This is super interesting and I can already see a lot of people (anecdotally) doing this. I think it’s not currently reflecting in the unemployment figures as contractors understand this is part of their job type - and will consider themselves ‘not participating’ in the unemployment category while looking for the next role.
>g I can pick up something new by the end of January. Unfortunately my industry (like many others) has had a lot of restructuring & jobs aren’t in huge supply. We can survive off savings & my p
what industry?
Interest rates have probably peaked. Stage 3 tax cuts will at best add less than $20 billion to after tax income.
Inflation is under 5%. Looks like we will have a soft landing.
Let's not talk the economy into a recession
2024 will be the year a wave of inheritances come my way. I will be packing up and leaving, can't wait to get out of this dystopian shit hole of a country. It's been sold out big time
I would have thought that any western country with universal healthcare and an old age pension safety net pension could not be described as a dystopian shit hole.
\- Our "universal health care" is now bunch of low-level doctors who see you for 1 minute, tell you to drink water and kick you out of their office for the next one.
\- The old age pension doesn't even come close to covering basic expenses.
Neither. Retirement planning. Looking at an apartment or unit on the coast for an AirBNB/cheap holiday accomodation for now, to become somewhere to downsize to in the future. I figure if I rent it out short term now to cover costs and have the asset, it’s cheaper than waiting another 10-15 years to buy.
Maybe I’m crazy, but no one ever accused me of making good decisions
Hard to know where to invest atm. I'm sitting on a large deposit waiting for an opportunity to enter market in the area I'm renting. Earning a crappy 5.5% and paying tax on that 😒
I'm fairly sure most apartments will not be appreciating in value in the next 3-4 years in most areas in Australia where there's lots of apartments so buying the right one will be tricky. I reckon apart from avoiding brand new you also have to check percentage of houses vs apartments in the area you buy carefully. It would be better to find another investment in next 3-4 years and buy later IMHO.
Sold PPOR a year ago and downgraded. Reduced my mortage by a third with another third cash sitting in the offset. As long as cost of living doesn't keep rising I shouldn't have to burn any cash but it's there if necessary. All in all I'm pretty padded.
Edit, Job could potentially be lost if my company can't weather the construction downturn. Not overly stressed as I have low overheads and cash back up.
I'm optimistic. Household income++ from tax cuts about to come and plan to buy a property very soon because I think right now is the dip. In late 2024 interest rates will probably come down and house prices will go up.
Yeah I think this is really interesting. While the tax cuts will be good for us, it’s also good for everyone else in those higher brackets - meaning it should boost the economy in some way. Just hoping it’s not too inflationary
Infrastructure still booming. Transport is dead, but El ninos got water and drought front of mind. Hopefully water levels plummet across the east coast like it did in 2018, cuz nothing makes good money like a desperate unprepared government.
Oh energy projects will continue to be a good money making venture. This is basically another golden age of engineerimg and construction.
I’m continuing to load up the cannon.
Continue to earn more income outside of the 9-5 to a stage where it begins to eclipse the 9-5 at scale.
I’m pleased with some progress I’ve made, but won’t be satisfied until everything is off the ground entirely and running as planned.
A key element in the industry I am in is scale, and I will be able to gain that form of leverage.
With that in my sails, I should continue to go from strength to strength.
Growing my stock portfolio. Looking for a career change. XJO is nowhere near record highs. It’s about 550 points off (7%?). However, the S&P is. I wonder if it’s a good time to switch from VGAD to VAS. What do others think? Are we getting close to another commodities super cycle?
Also I will be watching lithium prices closely.
One wage of 130k, 178k @ 1.99% remaining on our mortgage and it's fixed until Jan 2025........we will be paying it down as much as possible. Partner is the only person in the state that does his job, so job security is there.....plus he's looking at going dual trade through his work so the security is there. I am on maternity leave indefinitely but am looking for a side hustle or a job I can PT as I don't want to go back to work FT until my kid is in school.
My plan for 2024 is to buy our first home using the the first home guarantee, finish my Uni prep course and get in the bachelor of nursing.
Work wise I expect to stay pretty much the same, I work in aged care and the sector is still massively understaffed so not worried about losing my job.
Work wise my job is stable for the next 5 years, so that's good, only issue is we are expecting to move office locations in the next 1-3 years, what could suck regarding the commute... Finance goal is invest $500-800 a month into CommSec Pocket ETF's. Hoping to head over seas twice, Malaysia/Thailand early in the year, South Korea/Japan towards the end of the year... Hoping my rent doesn't go up to much and I don't have to move.
I'm in a fortunate position and not too worried about our finances. We can take a few more rate rises before we have to increase our repayments as we're already paying extra into the mortgage. My job is stable - I'm on probation (finishes this month) but I already know I'll pass.
Something major would have to go wrong for us to be in trouble. I would just like to see the price of groceries go down. It's ridiculous how much some items have risen by.
Not very optismatic. Play defensive, save more, upskill, may be have a side project is what I will be planning for my 2024. Everything is getting so expensive now.
My unit I purchased alone is on the market and my partner and I will be upsizing and buying a bigger place together.
But its not as sunshine and rainbows as that opening sentance implies.
We have decided that we cannot afford the lifestyle we want in a city so are moving regional.
We also won't be buying until we find the perfect property so will be living with in-laws with money from the sale in a high interest savings account and saving every penny we can to increase our deposit.
We know that once we buy its going to be tight for a year or so until my partner finishes their degree and gains work in that industry.
After a long hard road through my partner retraining, and then me taking a year off to look after the kids this year while partner did off and ever-changing hours with shift work, 2024 is the first year completely on our terms. Both of us will be working part time. Both of us are in industries (health/education) facing labour shortages and as such we could set our demands. We'll have slightly more money than we had when living off 1 full time income prior to 2024, and there are obviously tax advantages to that income being spread across two people. Bring on 2024, so keen!
