DH has found the property of his dreams, but it means we will have 2 mortgages for a couple of years until we can sell our house so we really need to tighten our belts.
So far the only things I can save on seem to be groceries (can reduce from $150 to $120-$130 per week), DH is giving up his weekly carton of beer and no takeaway/ eating out so in total that's only around $80 a week.
We only have 1 car, electricity is as low as it can be, I use cloth nappies most of the time and I've shopped around to find good deals on insurances etc. DS does a few actvities a week, which adds up to about $25 p/w and he goes to daycare 2 days (when I work) so that's $100 p/w ($50 p/w after rebate) but I don't want to cut any of those things for him.
Any ideas on how we could tighten our budget even more would be great!
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26-11-2012 08:45 #1
Do you have any money saving tips?
26-11-2012 09:02 #2
Do you have any money saving tips?
It sounds like you are doing the right things.
Is it possible to work more - nights or weekends when your dh is home??
Guess I'm just trying to ask if you can't cut your costs any further, can you increase your income?
26-11-2012 09:04 #3
Re: Do you have any money saving tips?
Have you worked out exactly how much you spend from each payslip?
It's then a good idea to take the remainder straight away and put it in a separate high interest savings account - if you're not already doing this.
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26-11-2012 09:13 #4
Mmmmm seems like you're doing a good job. Can you drive smarter and save some fuel money? You don't have any pets do you?
26-11-2012 09:38 #5
Thanks for the replies
babycart - I thought about doing a bit extra work, but could only be for a few months as new bub is due in April. Luckily I can keep my 2 days and do both from home when bub is born, so shouldn't have to reduce like I thought I would.
disbride - we already have a set amount automatically going into savings. I should probably set a strict budget for weekly essentials then transfer more into the savings. Bills etc would then have to come out of savings.
captainscaptain - the car is really only used for DH to and from work and is about $80 in fuel a week. We have already tried to reduce this by going from premium to regular fuel. We have a dog, but she doesn't cost too much to keep - just weekly food costs, monthly de-fleaing and annual immunisations.
26-11-2012 09:55 #6
As well as dropping the take away, make sure you are both taking packed lunch and snacks to work and also outings (eg. picnic at the park rather than fish and chips at the beach). Also a daily coffee out can add up to over $1000 a year!
Go through your bank statements and look at every purchase and what it was for to see if it is something you could drop. Do you use expensive skin products, get your hair coloured at the hairdresser, buy the odd DVD(my local public library has them to borrow - yay!), buy magazines? Use your own bank's ATM (DH drives me mad with his "it's just $2" - they add up!).
Don't forget in your budget to allow for things you will need, eg. new essential clothes/bathers as DS grows, but set a budget for them so you get the $6 T-shirt not the gorgeous $16 one. I also often ask for gift vouchers at present time because then I can have a little splurge on some clothes for me without hurting the budget.
I added up all our "ongoing" expenses over a year (eg. rego, water, elect, insurances etc) and then divided them by the number of pays I get (I get paid fortnightly - so divided by 26). I then transfer that amount into a no-fee savings account on payday. That way the money is gone and I won't be tempted to spend it. I also pay my credit cards back to zero every month so there's never any interest (make sure fee-free cards are included in your loan deal) - I can do this because I'm only spending what I have anyhow, just using the credit card for convenience of not having cash on me.
26-11-2012 10:06 #7Senior Member
- Join Date
- Feb 2012
- Sydney NSW
Hi there, would you be able to rent out one of the properties and live in the other? Or sell one of them at some point? Also, I don't know much about it, but I believe how you structure your mortgage can make a huge difference to the interest you pay, expecially if you have more than one property.
26-11-2012 10:31 #8
stretched - some good tips there thanks. We both take packed lunches, no expensive beauty products or hair appts, no credit cards. I think I need to go through the bank statement with a fine tooth comb and see where our sundry spending is going.
littleriv - the second property is just land, so would be living in our house until we sell (have to finish renovating first!) then move out to property and build. I may have to talk to the bank about structuring of mortgages.
I think short of making more money, we might be nearly at the end of our saving options.
26-11-2012 21:16 #9
Can you rent out garage or storage space on your property? This doesn't make much money but i use eBay to sell clothes and buy clothes so my clothes budget is low.
27-11-2012 09:11 #10Junior Member
- Join Date
- Oct 2012
I'd suggest trying to make some money - garage sale, selling items on ebay. this can get rid of clutter and provide a bit of extra cash
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