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  1. #1
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    Default The Savings mission

    So- I've set myself a goal. I want to save a stack of cash to travel around Aus in 2013 with my parents for 8months. I have opened a high interest savings account and have a weekly base amount going in with an additional amount going in every fortnight (to coincide with the 'good' week). I have been saving for 3 weeks and I have $655! I'm fairly proud of this, and while it might not seem like much to others- for a single parent on SPP this is quite significant. So, my first goal is $1,000 by the first week of June.

    Join me in the mission to save.

  2. The Following 3 Users Say Thank You to SimplyMum For This Useful Post:

    Ana Gram  (25-05-2011),Buttoneska  (12-09-2011),CrazyJs  (25-05-2011)

  3. #2
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    Well done on saving so far. How much are you achieving for for your trip.

    Sent from my GT-I9000T using Bubhub

  4. #3
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    By the end of Jan 2013- I hope to have saved $30,000 with interest on top of that. Although- I'm contemplating whether it's worthwhile to be paying off my loan/credit card faster or push on with savings and than pay the standard/min repayments over the term. I'm thinking the credit card can go as the interest there charging me is a lot more than the interest I'm recieving from the high interest savings account but would like to reach a certain amount in savings before paying it off.

  5. #4
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    Ohhh I'm so with u!! I'm saving to move out on my own hopefully in a years time.. I opened an account last November but blew all my savings paying off my car.. So I'm starting from scratch! Maybe this will keep me from spending it lol

  6. #5
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    Ooh! Count me in too please!

    I really need to start saving money so that I can buy furniture and other household items (read basically everything lol) for when I finally get my Govt housing place. I have opened a separate account to my everyday savings account and my goal is to save $10,000 over the next 9ish months. It will be tough, but it is possible!

  7. #6
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    Oh and I'm also on spp, OP!

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    we really want to do this too, no idea where to begin, any recommendations for a high interest account? How do you work out how much you can put in?

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    Yep- join me. We'll spur each other on. Who did you go for with a high interest savings account? I went with Ubank. I was previously with ING (and still hold an account with them in case their interest rate is better at some stage), but with Ubank it's 6.00% interest with a bonus 0.5% if you direct debit over $200 a month- which I do. ING is currently 6.35%. I also really like the tracking feature with Ubank- it gives me a graph where I can view my savings increasing (hopefully not decreasing ).

    What are your financial goals Ozzy? A certain amount by a certain time? etc etc

    Yep- join us Calin! Are you able to put away $1000+ per month? The thing is to be realistic.

    btbm- work out your budget first. What can you afford to put away. I have my budget worked out weekly (seeing as I get paid weekly) and use an excel spreadsheet- here is an example of this weeks budget for me;

    IncomeWork $700
    Misc (CCR/Tax/Medicare Rebate)
    PPS
    FTB $390
    Total $1090

    Expenses
    Rent $300
    Petrol/Groceries/odd stuff $100
    Daycare $85
    Bills $50
    Speech Therapy $90
    Savings $465
    Total Expenses $1090
    Excess (Total income - total expenses)

    Savings Balance
    Opening balance last weeks closing balance
    Movements +/- the savings cell
    Closing balance sum of opening balance and movements

    I input all my figures (bills are calculated to a weekly estimate) and than whatever figure is in 'Excess' is the amount that is transferred to my savings.

    If you can afford $200+ per month to be direct debited from your account into a savigns account than Ubank is your best option. If you can't reach the $200+ atm- than ING is your best option.
    Last edited by SimplyMum; 25-05-2011 at 13:38.

  10. #9
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    I've been on the same mission since september last year. I've managed to save a little under $11k so far.
    I'm saving to hopefully move and actually be able to get a rental property mostly. I have loan i wouldn't mind paying out as well and might look at updating some old furniture. The rest will just stay in savings and i will hopefully continue to add to it and one day it can be a deposit on a house.
    I'm not on PPS but i am a single parent.

  11. #10
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    I have all of my accounts with Commonwealth (I can't be bothered changing lol) and I think my interest rate is just over 6%? Something like that anyway!

    Extraordinary - I think that I can do $10,000 - but only if it includes the FTB supplement. I have managed to save up just under $20,000 since DS was born and he's just under two, but that includes $5,000 from the baby bonus. I guess it's just a matter of scrimping, and fortunately, that's something i'm pretty good at!

    The first step for anyone wanting to save money is to draw up a budget. I personally do mine over a monthly basis, and this seems to work quite well for me! On months where there is an extra pay day I feel super rich! I also use a program called You Need a Budget; it's not really necessary, but I find it helps to keep me in check! The biggest thing that helped me was to have a monthly income buffer. Basically everything that comes in from the 1st until the 31st of the month doesn't get touched until the net month - It's quite handy having an entire months worth of money to play around with on the 1st!


 

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