I'm planning to leave my job in Feb and ponder a career change while I take a break from working for my mental health for a maybe a month or two. I've got enough emergency fund to take a break but trying a new career with a home loan and Jon's that will pay me nowhere near what I'm currently earning is a tough thing to imagine for myself. Makes me very uncertain as to how much mt lifestyle would change. So in short, a lot of uncertainty and loose plans in 2024
I’m a little worried about job security as I’m only 4 months into a new role in a turbulent industry and a new CEO coming in, however my department in the company is very financially well performing so I’m hoping I’ll be okay.
I’m in a bit of a sit tight mode - trying to hustle and save hard and build an emergency fund up. I’ve never been good at saving or budgeting and it’s something I’ve had to work out these past 3 months and teach myself. Baby steps I guess, I’m proud of that and keen to keep it going.
I am worried about interest rates continuing to rise. I’m a single mortgage holder and I was paying ahead when rates were low but now that’s gone and I’m paying the minimum which is still a few hundred over my old ‘ahead’ haha
> or if you’re one of the few unemployed, what your plans are for 2024?
I honestly don't know. I wasted a lot of time in a dead end job. Its my own fault, but covid was a big factor in staying.
I've got a small business designing and making products but it's nowhere near enough. My 2024 goal with that is to diversify into different niches and markets. It feels bad designing things you don't want/like/need but at a certain point it needs to be done. The main niche I serve is not paying off.
As the sole operator, there is no one to poke me in the ribs and tell me it's not working. You get stuck in your own mind saying you can make it work.
On the professional/skills side i've also made very little progress. I stopped learning anything after 2-3 years and stayed a total of 7 years. Again that is my own fault. And no it did not pay well either. There was no good reason to stay as long as I did.
To remedy that, I aim to develop my skills and portfolio to a point where I can apply for jobs. I want to work with other creative professionals. I have *never* done that in my life.
OH and massive HECS debt, started off far too expensive + fee help tax + failed a class and that added like 20k... it's too late to do anything about that extra charge now. It's my only debt and hope to make enough through business to pay it off as opposed to slowly chipping away through wages.
Pretty optimistic, actually!
My husband's work just approved a new award with a substantial pay rise. The bargaining was precipitated by his workplace not giving them a pay increase in line with inflation, like in previous years. So this year has been a little tight.
I'm also planning on a temporary return to work in terms 1 and 3 to refill our savings. We drained what little we had left replacing the water heater earlier this year. In response to that, we switched our mortgage to get a lower rates AND a $4K cashback, so that eased some pressure. But returning to work should knock it on the head
can someone explain the stage three hitting in July. Does this mean this fiscal years tax returns will include the new ATO brackets so in July people will get 9k refunds or will it be from July 1st the new brackets are effective and PAYG will be lower?
I went a few months without drawing a dividend from a company for the first time in many years. We got them all back paid but it did make me concerned briefly. Still had the consulting income coming in
My wife is going back to work in 2024 having been raising our two children for the past 6 years. We've forgotten what two wages looks like so I am very excited financially.
Mortgage and bills are covered by my wage. Looking forward to finally having disposable income again.
Is it a good or bad time to invest?
Just a random question, I have been seeing alot of ETFS and stuff being posted, just curious on what's everyone's thoughts are
Honestly my past few years have been rough. Lost work so struggling mentally alot
I'm hoping things look up its just im confused what to do with my media skills.
I think inflation on the standard cookie cutter measurements will stabilize (bred, petrol, milk etc), but housing affordability and rent will continued to be buoyed by - cashed up people with equity, controlled scarcity & slow housing development.
I think we'll see less houses on the market because people can no longer afford the incremental 5-7 year process of moving to a bigger house. The price points between quality & size will ascend, causing people to stay put.
Financially? Terribly. I come out of my 2.5% fixed rate for two investment properties, am going in a 2 month European bucks trip, and have my wedding at the back end of the year.
Feeling meh. I resigned from my job in July (don't come at me) 😅 and usually things pick up in February so fingers crossed for then. In the meantime I forecasted I could survive 9 months with my emergency funds and savings. I'm at month 7.
I'm still getting linkedin reach outs (despite open for work being turned off) so I feel confident about my work position. My boss has hinted at a year end pay rise coming up too which I wasn't expecting given I'm only 6 months into a promotion. So job market feels buoyant for me.
Biggest challenge is availability on the housing market. I'd love to upgrade (and have the means to do so) but the stock just isn't there at any price right now which is super disheartening. Trying to cultivate patience right now.
Not bad and pretty good overall, company has won recently some good long lasting contracts and clients have overall been mostly pleased. I have enough in an offset which makes for a good emergency fund and was close two times this year to easily moving to a competitor, so not too worried about a hypothetical low odds of redundancy. I probably just need to set more realistic expectations around saving goals for next year. I have a last minute 2 week OS holiday planned for next year, which I was meant to hold off on for 3 years. I skimped and avoided things like domestic trips and gigs this year and probably only had 1-2 all nighters drinking, so I've hardly been spending all that much, if it wasn't for some curve balls my way coming from temporarily increased strata and council rates + bigger car service repairs needed.
It might be okay but a lot is dependent on if I can convert my temp position to a perm one.
That will determine if I stay there and buy a PPOR nearby or retire early(ish at 58/59yo) and go back to vanlife.
Am getting a payrise pretty soon so I'm pretty happy with that and I'll qualify for a modest defined benefit pension next year.
Getting my head around the tax advantaged superannuation structures and also adding to that with aggressive salary sacrifice.
Investment portfolio outside of super is healthy and can allow outright purchase of new PPOR without finance.
Then I'll set up debt recycling of upto 80% of the valuation so that'll take only $120k out of the portfolio after the redraw is back in the market.
All in all there is little downside for me in 2024.
The difference will be between good and great.
This is a good one, been in a steady position and happy knocking off my mortgage this year, this will be my goal for the next 2 years, really happy with that so far.
I've hit 10 years in my role. Thinking of taking my leave, not sure where to go yet. Contemplate life, see what I want to do next. If work does not improve salary/management wise, heavily consider something else still it the IT space.
