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#1 manda22

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Posted 26 January 2005 - 04:56 PM

I'd like to hear from those of you that live from pay to pay and how you make your financial obligations each week/fortnight/month. The reason why I'm asking is because I think DH & I may be getting in over our heads and I'm trying to find a way to keep the lifestyle we've become accustomed to without making too many major sacrifices.

I can totally understand if this is too personal to answer so don't feel you have to. smile.gif
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#2 MsGems

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Posted 26 January 2005 - 05:06 PM

Amanda, you will soon get used to it!!
H2B and I used to go out basically every weekend (nothing expensive, but we probably spent $50-$100 by the time the night was over) and buy ourselves treats ie. useless things that we can live without a lot.
Now- we have two mortgages- one we are paying $169 a week, the other about $280 a week... so thats about $450 a week, out of H2Bs wage only because I'm currently not working. H2B earns on a week with no overtime about $600. We have cut our grocery shopping down to less than $50 a week, but we're still saving $30 a week for the wedding, because that gets automatically taken out so we don't see it, so "we don't have it".
Just before Christmas, we thought we were doing really well with our money, when I rang up the bank to discover we had just over $100 in there (we thought we had over a grand!!). The bank had taken out our loan repayment monthly instead of weekly- very depressing!!

Treat yourselves occasionally- perhaps by opening a second account (something like a $t george incentive saver because you earn interest if you have over the minimum in there at the end of the month) and putting a little into it a week "For a rainy day"

Chin up- things will work themselves out!!
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#3 Mrs_Stevo

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Posted 26 January 2005 - 05:07 PM

We try not to live from pay to pay, but most of the time that's what seems to happen, but we keep a 'float' in our bank balance & we don't ever go under that amount unless it is needed for an emergency.

We are both on very low incomes with me working part-time & getting a small disability pension. The only major committment we have is our mortgage & keep our credit card to under $1K (usually under $500). We try to save up or use layby for large purchases & keep a 'wish list' of things we would like to save for. If we don't have the money available - we don't buy - simple as that. We don't allow ourselves to get into too much debt.

We don't have a strict budget as such, but we do allow set amounts for certain items. eg we take out X$ for grocery shopping & X$ for personal spending & then just work out which bills need to be paid for that week. If we have too many bills for the week then we don't allow ourselves extra's that week such as takeaway, DVD hire etc.

Having said all that, we live in the country, have a new 4bdm home & 2 y.o. car & really don't go without too much, just very careful with how we spend.

I'm a firm believer in living within your means, that way you won't get into financial trouble. It's far too easy these days to borrow money & be in debt.

Hope that helps.


#4 manda22

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Posted 26 January 2005 - 05:26 PM

Thank you very kindly for your advice girls. smile.gif

Does anyone live by a budget? I'm considering this but I don't know how we'll go...
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#5 cosamlin

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Posted 26 January 2005 - 05:38 PM

Hi Manda

Yes we live by a budget. When we first moved in together we set up a joint account. We wrote down all the bills. ie. Water, Rates, Taxes, Car Rego, Ins etc......... we then did the sums and divided it by 2. This way we both paid the 50/50 on the bills.

As time has gone on I have changed jobs and dont have the income that I used to so we have had to adjust the budget so that it is more a 70/30.

This has worked to a certain extent but we still get unstuck every now and then. At the moment we are also doing renovations and it has really pulled the budget belt up tight but the renovations are nearly finished and things are looking up again.

If you want to set one up and want a hand pm me anytime I will do my best to help.

Sam biggrin.gif
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#6 Guest_Bubbly_Bride007_Guest

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Posted 26 January 2005 - 05:47 PM

I guess me and H2B are lucky we both earn ok money. I earn $1200 per fortnight after tax and H2B earns $1300 a fortnight after tax and after car payment (We also have our car payment come out of his wage before tax - It includes fuel, money for services and tyres and reg so all that is taken care of).

We don't own a house but pay $340 a week in rent and spend over $100 a week on food (the joys of living near the city- not sad.gif everything is so much more expensive) We are saving almost $500 a week for the wedding and still allow ourselves $70 each a week to spend on whatever. We have a seperate account for bills and we have made an excel spreadsheet budget. We know exactly what comes out when and put away the left over money for bills... This works for us for now but I know down the track we will have to look at something a little better and maybe cut back in areas once we decide to buy a house or have kids. We pretty much live pay to pay but if we need something like a new fridge we just cut back for a month and buy it.

I don't know if this gives you any answers

Good luck tongue.gif
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#7 *Michelle*

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Posted 26 January 2005 - 06:48 PM

Adam adn I kinda live week to week but we also have money in the bank that we save that we just dont touch.All our money goes into one account.Every week out of that comes our mortgaga and bills.I then draw out about $130 for groceries.The rest just stays there.We have no credit cards and when we want something we just go buy it.My sister who is an accountant has a budget and sticks to it.She earns great money and so does hubby.Addmittadly they have a greater mortgage than us but there are no extras.It sucks going there really there is never anything nice to eat just the essentials LOL.I used to clean her house and she would pay me by cheque ohmy.gif cause this is how it operates she doesnt have extra cash just hanging around...So pleased Im not married to her
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#8 Louie

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Posted 26 January 2005 - 07:41 PM

I was talking about this last night, as I feel feel we have to be sooooo careful with our money and Hubby likes to know where every cent is.

(I think its just a feeling I get, when money is tight...but we have luxuries, and get a lot of what we WANT, but at the same time we go without some stuff too)

WE have a BUDGET. Very strict, but it includes everything.

Bills, groceries, clothes, hair, holidays and pocket money etc etc.

WE don't have anything spare at the end of the month, but have had pocket money to buy what we like during the month OR save for next month for something bigger.

