In These Tough Times, What Salary Do You Really Need to “Have It All”?

Factors That Shape the “Magic Number” 

There’s no single salary that guarantees financial comfort. Instead, it depends on a mix of personal circumstances and lifestyle choices. Some of the key factors include: 

🔹 Location – Living in Sydney or Melbourne requires a very different budget compared to regional centres or smaller cities. 
🔹 Housing – Whether you’re renting, paying off a mortgage, or debt-free has the biggest impact on cash flow. 
🔹 Family Size – Childcare, schooling, and extra activities can easily double household costs. 
🔹 Lifestyle – Dining out, holidays, memberships, and subscriptions all add up. 
🔹 Financial Goals – Saving for retirement, an investment property, or early financial independence changes the target figure. 

Recent research highlights just how wide the gap has become between average earnings and what’s needed to comfortably buy a home in Australia’s largest cities. In Sydney, for example, households now require an income of around $280,000 to afford a median-priced house without being overstretched, according to realestate.com.au. That’s more than double the national average wage and shows why many Australians feel that “having it all” increasingly depends on how they define their financial priorities. 

So, What Salary Do You Need? 

The truth is, there’s no universal number that works for everyone. But research and household data suggest that for many Australians: 

• Single professionals may need around $80,000–$100,000 to cover living costs and save steadily. 

• Couples without children might aim for $150,000 combined, depending on housing. 

• Families with children in capital cities often require $200,000 or more combined to comfortably “have it all.” 

But remember, these numbers are averages, not rules. What really matters is aligning your salary with a financial strategy that reflects your values. For some, that means prioritising home ownership. For others, it’s about travel, experiences, or retiring early.  

The Takeaway 

In these tough times, the question isn’t just “what salary do you need to have it all?” but rather, “what does having it all mean to you?” 

At Poole Advisory, we work with clients to define their goals, understand their spending, and build strategies that turn income into a life well lived, whether that’s financial freedom, family security, or the flexibility to enjoy more of what matters most in your life. 

For more information on how Poole Advisory can help you align your salary with your financial goals and create a tailored plan for success, get in touch today. 

Compliance Disclaimer: 

This information contains general advice only, that is, advice which does not take into account your needs, objectives, or financial situation. You need to consider the appropriateness of that general advice in light of your personal circumstances before acting on the advice. You should obtain and consider the Product Disclosure Statement for any product discussed before making a decision to acquire that product. You should obtain financial or credit advice that addresses your specific needs and situation before making investment or borrowing decisions. Taxation information is based on our interpretation of the relevant laws as at 1 July 2018. While every care has been taken in the preparation of this information, Prosperitas Partners Pty Ltd does not guarantee the accuracy or completeness of the information. The case studies are hypothetical, for illustration purposes only and are not based on actual returns. 

Poole Advisory Pty Ltd ABN 15 642 040 604 is a Corporate Authorised Representative (No. 001282603) of Prosperitas Partners Pty Ltd ABN 30 662 654 453 AFSL 544 917