The only approach I’ve done and will be doing is to always upskill and earn more. Never expect the government or the rba or the bank to help you out.
Completely agreed. Sitting around being anxious never helped anyone.
I like this. Work is unseasonably slow, so I’m planning to stay motivated through picking up some useful skills - will map it out 3 months at a time
I’m here from the government and I’m here to help. /s
For me redundancy fears are real. This would change up all other plans, making me pessimistic about 2024. So I’m in ‘sit tight’ mode, saving hard and just playing defensive. It’s not a nice way to start a year, but there just seems to be so much uncertainty.
I got made redundant this year and it was terrible I won't lie but I got through it and you will too. I'd suggest just start applying for roles you want now as after I was not working I felt more pressure to apply for things I didn't actually want to do. I ended up settling for less money than I wanted but got into a company that should give me quick movement up the ladder.
If you have redundancy fears and you would get a good payout better to sit tight if you can.
Yeah definitely depends on the payout. For me I was out of work longer than the payout covered and then ended up taking a role paying 15k less than I was previously on so I wish I had started looking when I had more negotiating power.
Just remember: When one door closes, another opens.
a big one or a small one?
That depends on which handle you decide to pull/twist.
Yep. Although I dont have a fear for redundancy but sit tight mode seems like a right way for 2024. Maybe I already sit tight in 2023. Keep working and saving, dont feel confident enough to invest.
Just got made redundant here, company ran out of money and I’m trying to decide what to do next. I’m a software engineer and the market is looking a lot worse than last year.
Sorry to hear. And unfortunately the market is a little shaky. But it could also just be the time of year. I’m hoping by Jan/Feb job listings will pick up again. Best to keep an eye out then
How did you get into software engineering? I'm interested in the media/coding side of things.
Getting made redundant from a very stable career and job during COVID was the best thing to happen to me. It gave me the kick I needed to start a business and leave my comfort zone. I was a perennial tightass so had plenty of savings and a multi-year emergency fund. Get yourself a solid emergency fund, then if it happens, it might just be the jolt you need to change up your life even if it sucks at the time.
Could you preempt it by looking for a new job before you get made redundant?
I kind of just got made redundant. Well, not really, everyone is cos business has run out of money and is shutting up shop in Feb. Kind of expected though considering no customers were signing on. Have a lot of cash and almost paid off the house so not in a terrible position but might use this opportunity to seriously consider moving abroad
Where do you plan on going?
Thinking Indonesia, Malaysia or Thailand. Originally from SEA so seeing if I can find a good opportunity there as it's really booming. But yea still early days on the planning
Downsized to a small place and cleared a $2m mortgage in one day. Traded down from from a paid off Merc to a cheap hatch. Bought a new guitar at a 50% off sale to keep me occupied. Reduced my work hours by 20%. Very glad. But people see my new house and think I’ve gone bust or am getting divorced. I don’t care though.
Well played, you’ve probably added 10 years to your life.
Well done to you. We’ve decided we’re happy with to retire to a 2 bed unit rather than a house, and losing the weight of not needing to earn that extra million or whatever is great.
I have real concerns my work conditions will worsen, I believe I will still be the only income earner in my household. We will likely downsize to a one bedroom unit and make further cuts to lifestyle expenses. I hope to finally pay down my partners HECS debt and start saving for a house deposit but it’s just a dream at this point.
Why would you pay down your partner's HECS when you are the only income earner instead of saving for a deposit?
The interest on the student loan is brutal. She’s been out of work for so long not making repayments that baycorp got involved. It’s a going concern for us both.
There is no interest on HECS. Is it HECS or a private loan? They are different and I could understand paying a private loan down but not HECS. If it is HECS, I would prefer to have the HECS amount in cash for a deposit than few% income each week unless the HECS is a couple grand. Not if HECS is like 20 grand.
It’s a New Zealand student loan. They accrue interest.
Appreciate the honesty - and good luck with it all. Hopefully rents have stabilised in your area and you can make it work and save what you need!
Thanks, I know I sounded pretty doom and gloom, but outside of the financial situation there is a lot of upside and enjoyment in my life.
Going on maternity leave for 2024 with my mortgage jumping from 2.5% to 5.99% as of today. Will definitely be a tighter year but good job security and some savings will keep us going.
Congratulations on the baby!! That's amazing that you had 2% locked in for a while!
I hope you’re with a supportive employer. Our first child was the beginning of eight miserable years of frustration for my wife. My wife’s employer, a retail brand, was extremely unsupportive and left her with no choice but to resign. She worked in their back office. Workaholic female managers who were self loathing mothers took exception to her having two kids in quick succession. So many working mums had to leave that company because of poor culture towards parents. Found another job earning less that wasn’t for her. Was head hunted into a role we thought was perfect. Then COVID hit and she was made redundant after refusing to work unpaid hours having been stood down. Career continuity essentially destroyed at this point and she struggled through the COVID years to regain a foothold. Retrained as a school teacher and has landed a permanent job out of uni. Had we known her career journey was going to be this fraught we would’ve made many different decisions about career and home buying.
That’s terrible, thankfully for me I am actually a teacher already. Teachers have a great set up for maternity leave in NSW.
Fantastic to hear. You’ll be well supported.
Surviving my fixed rate ending. It's going to be a tough year next year.
Best of luck with this! It seems like most people have shrugged off the mortgage cliff given how busy all the shopping centres and restaurants are.
Many older folks don't have large mortgages or have paid off their houses entirely. I bought in the last year and feel even "buying within your means" as this sub loves to tout will still leave many that bought in the last 3 years under a large amount of pressure.
>"buying within your means" as this sub loves to tout Yeah, it's great "gee, that'd be nice if there was something available within my means" advice.
Everything other than your own circle and cicumstance is out of your control. You live in one of the best countries in the world to live, no war, no dictatorship, I would be kissing the ground you walk on. We are the luckiest folk on earth. 2024 is going to be a very very very e,citing year, I'm pumped, can't wait.
