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#1 jodie1980

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Posted 27 September 2004 - 05:09 PM

Hi

My FH and I have been together for 3 years and we have not saved a cent. We also have credit card bills and a personal loan. Is anyone else in this situation? I feel like I am never getting anywhere with paying everything off! One day I would love for us to own our own house but I can't see it happening anytime soon if we keep spending. Does anyone have any advice for me on saving money??
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#2 kylie9A

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Posted 28 September 2004 - 03:35 PM

Not really an expert but i can offer my advice. H2B calls me the budget nazi

*See about getting your credit card debt transferred to your personal loan. You will save on interest.
*Cut up the credit card - Try a visa debit card instead, it works like a credit card but you must have money in your account for you to use it.
*Do up a budget and stick to it.

H2B and I have paid off two personal loans and are currently 12 months into paying off a home loan. We have a budget that we stick to each week, so much each week goes towards groceries, bills, hair cuts, clothes, miscellanous spending money etc

I sat down about 6 months ago and worked out all of our yearly bills, from electricity to car rego to drivers license fees. I worked out how much each week we need for each bill and keep a tally of how much has been allocated for each bill. We have a separate account for just bills and we get a specified amount transferred into that account each week

Try keeping a diary for a couple of weeks and write down everything that you spend, even the drink that you bought will out shopping. YOu will probably be amazed at how much you are spending without realising it.

Even though we are on a budget, we still eat out about once a week, still go to the movies but our money is just more organised.
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#3 pinkbutterfly

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Posted 28 September 2004 - 03:46 PM

What Ian and I have done is set up with our pay office to take a certain amount out of our pay each week and put it straight in a seperate account, which we cant access. AND it pays highish interest rate, so our savings are growing and we dont even notice.

If it comes straight out of your pay, you hardly even notice that its gone.

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#4 Starbuck

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Posted 28 September 2004 - 03:56 PM

QUOTE
*See about getting your credit card debt transferred to your personal loan. You will save on interest.


Just be careful doing this, as if you are paying your personal loan off over a long period you may end up paying more interest than if you had just paid off the credit cards.

Firstly, do an honest, truthful and complete budget, and stick to it.

Pay off the highest interest-bearing liability first - your credit cards I guess. There is little point saving while you still have debts on which you have to pay interest. Automatically have a set amount deducted from your pay each pay to pay off your credit cards, and stop using them!!! Available credit is NOT money. And any money you have left at the end of the fortnight, don't spend it on crap, put it on your credit cards.

Once you have paid off your credit card, I'd look at paying off your personal loan as fast as humanly possible.

THEN the amount you have been using to pay off your credit cards then your personal loan (ie EVERYTHING that is left after you pay bills, rent, food and living expenses) I'd start putting away into a good interest-earning account, without an access card.

This is exactly (word for word) what I have done - in 18 months I've cleared my credit card debt, paid off my car and saved $10k. It worked for me...


#5 Karen11

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Posted 28 September 2004 - 03:58 PM

I've had to pull myself out of debt before and I really know the feeling of going round in circles and barely making it from pay check to pay check. Kylie's given some excellent advice and it's pretty much what I ended up doing. I transferred all my debt to my personal loan and then cut up all but one of my credit cards. Although I still kept one credit card I made sure it got paid off on time each month.

Putting everything into one loan really really helped me. I had trouble keeping track of two credit cards and one loan and having one fixed sum to pay each month really helped me work out some sort of budget.

I also worked out a loose budget and gave myself some monthly spending money. I then started a savings account that I couldn't touch and each month I *awlays* put something in it - even if it was only $10!! It took a few years to crawl out of debt, but now I completely own my own car and have a little bit of savings. It really does take time and patience but it is so nice to be debt free!

Something weird that I noticed about myself was the more in debt I was, the more I had the urge to spend money on nice things or to impulse buy! Crazy when I think about it..

#6 Tennille75

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Posted 28 September 2004 - 05:16 PM

QUOTE (kermee @ Sep 28 2004, 03:56 PM)

Just be careful doing this, as if you are paying your personal loan off over a long period you may end up paying more interest than if you had just paid off the credit cards.


This is what we were told when we had to buy a new car earlier this year. If it is a larger sum to be paid off you may end up paying more in interest even if the rate is lower.

We have a few accounts set up now. The money for the home loan gets taken out of our pays and put into one account. We have a savings accout which has a set amount transferred into each pay. This is for bills and things. We each have a separate account for general spending. Oh, and we have investment accounts which some gets transferred into at the end of each month.

It was quick and easy to organise with our credit union. And we don't miss the money we are putting away as it was never there (so to speak). We still have enough each week to be able to have meals out, or go to the cinema etc. We're budgeting well, but definitely not missing out on too much.


#7 allegro

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Posted 28 September 2004 - 07:42 PM

I keep a budget on an excel spreadsheet and it shows every cent that comes in and goes out.

We know 12 months in advance, exactly how much money we will have.

Give it a go...I can send you my template if you like.

I've been doing it for about 4 years now and we never forget what bill may be upcoming, like the rego or rates.

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#8 ness

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Posted 29 September 2004 - 11:48 AM

Hi Sharon

Any chance you could send me the template you use? I would love an easy way to keep a budget.

#9 allegro

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Posted 29 September 2004 - 12:23 PM

For those of you that I have sent my budget template to, I forgot to tell you to what out for the formulas that I have inserted throughout it. wink.gif

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#10 Jen

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Posted 30 September 2004 - 11:31 AM

We use Microsoft Money for our budgeting. This is our third month, it is good motivation seeing our savings grow. We will have a decent deposit for a house next year.

To be honest we didn't saving much at all until I went back to study! Then we had to reorganise our finances. H2B pays all the bills etc etc and all my pay (the small amount I earn now only working part time) goes into a savings account. We manage fine on one income and have seen the rapid growth of our savings.

We don't go out a lot, but we don't miss out on anything, if we feel like going out for dinner or movies, we do... Also planning this wedding, we've still managed to keep saving.

Maybe just a reshuffle of finances can do the trick
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#11 Jen

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Posted 30 September 2004 - 11:34 AM

Oh, and money gives monthly reports and tables/graphs to see where you money goes. It's quite fun at end of month (massacist (sp?) I know)
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