You guys have officially inspired me with all of your saving stories. Hopefully it's okay if I join in too! DH and I had a pretty big argument last night about our finances - he's a good saver whereas I am not which has been a bit of an issue at various times. I find that we track our spending for a while, do a budget, but then nothing ever comes of it. DH is great at choosing "needs" vs "wants" but unless I have a specific saving goal and some specific ideas to get to that goal then I just spend without thinking and we are back to square one. I find I am motivated for a while but then get bored with it all (think it's a bad personality trait as I am the same with my weight loss goals)
At the moment things are a little up in the air as we are going away in about 8 weeks so budget will be a bit all over the place until then (particularly as we need to buy some summer clothes for DD and I before we go, and something for DD to wear to my sister's wedding, and various other bits and pieces).
So, rather than setting a specific saving goal in dollars, I am going to come up with 10 ways I can save money on a weekly/monthly basis and see how much I can save that way. I have only started thinking about it today, but so far I have
1. No more 'V' - this habit costs me at least $15-$20 a week most weeks
2. Limiting buying lunch at uni to once per month (I am only there 2 days a week but often buy my lunch)
3. Parking off-campus and walking to uni when the weather is okay (saving of up to $15 a week)
4. Minimising car use where possible - at the moment I use about $50-$60 per week in petrol. I plan on walking to the local shops/park where possible, and just being more careful to limit my car use.
5. Grocery shopping:
- Shopping at Aldi rather than Coles/Safeway for most things
- Shopping at fruit and veg shop/butcher rather than supermarket
I am sure there's heaps more which I can add to my list. Will speak to DH tonight (assuming he's talking to me now) to see what he has to add.
Thanks again for the inspiration - I will be checking in to see how everyone's going and will update my list once I've spoken to DH
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21-06-2011 12:41 #51
23-06-2011 10:59 #52
Max- I was the same. Got very bored with the whole 'saving' thing after a few weeks OR something would 'come up' and there goes my savings!
My advice? Celebrate the little accomplishments. Have a weekly savings goal- say save $100- of you reach that than celebrate with a party night. All it takes is home made pizza, spiders (fizzy and ice cream), popcorn and a movie!
I just reached $1,500! It's a great achievement! I will be celebrating!!!
23-06-2011 15:48 #53I just reached $1,500! It's a great achievement! I will be celebrating!!!
25-06-2011 19:15 #54
Congratulations on reaching your goals Extraordinary and HarvestMoon!!!
Extraordinary, I think your tip is a great one - as soon as we get back from our holiday the savings mission really starts in our house so I will implement a proper weekly goal then. For now I am hoping that my 10 ways to save money (which has actually turned in to only about 7 ways to save ) will keep me motivated until our holiday. We have had to dip into savings to pay off our credit card the last couple of months, so I will know that we're doing okay if we can pay off our cards in full without dipping into savings. Anything on top of that is a bonus at this stage.
Widget, I get what you mean about being confused!! When you put it like that it does seem like it would be good to have some money in your ING account. But at the same time I know that everyone always recommends paying off debt first - are the interest rates you're paying on your debts higher than the interest rate you'd get on your savings?
26-06-2011 09:15 #55
Well, I managed to put away $100 this week, though I still have an elec bill to pay which I've gotten an extension for and only have about $120 left in my every day account that has to last til next Monday, so hopefully I won't need to use any of my savings. Next pay I should be able to save a bit more as long as I budget right and nothing unexpected comes up.
26-06-2011 10:42 #56Senior Member
- Join Date
- Oct 2008
- Perth, Western Australia
wow guys, it is sooo good to see people really trying to save money.
I here so many stories of the complete opposite.
I have a little background in finacne management and just wanted to pop in and offer a little advice.
It is really really good to see people (especially low incomes) trying so hard to save and get them selves in a better positon.
One thing that might help in the longer term (short term it dosn't always feel like it helps) is paying off debt before savings.
Eg credit cards, personal loans etc.....the more you pay off these the better as these will all have higher interest charges then the interest you can earn even on a high interest account. Also it seems crazy but you pay tax on interest you earn in a savings account, so again if you have debt pay that off FIRST.
If you already have a mortgage, it is worth looking into Offset accounts, or redraw facilities. Eg if you can put all your "savings" off you mortgage and redraw it when you NEED it, in the mean time you are saving interest on your mortgage and depending on amounts this can add up to saving years off your mortgage. (just be careful that you can redraw it in the case you need to and if there are fees for doing so).
One thing that I try and do, and these numbers are not anything special, what I decided would work for me....I try and save 10% of my total income (for emergencys, and 15% of my income on debt. I put these amounts into my budget and try and stick to it.
Sorry for the very long post...Hope every one keeps up with saving...good luck every one.
26-06-2011 11:38 #57on a bubhub break
- Join Date
- Aug 2008
im inspired!!!!!!!!!!!!!!!!!!!!!!!!! im going to try and save 100 a week.
biggest things that will help with this, is no take away, and cooking from scratch with EVERYTHING.
once i kick my health fund, i should be able to save 150 a week.
my goal is to have enough money to take the kids on a trip to QLD in january (thankfully tax time will help with this too)!!!!!
26-06-2011 12:54 #58Eg credit cards, personal loans etc.....the more you pay off these the better as these will all have higher interest charges then the interest you can earn even on a high interest account. Also it seems crazy but you pay tax on interest you earn in a savings account, so again if you have debt pay that off FIRST.
27-06-2011 19:06 #59-
- Join Date
- Mar 2008
Thought I would drop in for an update
My saving is going.....okay, I haven't managed to put any money away as of yet, as I have been trying to get rid of all my small debts. Which I have managed to wipe, I now only have 3 debts remaining, but they are still quite small in comparison to others debts. $300 power bill, $291 bill and a my largest is a 3k credit card bill, hoping to wipe the 2 smaller ones by the end of next month and then work on the larger one. I have also set myself up a high interest savers account and set myself a budget. and I have cut $50 off our weekly grocery shop I *should* be able to get $100 put away this week
Congratulations Extraordinary on reaching $1500, hope to be joining you soon!!!
27-06-2011 19:28 #60
Hi all, we are currently saving for the deposit for our 1st home! We need to save $11000 by feb! It means we have to save about $1000 month plus tax return and any bonuses! We have two lil girls and can't wait to have our own home! Oh and in 2 weeks since saving we have almost $1000!
By BH-bigbadbrad in forum Dads ChatReplies: 80Last Post: 07-07-2014, 12:59
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