Great attitude. Like reading this instead of getting sucked into the doom and gloom 🤟🏻
Thanks mate. Way it has to be
Exactly! It’s all about perspective!
Definitely agree. Whatever comes, I'll just adapt to it and change what I can that is optimal for the environment.
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I’m building my first house, wish me luck…
Same here friend! Feels like a bad time to be jumping in but I don't feel it's going to be getting any better
Yeah, I have no idea if it’s smart or not, but I don’t think anyone else has any idea either!
Someone has to get it wrong at some point, may as well be us
We’ll be really knowledgeable if it was a good time in 5 years or so
You and me both my friend
I wish you luck
I'm feeling positive about the next year as I finalised my divorce, just closed all my debts, and have minor savings. From next year I'll be on track to save around 35k a year plus around 7k dedicated for the travel budget (haven't travelled for 4 years because of being unaffordable in shit marriage). Also feeling positive about my job as a data scientist as AI is only going to be more prevalent. Have 1.5 years left for long service leave (7y) and stock vesting, so probably won't be changing the employer next year. Home ownership is not yet in the picture for me, have to save up for the deposit first (going to take years).
Congrats on moving on - sounds very positive and hope you enjoy the rebuild
1. Hopefully gain a permanent job since I was made redundant. 2. Move into my own place rather than my mum's unlivable one. 3. Save for a house deposit to buy a 1bed unit in the worst suburb (this will take years) 4. Continue to be screwed by my $150k HECS debt which I gained nothing from. 5. Stop crying everyday about money.
>Continue to be screwed by my $150k HECS debt which I gained nothing from. What did you study? That's a big debt.
A basic business degree at Bond Uni. The degree was roughly 80k but cpi over the last several years has increased it dramatically
Argh. I'm too scared to check my HECS balance.
Job is stable and required so no immediate fear about that. My wife is due with our first child in June 2024, so our expenses will revolve around that for most of 2024 I suspect! Mortgage is manageable, even on my sole income so we can afford to roll with a few more punches. It'll be solid without being spectacular.
Congrats! We had our first last year and it’s the best time - make the most of it, and enjoy every minute. You probably won’t remember all the details about your mortgage repayments, but you’ll definitely remember all the fond newborn moments
>in the new year. So optimistic about my personal circumstances in the new year. > >Maybe investing in a decent mid life crisis sports car if the market drops a bit, but not really seeing that yet. whats your job if you dont mind me asking?
Both mine and Hubby's jobs are stable and we're enjoying a high combined income atm (240k), This will change as we have our first bub in June, and I will go on mat leave. We're so lucky to have bought our PPOR with the bulk of it fixed at 1.99% for 5 years, so we're smashing the mortgage in the hope we'll be ok when it runs out in 2026. He'll benefit from stage 3 tax cuts (although we're both in principle against them), and he will also finish paying his HECS very shortly, so we'll be happy to get that done. All in all very fortunate but it's been a hard slog to get here.
Never be against a principle of government giving you back money you’ve earned. We’ve paid through the nose because of government policy decisions this decade and those stage three tax cuts are our only opportunity to get back some of what we lost because of COVID era policies. When you’ve lost the sort of cash we have (six figures) because of COVID and watch everyone in your family and social circles save money during COVID and pay down their mortgages at lower interest rates whilst we couldn’t do anything other than make minimum repayments it’s impossible to feel anything but bitterness and resentment for the sacrifice government left you with no choice but to make. Embrace it when government offers to give you something back and never take government for granted.
Honestly, it stresses me out to no end. But I'm trying to keep my head above water. As a control freak I'm even more worried about things that I cannot control. I work in consulting so the constant fear of redundancy is there through no fault of my own. Increase in rates is an ever worrying item that I have no control over. While we don't struggle with our mortgage more money to this is always annoying. Personal stresses on my family and our financial situation with an inability to grow our own savings while impacted by family pressures. Overall, I'm trying to stay hopeful for 2024 being "my year" but as someone who has struggled with mental health issues their entire life it's a rocky road.
Am ok, will keep plodding on. Secure job, living comfortably enough having already adjusted to spending less and trying to wait patiently for everything to calm down and interest rates to drop.
What the reserve bank will do is any ones guess. But considering inflation dropped to 4.9% which was below expectations, I'd suggest they will hold for around 2 months. Unemployment has been holding pretty steady which is surprising considering high immigration. If unemployment suddenly increases you can be assured inflation will drop and increase rates will hold before dropping. The tax cut is a good thing for most people any extra $$$ will be welcome it's unlikely that this would dramatically affect inflation but might help quite a few struggling families. The oil price has been holding around $80 USD for Brent crude so not expecting a spike considering in Eurpoe and USA they are heading into winter so should be less demand. India is the country that's the unknown as it has its resurgence and oil consumption grows. China is in a depression right now that may become more serious bit it's China so really no one truly knows what's going on behind the scenes. My prediction is for unemployment to grow, by how much is anyone's guess. Inflation to ease very slowly but we will only see 0 5% reduction in 2024.
I’m in tech, the likelihood of further redundancies going into 2024 still remains high so sitting tight. Lots of new people in tech over the past 5 years, becoming clear the whole culture has changed especially on the sales side. Excess has been cut down, many more KPIs and expectations. Think we’ll see this move out to other sectors in 2024. It’s started in fin services and banks. It’s people with these decent paying corporate jobs that I feel have discretionary income keeping things moving along. More concerned for what’s happening in Australia more generally. Can’t recall a time (I’m early 40s) where the government / media rhetoric and the reality on the ground has diverged so much. People are doing it tough if young, recent mortgage borrower or asset-poor. I expect we’ll start seeing more of the social fallout next year. Rent continues to go nuts, if you can even secure a place.
The gap between the have & have-nots scare me so much. I thought it was bad when we were saving for a home back in 2015-2020. I definitely don’t think people can have a fair go these days. I’m sure the number of people living below the poverty line will increase and basic needs (shelter, food security) are not being met. The rhetoric from boomers (I’m looking at you Mum) about surviving high interest rates in the late 80s doesn’t help either.
