Savings and Income
Posted 27 February 2010 - 10:43 PM
Afters Juicys amazing story "40K to debt free", ive been thinking DH and I really should be doing alot more with our money and be alot more organised.
Currently i know we COULD be saving approx $1000 a fortnight, however... we arent saving anything . All our money is going on food, entertainment, and just junk!
I was just wondering what everyone else manages to SAVE each week/fortnight/month/year?
I know this is a personal thing, so thats why im adding the poll. feel free not to answer if you dont want to.
Any Savings tips would be great too.
(I have a savings tip for anyone who banks with CBA. If you have a netbank saver, the current rate of interest is 3.75%, however if you call up and ask you can have an extra 1.5% interest above the standard rate. Pushing it to 5.25%. this is above some TD rates. pretty good for money which isnt locked away.)
Since i have resigned from that company im happy to share that tip, which isnt advertised.
(BTW, if you ask about this special and they tell you u HAVE to open a new account, or that they suggest another account which is better... DONT BELEIVE THEM. thats just a person like me in my old job trying to get a "sale")
Posted 28 February 2010 - 08:02 AM
Once this is paid off, we will put the vast majority of the old repayments onto the mortgage, and open an online savings account for a little emergency stash.
I don't have any tips, but would love to hear others.
Posted 28 February 2010 - 08:04 AM
All of the utility bills, we also directly transfer with extra payment every month, so when we receive the actual bills, we always have credit balance.
The only thing is we are struggle to manage our entertainment expense.
But we cut down our credit card, to make sure we wont have any debts by the next two years.
One of my friend, she has several saving accounts ( no monthly fee), this works well cause if you transact any thing during the month in the saving account, you will loose interest for the whole month. By have several saving account, using one saving account, she then still have interests for other account. We are thinking about it too, but just too lazy to set up.
5.25% is a very good rate. I used Members Equity BTW. At the moment it is 4.85%, but we may make a call to them, it is a good idea.
Posted 28 February 2010 - 10:11 AM
We live week to week, and just fit in the 50-80k (we are at the 50k end). Our mortgage is nearly 60% of hubby's pay, so once we pay that each week, buy basic groceries, put petrol in the cars, pay part of/of a bill, there is basically $50-100 left for the rest of the week. So for us we aren't in a position to save that money because for example if nappies/wipes are on sale I may go stock up or layby, or we may go to the movies.
FWIW I worked 3 years full time before having Ethan, and we thought we were struggling then and couldn't possibly save any money. However once we dropped to 1 income we felt sick with how much we could have saved over those years. We paid off a personal loan (that we got out to pay for part of the wedding) before dropping to 1 pay and we don't believe in credit cards - but each to their own. We pay the minimum on our mortgage, as we are in the mindset that when I am back in work in a few years we will knuckle down on it then. Financially we would be in a better position to rent as we would be entitled to a decent amount of rent assistance, however there is a shortage of rentals and I am not keen to sell our house just to be able to save that money each week.
Know where your money is going, pay your rent/mortgage, personal/car loans, bills, groceries, put petrol in your car and then see what you have left. One week you may have your car insurance to pay so obviously you cannot save the same amount that week etc. Don't get cash out, or if you do know where you are spending it. I would often go to the atm, withdrawal $100 and not know where it went the next day. Although we have our head above the water atm, for us the important thing is having the mortgage paid, bills paid, food on the table, petrol in the car/s (so hubby can get to work and pay for these things!) and anything after that is a bonus. I do worry we have no backup money sitting in an account should we need it, however if that time pops up I would be happy to just borrow it as a personal loan.
Posted 28 February 2010 - 12:27 PM
I have done up our budget for the financial year as it helps me keep track of what he is earning and if it affects family assitance. With our budget i have a YTD page that lets me see our actual amount we spend on each bill and savings. Plus i also have a Target page where i pull key areas we want to focus on eg. Xmas Savings, Long-Term savings and then i have 6 and 12month target figures and how we are progressing towards it. As DH is always guarented overtime its good for us to plan how to use that extra income. And likewise if something comes up and we have to dig into savings we can easily work out how to get back on track.
Posted 28 February 2010 - 01:15 PM
My husbands pay goes directly into our mortgage account, my pay goes into the mortgage account via our savings account so that I can keep some money for "cash expenses" where mastercard isn't accepted.
All of our expenses go onto our mastercards and once the bill comes in, I pay the mastercards from the mortgage redraw.
Our modest mortgage should be paid off in less than 5 years if we do it this way (although we're selling and upsizing towards the end of the year)
Posted 26 March 2010 - 09:18 PM
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