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.
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25-05-2011 07:54 #1
The Savings mission
25-05-2011 08:04 #2
Well done on saving so far. How much are you achieving for for your trip.
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25-05-2011 08:26 #3
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.
25-05-2011 08:28 #4
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
25-05-2011 08:43 #5Senior Member
- Join Date
- May 2011
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!
25-05-2011 08:43 #6Senior Member
- Join Date
- May 2011
Oh and I'm also on spp, OP!
25-05-2011 08:46 #7
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?
25-05-2011 08:47 #8
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;
Misc (CCR/Tax/Medicare Rebate)
Petrol/Groceries/odd stuff $100
Speech Therapy $90
Total Expenses $1090
Excess (Total income - total expenses)
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 12:38.
25-05-2011 10:43 #9
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.
25-05-2011 11:27 #10Senior Member
- Join Date
- May 2011
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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