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  1. #1
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    Default Wanting to save before we try for bub #2, any tips please!!!

    So our first bub was an unexpected gift but it made us put our other goals such as a house on the back burner,

    Now I have just returned to work and really want to have a good bit of savings up before the next one arrives (will need to be enough to cover my share of the mortgage along with paid maternity leave from work and centrelink).

    I am thinking between $3,000 - $5,000. I know that unless we have this money saved up there won't be another bub for us also have only 2 or at most 3 years to conceive too, (DH is 10 years older than me and really doesn't want to be an older father)

    But along with this we are hoping to put away $1000 per month for the house deposit!

    I have seen a few fabulous tips so far like the coin tin (amazing how much you put in there!!!)

    So any tips no matter how small would be fantastic!

    xx

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    Write yourself a little note and stick it on your eftpos or credit card -

    "Do you REALLY need that?"

    It's a constant reminder and has helped me avoid a few (inexpensive but all adds up), impulse buys.

    Also - keep a record of everything you spend for a month. It'll show you exactly where every dollar goes and where you can cut back. It's a real eye opener

  3. #3
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    Cut out things like buying coffee/bottles of water etc - it seems like no big deal spending a couple $ on a drink but it really adds up.
    Give up take-away or limit it to once a month (or whatever works for you).
    Before you buy anything have a think about if it is something you actually need or if it is just a want - if you don't need it consider going without.
    Put the money you want to save away as soon you get paid.

  4. #4
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    i would have a good look at all your bills/regular expenses and figure out what you really *need* gym membership? Hair cut/colour? Toddler music classes? Foxtel? Magazine subscriptions? Etc etc. For most things there is a cheaper alternative, eg hairdressing schools are heaps cheaper than salons, ditch paid toddler activities for free or really cheap ones ones such as library rhyme time and playgroup, buy a second hand excercise bike or start jogging instead of the gym. obviously i don't know what your monthly expenses are, but just some examples

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    Use cash.
    Once a week I get out a set amount give DH & myself $20 "free money" to spend as we want. The rest goes on groceries and childrens activities or whatever is needed. If we want take away it has to come out of the cash. It took ages to get used too and the "free money" started at $50 each (pre children) but have leant to live with it.
    We actually get paid fortnightly but found we dipped in less if we only had at most five days until the next allotment.

    Sent from my HTC Desire using Bubhub

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    danielle13 - I don't have a credit card so that's a great start! lol I will do up a spending spreadsheet for December a bad month to start but hopefully lead me to a good start to the new year!

    MothersMilk - I have my own bottle and drink the free coffee at work! I have listed a few treats I want and have found it to help thinking that if i buy this mag etc thats $8 further away from the big treats I want!

    FearlessLeader - I go to budget cuts to get my hair done ($25), we have a treadmill and rowing machine at home, and we haven't started toddler activities as my boy is only 1! I think thats part of my problem I am already living low budget but not seeing the savings

    BorrisWombatWife - how on earth do you get by on $20 a week! What sort of things do you do??

    Thanks everyone for your advice please keep it coming! I want another baby!!! lol

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    MothersMilk  (17-11-2011)

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    I don't have a credit card either (just a debit mastercard with NO overdraft) - they're the work of the devil I say!

    Doesn't matter that you're starting in december. Obviously expenses will be higher on gifts, decorations etc, but you'll still get to see how much goes on little nothings that you don't even think about (coffees, snacks, magazines etc). Keeping a record and making a budget have really helped us over the past few months. We had 3 weeks with no income (and a very modest income normally as it is), but we've managed to stay afloat with some very careful planning. Couldn't have done it without seeing where we normally spend and what could be cut.

    Also, not sure how you pay your bills, but I have all of ours going out the day after pay day, and a savings transfer set up at the same time (it's not much but it adds up eventually). That way it's gone before you've had a chance to touch it.
    I'm about to open a high interest savings account too, (currently I earn about 8 cents a month lol), so that's something to look at aswell.

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    The $20 is just our "free spending" because we are both hopeless with money and would spend a bit here on drinks and a bit there on lunch/junk but didn't realise how much it added up too, it was $50 each but slowly brought it down over the years. Neither of us would stick to a budget without regular treats.
    The remainder ($160) is fuel (DH has fuel card so don't need much) Groceries, I meal plan only 5 days meals because of left overs and lazy meal nights. Activities are library, playgroup and visiting friends with the occasional playcentre visit.
    I separately buy bulk coffee and cleaning products.

    Sent from my HTC Desire using Bubhub

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    I have just returned to work so have no savings to fall back on if I put away to much so am putting away whats left over at the end of the fortnight. Looking to have between $100 - $200 at the end of this fortnight would be great if not for the huge hydro bill! But it won't be on the credit card costing interest!

    Asides from that I try to pay most bills (besides groceries and rent) at the start of the month just so I know they are taken care of.

    I know I can save once we found out I was pregnant first time around I was able to save enough money (along with baby bonus and mat leave) to pay all my bills for 12 months! that's rent, groceries, health insurance, mobile, internet etc...

    might try a bit of a curfew on my spending and see how I go!

    Coins tin already has almost $20 in it! and I know I won't be tempted to spend it as its mainly silvers lol and will be my treat money! (I want a kindle lol) and budget a set amount per fortnight into savings.

    I already had a uBank high interest account from before my boy was born and have a weekly amount (only $5 atm but soon to be bumped up) direct debited.

    We have one for our son too and he already has almost $300!

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    I agree with MothersMilk - put any money away into a savings account as soon as your pay hits your account. I've been doing this for the last year and have saved a considerable amount.

    I transfer it over the day I'm paid and put it out of my mind. If I get to the end of my pay fortnight and I see something I like and want, I tell myself I simply don't have the money for it and wait for the next payday.

    Don't visit the shops where you're likely to go nuts. If you need a new dress/shirt/make up or whatever, plan it and set aside money from your pay before you buy it, even if you have to wait two pay cycles (unless you're desperate, of course).

    Our parents/grandparents wouldn't have put things on credit (apart from house) nor spent their entire pay on a night out and some new clothes so I'm trying to live by this motto.


 

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