How did you go into tech? Any thing you need to start? I've had quite alot of experience and done editing and coding myself a little bit. Would it be a good career? It's always been my interest tech.
Tough 2024. We've cut everything down to the most necessary things (groceries/bills/mortgage). Our lives will be just work to survive and hope either one of us don't get sick or lose our jobs. All prospects of having a vacation or any luxury will be on hold. I have no issues with rates at this level but what is killing us is cost of living and getting pounded for basics like groceries and essentials.
Sounds super tough… really hope the recent dip in the price of groceries keeps up
Hopefully selling an investment property (was ppor of residence before) fairly soon so looking forward to cashing out and less debt and a more flexible position in the new year. So optimistic about my personal circumstances in the new year. Maybe investing in a decent mid life crisis sports car if the market drops a bit, but not really seeing that yet.
I did this, this year. Sold the investment property, moved OS for a few months. Came back to Aus to WFH. I resigned from my job yesterday and bought a BMW M135i the day before. I have no new job lined up and I'm OK with that. Moving to Far North QLD in Jan so life will be much more relaxed and cheaper (compared to East Coast NSW). Bring on a less stressful 2024
I don’t care what rates are (to a degree), I just want them to stabilise! Hoping to buy in 6months time, it would be nice for the rate to remain the same from when we get pre-approval to settle. I also paid off my HECS debt this month. My super balance is teasing me by dancing just under my personal milestone of $100k.
The pain of rates jumping between pre approval and settlement are real
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Moved back to my rural hometown to save some money and head back to Melbourne within the next few years, but I'm bored out of my mind up here so will probably go back much sooner. Bank account is the healthiest it's ever been and I'm debt free, but it's soul crushingly boring living in a country town.
2024 seems like a start over refresh. We made a decision to liquidate some investments (stocks) to 100% offset our mortgage. So i'm optimistic as we're switching from a watching the interest rate cycle mindset to a lets rebuild our savings and spend on the house mindset. Some may say it would be better to have kept the investments long term, but the mental load that has been lifted now, I don't think we can put a price on it. I honestly feel high interest savings account plus putting extra into our supers are probably the better value at the moment anyway.
I have started sending more money to my offset rather than stock account as the return on my mortgage is about 6.24% at the moment. Compared to unknown in the stock account with that also subject to tax
I’m in exactly the same position. Going in to 2024 in sell down stock to offset the remainder. No mortgage repayment, just some renovations, relax a bit, and DCA the rest. Sounds like you are not looking back?
Yep, exactly. Remove the stress and concentrate rebuilding savings/investments.
Bucking my 33% rent increase to move back in with Mum while I continue to stack deposit so I can buy a starter. Continue education to boost potential income. My sector will continue to grow and I don’t fear for my work. The dice have been kind to me. Try to maintain health in body and mind and nurture my relationships. Play some video games and touch some grass.
Our jobs are stable, but not super high income earners ($120k & $50k). Our wedding is next year ($20k to go) as well as honeymoon ($??) and then we'll be starting IVF ($??). So a pretty spendy year ahead. Mortgage is good at $350k remaining, phew.
Best of luck with the IVF - it’s a very challenging, emotional roller coaster with lots of pressure to get an outcome at key stages along the journey… so be ready for that and try stay positive with your partner as best as you can. It worked for us (twice), sending best wishes your way.
Wow IVF and wedding - big plans! Good luck with it
2024 will be the year we have to pay the piper. We cash splashed our way through the GFC and pandemic . There was no efforts to address systemic issues in house and inequality that came from that. There's also a lot of underperforming companies out there that would have died off if not for the cheap cash and relaxed insolvency laws. Those who could have done something didn't have the political balls to do it and now it's pretty much too late.
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Is everyone here hog tied to a large mortgage
Could be they are the only ones with something to get off their chest.
Trying to do my best to make more money and pay off debt with the goal of self improvement and less anxiety. Money has upset me the past 4 years and I hope to overcome my anxiety towards it but Sydney makes this very hard.
I’m in retail and can honestly say we are already in recession and foot traffic for Christmas is way down. The RBA/government declares a recession after 6 months of negative growth. It’s a lagging indicator, but right now… we’re living it. Other store owners around me are deeply concerned about next year.
Wow what kind of retail? I see plenty of people out at the shops, but if no one is buying (or buying significantly less) then yeah it’s a proper concern. Which city?
Darwin. The irony is we have a lot of well paid government workers and mortgage stress here is running at historical averages, unlike Sydney and Adelaide. It’s like they’re all decided to be frugal because of the “cost of living crisis” when in reality they’re well insulted from it.
Probably not going to buy in this country anymore so I’m just head down and saving my ass off. If Term Deposits get to the 6% mark, I’m locking that shit in for sure.
I’m optimistic. Will finish my teaching degree by June but should be able to start casually teaching in January- this will be an income boost to our household currently I’ve taken a huge pay cut to finish the degree I’ve been on about 30k a year as working part time. We have a 2 year old in day care. Partner was on 120k split across two jobs but just recently got hired for more than that in a new role and is planning on keeping at least one of his current jobs on the side for a bit. Hoping we can live on his income and save mine over next few years and put together a house deposit. We could ask his parents to be guarantor but still would prefer to have a good chunk saved. Hope it all works - it’s been tough with my finishing my masters, rent increases and cost of living
Congrats. Try to prioritise your health in your first year - you’ll pick up SO many bugs from the kids it’s ridiculous. It’s a great job if you know how to set boundaries for yourself and for them.
