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  1. #11
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    I think one thing that is important is deciding on goals for why you are saving. Have short term goals and long term goals.

    We find it very hard to save when we haven't got a set reason for it.

    For example or short term goals are a few holidays and renovations we plan for next year, medium term goal is saving a deposit for our next investment and a big one month overseas holidays in the coming 2-3 years. Not currently saving for long term goals.

    We also keep all our money in our offset account but I use a budget app that I allocate different amounts for each "envelope" (eg. Rates, electricity, health, Holidays, renovations etc) from each pay and shows the total amount in savings, so I can see what he money that is sitting in our account is actually allocated for. If you can do this, it will be better so you can keep saving on your mortgage interest. As different saving bank accounts don't have as high an interest rate.

    Our budget covers every single expense from spending money to bank fees.

  2. #12
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    Quote Originally Posted by babyno1onboard View Post
    My DP is the opposite, I swear his wallet is a sieve! I seemed to have a lot more money when I was single. Wouldn't trade him for the world but he could improve on spending habits lol.
    When I was younger I was like this, I couldn't save a cent. Dh is so good with money though and he has taught me a lot. He's not a cheapskate by any means and will happily spend money on big ticket things like holidays, but everyday stuff he just doesn't care to spend money on. Its a good feeling seeing that bank balance grow and then be able
    to spend on nice things like holidays

    Good luck!

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  4. #13
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    Quote Originally Posted by Pearlygirl View Post
    Think about if spending money on solar or rainwater tanks is worthwhile (it will save you a lot over many years - something we will do in our next house).
    Haha we had a solar system and rain tank put in our house. Then we moved cities and rented it out and we rent somewhere else. So the tenants get the free water and power, we get the bill when it breaks down ($1700 last week). Lol. The solar system was really worthwhile but I'm not so convinced about the rain tank.

  5. #14
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    Default Living within means

    Quote Originally Posted by Busy Bee View Post
    I think one thing that is important is deciding on goals for why you are saving. Have short term goals and long term goals.

    We find it very hard to save when we haven't got a set reason for it.

    For example or short term goals are a few holidays and renovations we plan for next year, medium term goal is saving a deposit for our next investment and a big one month overseas holidays in the coming 2-3 years. Not currently saving for long term goals.

    We also keep all our money in our offset account but I use a budget app that I allocate different amounts for each "envelope" (eg. Rates, electricity, health, Holidays, renovations etc) from each pay and shows the total amount in savings, so I can see what he money that is sitting in our account is actually allocated for. If you can do this, it will be better so you can keep saving on your mortgage interest. As different saving bank accounts don't have as high an interest rate.

    Our budget covers every single expense from spending money to bank fees.
    I like this idea. Would you mind sharing the name of the app? Thanks

  6. #15
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    Both dh and I are impulse buyers. So our first step was to recognise that.

    This is things we do which are all very simple do.

    Set up a bill account. Our bank has a special account but you could do your own.
    Work out your bills for a year add 10% divide by the amount of pays you have gives you your payment per pay. Check that no big bill comes out in the first 8 weeks. Now get that payment taken out of your pay before or the day it goes into account. Make automatic payments for everything you can from that account.


    Pay yourself treat savings like a bill. It gets taken out at the same time as your bill money. Have a main saver account, a fun account and a emergency account.

    Your main saver. Make it that you have to walk into the bank to draw out money.

    Your fun account is for smaller things like a weekend away or a new whatever.

    Your emergency account should only be used for that. And no new shoes/bag is not a emergency. Lol.

    Budget fun money. No budget will ever work long term if you have to always save save save and never have some fun.

    Meal plan.

    Have some couldn't be bother meal option in your cupboard/freezer. I like to bulk cook and freeze every now and than and have healthy just heat meal. This is so important. Those days are budget killers.

    Always look around for better deals on bills.

    Buy in bulk when things are on special.

    Meat cut up goes further.

    Buy in season.

    Think twice before buying. Ask yourself is this worth it.

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  8. #16
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  9. #17
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    Default Living within means

    .......
    Last edited by FirstTimeMummy2012; 27-12-2015 at 17:06.

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  11. #18
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    does anyone here know of Scott pape aka barefoot investor?

    he has a really simple strategy for managing your money and awkward ensuring you have money stashed away for a rainy day. it's basically about dividing up your income into 3 "buckets" - blow (for normal running expenses, house, car, groceries etc), mojo (your rainy day safety net fund) and grow (for longer term savings goals, eg a house deposit etc)

    it's too time consuming to type it out here and explain but it's well worth a quick read. more info here if anyone is interested:

    https://barefootinvestor.com/how-i-p...he-blow-bucket

    I don't follow him as much as I used to these days, but I feel his methods really helped explain things in very easy terms and makes the idea of building wealth very accessible and even fun!

    gosh I sound like I work for this guy lol. I don't. I have no affiliation to him at all. I just urge anyone who's serious about getting ahead a bit but unsure of where/how to start to look at his stuff.

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  13. #19
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    Sent from my GT-I9507 using The Bub Hub mobile app

  14. #20
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    When we need to budget I do a few things;

    - change hairdresser
    - no online shopping - ever.
    - no new clothes
    - dinner planned for and cooked at home
    - limit alcohol (we usually drink pretty nice wine so we cut that)

    I pretty much spend money on food, bills, petrol and we stay in and just spend time enjoying the quiet life.


 

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