Keep spending more than we make
So I changed jobs late last year and took a $70k pay cut to give some more flexibility and interesting work. At the same time we moved house using a bridging loan we ended up with $180k after sale, which we kept in an offset. Issue is we keep spending like we were previously. The $180k has dwindled to $70k (there were some big items in there like a funeral and a new camper trailer). We have slowed the bleed but still keep drawing from it for emergencies which seem to keep happening. Keen for advice, thinking of going to a cheaper house, or should I use what’s left to pay down the mortgage and reduce payments… or do we need an intervention on our spending? Thanks!
41yo couple with 3 kids
Only I work, $270k annual incl super
PPOR worth about $1.1M, loan is $660k
Money in offset ~$70k
Super ~$500k
Edit:
Well I guess I did ask for it lol, I love how the morning traffic everyone is polite and being empathetic, arvo posts are calling me out for the ‘regard’ that I am I guess. I’ll try and redo the budget and post something a bit more tangible next time. Cheers for the advice and tips, I better book a camping trip ha.