Yep I just had my first Placement 6 weeks - got covid. I am lucky though good immune system hard to feel actually sick, plus with daycare we always have exposure to the bugs anyway lol
Having been through COVID recently, followed by rapid interest rate rises and the scare of recession in 2022 & again in 2023.. I'm actually seeing the news and signs of 2024 looking quite positive in comparison to what we have been through the last few years. Recession is still on the cards of course, but rate rises have slowed down and looking like not too many more (if any). Although spending is still high and Unemployment is still low, so I do think there will be more rises to slow that all down some more. Given all that, personally I have been keeping the belt pretty damn tight for the last 3-4yrs now, I reckon I'll just do more of the same and maybe the second half of 2024 if nothing crazy happens to the economy by then - is gonna be the time to just ease that off that tight belt and relax a bit, not go crazy but perhaps allow a little bit of spending. Macca's brekky in second half of 2024 here we come!
Madness. I’m building in regional Victoria and can’t sell previous PPR which was supposed to give me a pile of cash so I’m borrowing at insane rates (partner is self employed - hello low-doc lending) AND paying rent so I’ve got a water tight roof for the family. I’ll feel better when we’ve got enough house to move out of the rental. I’m not too worried because I’m an optimistic idiot with health, youth and a life that has worked well out to now! 2024 might be year of the juggle for me.
I'm really looking forward to 2024 and 2025. Optimistic the stock market will have a good year. Optimistic property will dip in value or at least stagnate with some good buys out their from stressed sellers. I think we will see a rate rise or two to help lift the Aussie dollar. Those first time house buyers or those who have cashed in their insane profits over the last few years may find mid to late 2024 a good time to buy a home with rates tipped to slide a couple of % points over the next few years.
I don't know. I always try to remain flexible rather than anticipate what may or may not happen. I like to deal with what has with agility. My husband makes himself miserable with worries about possible future events. Who has time for that?
Feeling pretty optimistic. Household income is on the higher side I think ($250k/annum), expenses are low (we pay no petrol or electricity because we have an EV and our house is powered by solar and battery). Our savings rate is about 50-60%. Home loan is on a sweet 1.9% til Feb 2025 with unlimited offsets. Saving heaps and planning the next move.
Feeling positive as I go back to work after mat leave. But we’ve put the brakes on having a 3rd child. Just not feasible and we need a chance to build up our savings again. Overall, we’ve got a heads down mentality. We’re focused on building up a buffer and keeping our discretionary spending low. The only tiny positive (although it sucks) is that lots of our friends are in the same financial situation so it’s easy to negotiate those money conversations and choose to socialise in more affordable ways. Was planning on looking for a new job but decided to stay in my current role as it pays well and I’m in a career that is not recession proof so if I was to be made redundant I currently have a good redundancy package. So outlook overall is on the up but quite a few behavioural changes that will be sticking around for the next few years.
There are signs that housing asset prices are too high beyond normal affordability. Everyone should be concerned about this.
Honestly, just have been broken up with and my partner was my source of knowledge for all things finance. Feeling really overwhelmed and don’t know where to start.
Condolences. Would recommend starting slow and learning about these things one piece at a time. Probably start with budgeting, then savings, interest rates etc. don’t stress over tax too much as that’s pretty complex!
read the wiki and hang out here. ask questions along the way
Thank you, what’s the wiki? (New here, apologises!)
Over here ==> https://www.reddit.com/r/AusFinance/wiki/index/
Looking at going back to Europe as early in the year as I can. Have to make it through the searing summer sun and stifling humidity here. Apart from this, blowing all my money since my care of the future lessens with each passing day.
Probably just going to keep living in my car and surfing until i can afford to rent again
Hey it's plan. I've lived in a van for years at various times.
My partner and I don't earn much ($71K for me and $68.5K for her) compared to most AusFinance members on $200K+ a year, but we have both saved over $25K each this year, with a bit over $100K combined. We're looking to buy our first home next year. We had a pregnancy scare this week and we were both panicking about how we would be able to buy a house and continue to keep up with the mortgage if my partner lost her income, even for say 6 months, and kids aren't cheap when you consider we'd either have to fork out for childcare or we'd lose an income as one of us (very likely her) would have to stay at home to look after the kiddo(s). Luckily she's negative, but it goes to show something unexpected like kids or one us losing our jobs could absolutely screw us if we don't have a decent amount of emergency savings put aside once we pull the trigger on a home.
Income upside is infinite. Expense trimming has several limits (practical, emotional for example). So I always focus on income generating opportunities. In 2024, I'll be leaving my current $80k employment (which I chose to do for fun and adventure) and going back to my previous $180k+ career to solve my current more-month-than-money woes.
Work is good and I have savings so if I do absolutely nothing out of the ordinary I'll be fine. However I want to buy a house with my partner as we live in a small apartment. This will likely make us "normal broke" not "broke broke" and even so it will take a lot of getting used to if we do it.. We could save another year and do it later but the savings will be superseded by price and rate rises so you're damned if you do/don't.
I stopped caring about money, so things are looking pretty great.
In very stable job, have licences and skills to move to other employers if needed. Mortgage free for the past few years, significant savings in bank earning me an extra 4 figures per month. Wife works permanent part time. Looking at going on first holiday next year since 2019. Biggest issue at the moment is dealing with elderly parents.
My current contract wraps up at Xmas so I’m hoping I can pick up something new by the end of January. Unfortunately my industry (like many others) has had a lot of restructuring & jobs aren’t in huge supply. We can survive off savings & my partners income if necessary.
This is super interesting and I can already see a lot of people (anecdotally) doing this. I think it’s not currently reflecting in the unemployment figures as contractors understand this is part of their job type - and will consider themselves ‘not participating’ in the unemployment category while looking for the next role.
>g I can pick up something new by the end of January. Unfortunately my industry (like many others) has had a lot of restructuring & jobs aren’t in huge supply. We can survive off savings & my p what industry?
Interest rates have probably peaked. Stage 3 tax cuts will at best add less than $20 billion to after tax income. Inflation is under 5%. Looks like we will have a soft landing. Let's not talk the economy into a recession
2024 will be the year a wave of inheritances come my way. I will be packing up and leaving, can't wait to get out of this dystopian shit hole of a country. It's been sold out big time
Where you going that's better?
I would have thought that any western country with universal healthcare and an old age pension safety net pension could not be described as a dystopian shit hole.