We don't go out that much - but love our house and garden and car etc.
We will go without things so we can buy other luxuries. We have recently begun a Weekly shop, and stick to a certain amount each week. That helps so much, rather than popping in for bread and milk and buying those extra $20 every time. Set an amount and stick to it.

We decide on what we should buy/get or save for each month. Eg. We need lighting upstairs, but we make do with little lamps, because we WANT a video camrecorder. Strange choice, but I think I would prefer to make do with the lighting for a while longer (its been 2 years now) and have a camcorder for when baby is born.

I think a budget is a great idea, but it is tough to stick to and you need EVERYTHING on it. Otherwise for Chrissy time, or birthdays...where does the money come from?

As long as your both talking about it, and you both find the answer /agreement FAIR.





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#9 ~~KylieB~~

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Posted 26 January 2005 - 08:31 PM

Tim and I live by a budget. We firstly make sure our rent is paid, Car loan and shopping. We then sit down fortnightly and pay any bills that are due with his c/c, then deposit the rest of our pays into our joint account which we use to save and pay out the c/c at the end of the month

At the moment we rent, but are saving to buy a house, so I am sure that it will all change, we are also keen to have kids, so we are trying to get in front now while we have two incomes, so that I don't "have" to go back to work because of money
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#10 Just Kylie

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Posted 27 January 2005 - 08:26 AM

We definatley live week to week. We are prob the lowest income earners on here, but we make it work. Peter gets 450 a week after tax and i get parenting payment of about $170 a week, so all up about $620, out of that theres $210 rent, $150 for food and nappies etc, car loan (no car), fuel, another loan, credit cards and a ring payment plus the normal bills,so we are pretty lucky if we have about $20 left after a week. We run on a very strict budget too, or we would spend money we needed for bills.

Im going for an interview today at a retirement village, so hoping i get that it will be about another $150- $200 a week, which will prob go to savings seeing as how we know we can live without it but it will just be a bonus. I know its really hard for us, but i also know its going to get bettr (peters getting a $10K rise in about August) and once i finishe uni, ill be getting about $800 after tax pw for casual 3 to 4 days a week, so i guess you just have to be patient
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#11 manda22

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Posted 27 January 2005 - 08:59 AM

Thanks again girls. You really are great! It's good to know I can come to you with any question at all and have a reply within a few minutes!!

I've decided to do a budget. I just found out off hubby's new boss how much he'll be earning a week so that makes it easier. I bring home the same amount each fortnight regardless of O/T. I'll get stuck into it this afternoon. (Sam, I'll PM you soon hun. smile.gif)

Another quick Q, does anyone pay a certain amount off their utilities weekly/fortnightly? We pay $20 p/w towards the eletricity and it seems to make a substantial difference come bill time in three months. I've been considering doing the same for the telephone bill but still trying to work out how much to pay each week (including 2x mobiles & a landline). We are lucky in the way that we don't have to pay for gas, rates (yet!!), or water. Another thing I was thinking of doing is calling the finance group that 'own' our car and seeing if they can refinance the loan for a longer period of time to bring the monthly repayments down. Good idea?!?

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#12 Jacqianie

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Posted 27 January 2005 - 12:04 PM

Amanda,

We have monthly phone, internet and mobile phone bills. We find it much easier than trying to find bigger lump sums every 3 months.

With the water, gas & electricity, I just organised payment plans with each company so that I know each week how much money I need to pay. Then at the end of the quarter, if there is a surplus then it comes straight off our bill smile.gif

I like paying it this way, mainly because I'm a 'bean counter' and prefer to have bills paid and out of the way, then I know exactly how much disposable income we have.

Cheers,
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#13 Sarah Kate

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Posted 27 January 2005 - 12:17 PM

Hi Amanda

Hope you find some of this information useful. Cam and I have easy pay cards on our gas, electricity and water. Basically if we have any spare cash we just wack it on the card so when the bills come in we have either paid for it or don't have to pay so much.

I get paid fortnightly and Cam gets paid monthly. I am not sure what he does with his money (maybe I should find out ohmy.gif ) but I know know that the morgage comes out of his pay and the savings out of mine. What I do with the left over cash is basically I put extra money in my money tin (which I use to pay for my car rego/insurance and any personal bills I get) and then take out what I am going to live on for the week. Once that runs out, I know I don't have any money left...so it makes me think twice about buying things I don't need when I actually see what is left in my purse. If I kept using the plastic, I would definately run out in the first week!

I hope this all makes sense
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#14 *Shell*

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Posted 27 January 2005 - 01:00 PM

We live on a strict budget - we are trying to live off Grant's income alone.

We are currently trying to save $2000 a month - basically to pay off all of our debts and our mortgage back for the wedding within the next few months.

After that, I am trying to get money in the kitty for when a baby one day comes along and I am not working.
There is also lots of stuff we want to buy around the house - for example a lounge! and bedroom furniture - only have a bed in there!

Grant hates the budget - but it is the only way I can get him to control his spending!
This is the first month of it - there have been a few things come up which aren't in the budget - but even the fact that it has made us more aware of what we are spending is great - so as a result - we have definitely spent less.
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#15 Profile Removed

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Posted 27 January 2005 - 01:00 PM

Jon and I are pretty good when it comes to budgeting our bills etc. and we find that we have about $400 a week to spare. At the moment, that $$ goes towards ourselves (ie. going out on a date, going on shopping sprees and all that stuff).
We have our mortgage, which is about $250 a week and also our personal loan of $200 a week then just the normal bills and we also put $$ away for the quarterly bills (ie. Council rates, rego, etc.) so when they come it's not all that hard to pay.

Hopefully by the end of this year, we will have paid off the personal loan, so we only have the mortgage to go smile.gif




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