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Phase 2- Twenty Something, Young Adulthood

Mac Middleton

What is your income potensial?

Now that university is out of the way, I have to join the workforce,
finacially support myself and work to to make a n income and
become more independent from my family.
After completing 6 years of study at university, I will look for a job
that uses my degree and master of architecture. On average a person
straight from university with honors in architecture will earn a salary
of $50, 000 to $80, 000 a year, so I can expect to earn high 70s with
my masters (Live Salary, 2014).

Expenses that will occur as a consequence of work:

As a consequence of working, I will need a car. To purchase a car I
will need to use a loan with interest. Because the car will be under
$10, 000 the interest rate will be low. Making weekly payments will
make it easier to pay off the car. If I can not make these repayments,
then the car dealership may take repossesion of the car, or my
parents will act as a guarantor and pay back the rest of the money
due to the car dealership.

Where will you live?

For accomidation I will rent out a apartment with some friends on
the Northern Beaches. This will more than half my electrical, heat,
water and rent bills, which will allow me to save up for a apartment
of my own.

Finacial Obligations (fixed expenses):

Area: Amount: Per Year:
Food $100.00 a week $4, 800
Transport Adult Travel,
MyBus (3-5
sections)- $29.60 a
Petrol on
weekends every 2-
$1, 420.80
3 weeks- $80.00
Social $75.00 a week $3, 600
Hobbies On average two
surfboards a year
costing $2000 plus
$500 for
Minimum $2500 a
Clothes, Shoes etc. $100 a month $1200
Work clothes $200 a month $2400
Rent $300 per week (2
Bond $600 (paid to
secure flat)
Electricity/heating $10 per week
Car Rego $350 $350
Green slip and Car
$900 $900
Private Health Insurance HCF $2.76 per day
Young singles plan
Hair cuts $60 $520
$1000 $1000
Phone, Internet Provider Telstra $55 plan
Talk & MMS- 1.5gb
Telstra 50gb Fast
Broadband- $73.00
per month
(Telstra, 2014)
Minimum cost
Total: $37, 318.32
per year.

I will also be saving up for holidays making weekly deposits to afford
them during the year. I will mostly travel nationally as international
travel is very expensive. Tax will reduce my income from $75, 000 to
$59, 078 per year, without the added expenses listed above. I will
also need to pay back my HECS fees from university. Although I have
bought a car, I may reassess in time and sell the car. I could se this
money for other things such as holidays or other activities such as
going out with friends of buying things like Apple TV.

What could go wrong and who could help?

If I get in trouble financially I will first look to my parents for support,
and will then look further into how I can get myself back on track
with a financial adviser.


Telstra. (4 April 2014). Telstra Corporation Limited.
broadband/plans/index.htm#plans 18 May, 2014

Live Salary. (2014). Salary Australia. http://www.salaryaustralia.com.au/salary-
rommonths=12 18 May, 2014