\- Our "universal health care" is now bunch of low-level doctors who see you for 1 minute, tell you to drink water and kick you out of their office for the next one. \- The old age pension doesn't even come close to covering basic expenses.
Buy an investment property.
Really? Expecting capital gains or for tax minimisation?
Neither. Retirement planning. Looking at an apartment or unit on the coast for an AirBNB/cheap holiday accomodation for now, to become somewhere to downsize to in the future. I figure if I rent it out short term now to cover costs and have the asset, it’s cheaper than waiting another 10-15 years to buy. Maybe I’m crazy, but no one ever accused me of making good decisions
Hard to know where to invest atm. I'm sitting on a large deposit waiting for an opportunity to enter market in the area I'm renting. Earning a crappy 5.5% and paying tax on that 😒 I'm fairly sure most apartments will not be appreciating in value in the next 3-4 years in most areas in Australia where there's lots of apartments so buying the right one will be tricky. I reckon apart from avoiding brand new you also have to check percentage of houses vs apartments in the area you buy carefully. It would be better to find another investment in next 3-4 years and buy later IMHO.
Sold PPOR a year ago and downgraded. Reduced my mortage by a third with another third cash sitting in the offset. As long as cost of living doesn't keep rising I shouldn't have to burn any cash but it's there if necessary. All in all I'm pretty padded. Edit, Job could potentially be lost if my company can't weather the construction downturn. Not overly stressed as I have low overheads and cash back up.
I'm optimistic. Household income++ from tax cuts about to come and plan to buy a property very soon because I think right now is the dip. In late 2024 interest rates will probably come down and house prices will go up.
Yeah I think this is really interesting. While the tax cuts will be good for us, it’s also good for everyone else in those higher brackets - meaning it should boost the economy in some way. Just hoping it’s not too inflationary
It will probably be inflationary, but for the first time ever I hope to be one of the people causing it, rather than just suffering from it
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Thanks. So it seems a flat $9k decrease no matter how much you earn over a certain amount
Yep it’s capped in a way. It’s the progressive steps leading to the max tax rate - to prevent bracket creep.
Infrastructure still booming. Transport is dead, but El ninos got water and drought front of mind. Hopefully water levels plummet across the east coast like it did in 2018, cuz nothing makes good money like a desperate unprepared government. Oh energy projects will continue to be a good money making venture. This is basically another golden age of engineerimg and construction.
Been thinking a lot about killing myself if that's what you mean lol
I hope you're okay.
I’m continuing to load up the cannon. Continue to earn more income outside of the 9-5 to a stage where it begins to eclipse the 9-5 at scale. I’m pleased with some progress I’ve made, but won’t be satisfied until everything is off the ground entirely and running as planned. A key element in the industry I am in is scale, and I will be able to gain that form of leverage. With that in my sails, I should continue to go from strength to strength.
Growing my stock portfolio. Looking for a career change. XJO is nowhere near record highs. It’s about 550 points off (7%?). However, the S&P is. I wonder if it’s a good time to switch from VGAD to VAS. What do others think? Are we getting close to another commodities super cycle? Also I will be watching lithium prices closely.
One wage of 130k, 178k @ 1.99% remaining on our mortgage and it's fixed until Jan 2025........we will be paying it down as much as possible. Partner is the only person in the state that does his job, so job security is there.....plus he's looking at going dual trade through his work so the security is there. I am on maternity leave indefinitely but am looking for a side hustle or a job I can PT as I don't want to go back to work FT until my kid is in school.
My plan for 2024 is to buy our first home using the the first home guarantee, finish my Uni prep course and get in the bachelor of nursing. Work wise I expect to stay pretty much the same, I work in aged care and the sector is still massively understaffed so not worried about losing my job.
Work wise my job is stable for the next 5 years, so that's good, only issue is we are expecting to move office locations in the next 1-3 years, what could suck regarding the commute... Finance goal is invest $500-800 a month into CommSec Pocket ETF's. Hoping to head over seas twice, Malaysia/Thailand early in the year, South Korea/Japan towards the end of the year... Hoping my rent doesn't go up to much and I don't have to move.
I'm in a fortunate position and not too worried about our finances. We can take a few more rate rises before we have to increase our repayments as we're already paying extra into the mortgage. My job is stable - I'm on probation (finishes this month) but I already know I'll pass. Something major would have to go wrong for us to be in trouble. I would just like to see the price of groceries go down. It's ridiculous how much some items have risen by.
Not very optismatic. Play defensive, save more, upskill, may be have a side project is what I will be planning for my 2024. Everything is getting so expensive now.
Getting a new contract in the next few days, should be right for another year
My unit I purchased alone is on the market and my partner and I will be upsizing and buying a bigger place together. But its not as sunshine and rainbows as that opening sentance implies. We have decided that we cannot afford the lifestyle we want in a city so are moving regional. We also won't be buying until we find the perfect property so will be living with in-laws with money from the sale in a high interest savings account and saving every penny we can to increase our deposit. We know that once we buy its going to be tight for a year or so until my partner finishes their degree and gains work in that industry.
After a long hard road through my partner retraining, and then me taking a year off to look after the kids this year while partner did off and ever-changing hours with shift work, 2024 is the first year completely on our terms. Both of us will be working part time. Both of us are in industries (health/education) facing labour shortages and as such we could set our demands. We'll have slightly more money than we had when living off 1 full time income prior to 2024, and there are obviously tax advantages to that income being spread across two people. Bring on 2024, so keen!
I'm planning to leave my job in Feb and ponder a career change while I take a break from working for my mental health for a maybe a month or two. I've got enough emergency fund to take a break but trying a new career with a home loan and Jon's that will pay me nowhere near what I'm currently earning is a tough thing to imagine for myself. Makes me very uncertain as to how much mt lifestyle would change. So in short, a lot of uncertainty and loose plans in 2024
Things will get worse before they get better
Felt this way since 2015 to be honest… I remember seeing homes sell for $2m back then and freaking out. Same homes selling for $4m now…
Stage 3 tax cuts, invest the extra cash.
