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$140k does not feel like a comfortable budget for a family of three

"We want to have Netflix, Spotify and a social life, and pay our mortgage - which has gone up by $800 a month," says this Aussie mum.

Aussie mum says $140000 is not enough to for a family of three

If you're not feeling the pinch of the cost-of-living crisis in 2024, how much is your trust fund?

The increasing price of basically everything has put pressure on most Australian families, even those who earn what many would still consider a 'high income.'

But one mum, who promotes frugality on social media, claims in a now-viral clip that her family's $140k annual income is still not enough for them to live comfortably.

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"Is $140k a comfortable income?"

Aussie mum-of-one Lou (who doesn't share her face) has this week posted a TikTok captioned, "Is $140,000 a comfortable income? As prices continue to rise on a trajectory that is incomparable to our pay rises, it doesn't feel that way."

Lou's account is @thatmoneymum, where she describes her videos about budgeting as "Money saving motivation for the regular family. Australian family of three."

So one would think that if there was a way to live well on $140k, she'd nail it. Instead, she claims it's almost impossible.
 
"Two years ago, my husband and I earned $150 000 a year. We didn't have kids, our mortgage was $800, and we could easily save $1000 a fortnight without trying. But in the past two years, we've had a baby, our mortgage has gone up by $800 a month and I've gone part time."
 
Lou says that other expenses, from groceries to car insurance, Netflix and Spotify, have also significantly increased.
 
"In order to live and save on $140 000, we have to be frugal. We have to count every single dollar to have just a little bit left over to put into our mortgage." 
 
She acknowledges that it's a substantial amount of money, but "in this economy, it doesn't feel like much at all."
 
This isn't Lou, but she looks like a mum who might enjoy Netflix. Image: TikTok/iStock
This isn't Lou, but she looks like a mum who might enjoy Netflix. Image: TikTok/iStock

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"We live on the tighter side of comfortable"

Lou's clip has been viewed more than 120 000 times, and the comments are divided.

There are those who are struggling to understand Lou's perspective, such as this viewer: "$140,000 a year! Wow! We don’t live lavishly, modest mortgage, two kids, dog, two cars. Still have a little fun. Have tightened somewhat. Our income is $70,000 per year."

Then this mother proudly shared: "Single mum on a 55k budget. But somehow I make it work…. and I manage to save and my daughter goes without nothing."

Some could also relate to Lou's position, with this viewer opining: "140k is the new 80k. My husband and I are on 200k combine with four kids. We live on the tighter side of comfortable."

Another agreed, adding, "Me and my husband make $220,000 combined a year and it still isn’t enough to live comfortably."

Then, there was this person who lamented their lack of leisure activities: "We are over 140k and STRUGGLE. No holidays. No going out for dinners, we don't smoke or drink or gamble either."

Finally, this viewer supported Lou by sharing: "I'm on $100k. No kids and struggling to balance saving and having fun. $140k is definitely not a comfortable income for 3+ people."

Originally published as $140k does not feel like a comfortable budget for a family of three

Original URL: https://www.themercury.com.au/lifestyle/parenting/140k-does-not-feel-like-a-comfortable-budget-for-a-family-of-three/news-story/a15a835d1ccf7d19d03d761ecef5dd4b