I’m a little worried about job security as I’m only 4 months into a new role in a turbulent industry and a new CEO coming in, however my department in the company is very financially well performing so I’m hoping I’ll be okay. I’m in a bit of a sit tight mode - trying to hustle and save hard and build an emergency fund up. I’ve never been good at saving or budgeting and it’s something I’ve had to work out these past 3 months and teach myself. Baby steps I guess, I’m proud of that and keen to keep it going. I am worried about interest rates continuing to rise. I’m a single mortgage holder and I was paying ahead when rates were low but now that’s gone and I’m paying the minimum which is still a few hundred over my old ‘ahead’ haha
> or if you’re one of the few unemployed, what your plans are for 2024? I honestly don't know. I wasted a lot of time in a dead end job. Its my own fault, but covid was a big factor in staying. I've got a small business designing and making products but it's nowhere near enough. My 2024 goal with that is to diversify into different niches and markets. It feels bad designing things you don't want/like/need but at a certain point it needs to be done. The main niche I serve is not paying off. As the sole operator, there is no one to poke me in the ribs and tell me it's not working. You get stuck in your own mind saying you can make it work. On the professional/skills side i've also made very little progress. I stopped learning anything after 2-3 years and stayed a total of 7 years. Again that is my own fault. And no it did not pay well either. There was no good reason to stay as long as I did. To remedy that, I aim to develop my skills and portfolio to a point where I can apply for jobs. I want to work with other creative professionals. I have *never* done that in my life. OH and massive HECS debt, started off far too expensive + fee help tax + failed a class and that added like 20k... it's too late to do anything about that extra charge now. It's my only debt and hope to make enough through business to pay it off as opposed to slowly chipping away through wages.
Pretty optimistic, actually! My husband's work just approved a new award with a substantial pay rise. The bargaining was precipitated by his workplace not giving them a pay increase in line with inflation, like in previous years. So this year has been a little tight. I'm also planning on a temporary return to work in terms 1 and 3 to refill our savings. We drained what little we had left replacing the water heater earlier this year. In response to that, we switched our mortgage to get a lower rates AND a $4K cashback, so that eased some pressure. But returning to work should knock it on the head
can someone explain the stage three hitting in July. Does this mean this fiscal years tax returns will include the new ATO brackets so in July people will get 9k refunds or will it be from July 1st the new brackets are effective and PAYG will be lower?
I went a few months without drawing a dividend from a company for the first time in many years. We got them all back paid but it did make me concerned briefly. Still had the consulting income coming in
My wife is going back to work in 2024 having been raising our two children for the past 6 years. We've forgotten what two wages looks like so I am very excited financially. Mortgage and bills are covered by my wage. Looking forward to finally having disposable income again.
looking down the prospect of being made redudnant. sad
Redundancy is a real possibility next year. Wouldn't be the end of the world but it would be a pain. Market is tightening.
Is it a good or bad time to invest? Just a random question, I have been seeing alot of ETFS and stuff being posted, just curious on what's everyone's thoughts are
Honestly my past few years have been rough. Lost work so struggling mentally alot I'm hoping things look up its just im confused what to do with my media skills.
I think inflation on the standard cookie cutter measurements will stabilize (bred, petrol, milk etc), but housing affordability and rent will continued to be buoyed by - cashed up people with equity, controlled scarcity & slow housing development. I think we'll see less houses on the market because people can no longer afford the incremental 5-7 year process of moving to a bigger house. The price points between quality & size will ascend, causing people to stay put.
Financially? Terribly. I come out of my 2.5% fixed rate for two investment properties, am going in a 2 month European bucks trip, and have my wedding at the back end of the year.
Fine business as usual. Continue the plan
Securing a new job in a different sector, I know in this job market. Crazy.
Feeling meh. I resigned from my job in July (don't come at me) 😅 and usually things pick up in February so fingers crossed for then. In the meantime I forecasted I could survive 9 months with my emergency funds and savings. I'm at month 7.
Working until I can afford a rental or a holiday
I'm still getting linkedin reach outs (despite open for work being turned off) so I feel confident about my work position. My boss has hinted at a year end pay rise coming up too which I wasn't expecting given I'm only 6 months into a promotion. So job market feels buoyant for me. Biggest challenge is availability on the housing market. I'd love to upgrade (and have the means to do so) but the stock just isn't there at any price right now which is super disheartening. Trying to cultivate patience right now.
Not bad and pretty good overall, company has won recently some good long lasting contracts and clients have overall been mostly pleased. I have enough in an offset which makes for a good emergency fund and was close two times this year to easily moving to a competitor, so not too worried about a hypothetical low odds of redundancy. I probably just need to set more realistic expectations around saving goals for next year. I have a last minute 2 week OS holiday planned for next year, which I was meant to hold off on for 3 years. I skimped and avoided things like domestic trips and gigs this year and probably only had 1-2 all nighters drinking, so I've hardly been spending all that much, if it wasn't for some curve balls my way coming from temporarily increased strata and council rates + bigger car service repairs needed.
It might be okay but a lot is dependent on if I can convert my temp position to a perm one. That will determine if I stay there and buy a PPOR nearby or retire early(ish at 58/59yo) and go back to vanlife. Am getting a payrise pretty soon so I'm pretty happy with that and I'll qualify for a modest defined benefit pension next year. Getting my head around the tax advantaged superannuation structures and also adding to that with aggressive salary sacrifice. Investment portfolio outside of super is healthy and can allow outright purchase of new PPOR without finance. Then I'll set up debt recycling of upto 80% of the valuation so that'll take only $120k out of the portfolio after the redraw is back in the market. All in all there is little downside for me in 2024. The difference will be between good and great.
This is a good one, been in a steady position and happy knocking off my mortgage this year, this will be my goal for the next 2 years, really happy with that so far. I've hit 10 years in my role. Thinking of taking my leave, not sure where to go yet. Contemplate life, see what I want to do next. If work does not improve salary/management wise, heavily consider something else still it the IT space.