Or do you rely on credit cards to make ends meet? All this talk of finances has got me thinking - Is the problem that there isn't enough money or is the struggle trying to support livestyles we can't afford? Thoughts?
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07-11-2013 12:25 #1
Spin off: Do you live within your means?
07-11-2013 12:27 #2
Honestly - last year NO - even though if you asked me then i would have said YES YES YES and then listed all the things that i had to pay that were expensive - however - end of last year we actually looked at money coming in, money going out, debts, spending etc - and holy magoly shocked was an understatement!!
This year YES and our debt mountin is now a hill - and mid next year / end of next year it will be all gone - its very exciting getting on top fo things and realising you actually DO have money for savings - once you get rid of the debt!
Thats our situation.
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07-11-2013 12:29 #3
We live within our means.
We do have a credit card, but that is for emergencies and rarely gets used, then paid off immediately.
I'm also really cautious with over committing ourselves. Only dh has a phone plan, my phone and our Internet are prepaid so we aren't required to pay if we don't really have the money.
07-11-2013 12:32 #4
Yes, we do. We got a very modest loan to buy our first house, and had a 30% deposit. That's the only debt we have. No credit cards, both cars purchased outright and we have a reasonable amount of savings. We've also spent over 100k in that last 5 years renovating the house - all hard earned cash. Living within our means is very important to us, we hate debt.
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07-11-2013 12:33 #5
Most of the time. Yes we have a credit card that is mainly for emergencies & the occasional treat. Our car broke down yesterday so that when we eventually fix it will have to go on credit. We had planned to pay off the credit card by Xmas & were really close but that won't happen now
me & he = ds 17/9/13 <3
07-11-2013 12:36 #6
I definitely live within my means. I have to lol. There are no loans or credit cards to bail me out. I pay cash for everything and that's the way I like it :-)
07-11-2013 12:37 #7
So far we do. We are pretty tight with money on a day by day basis and dont like to waste it (probably why neither of us drink!) but we do have luxuries like foxtel, holidays, DF will sometimes just buy me something he knows I want, for no reason at all - like my awesome DSLR camera or new iMac, but I figure we work hard, save and don't get anything from anyone else so why not. We might have to make some changes now I'm not working though
07-11-2013 12:44 #8
We do, and have some extra luxuries. I believe the hardest thing these days is that a lot of the more expensive items you buy are no longer made to last, and with current technology something that is brand new will be outdated within 2 years. My DH struggles with the technology stuff. He works in IT so gets frustrated very quickly when things change and get outdated because he has to buy something new. His current laptop he bought 3 years ago is currently being held together by duct tape, but the new one he wants is $2500. On a day to day basis, yes we live within our means, but we can get pushed over when things break or need replacing.
It makes me feel old to say, but I also think some of the younger generation don't understand the true value of money. I have a family member who always complains how she has no money to pay bills so therefore keeps moving back home with her parents. She isn't studying and only works casual hours. But then she has regular spray tans, fake nails, hair extensions and bleached blonde hair that require regular maintenance while complaining all the time.
07-11-2013 12:44 #9
We have lots of debt - but I guess you could call it "good" debt. We have two investment properties that are mortgaged up to the eyeballs but that is our strategy as that debt is tax deductible. We also have debt for shares, but again, that is investment debt so tax deductible.
We put everything we spend on credit card but we pay off the total balance every month in full. We do this so that our cash (rent, salaries etc) are offsetting our home loan for as long as possible and therefore reducing our non tax deductible debt.
We don't ever carry a credit card balance and we use savings to pay for things like holidays or house renno's etc so we do live within our means. I would like us to spend less on everyday things so we can save more but I find this really hard to manage - every month there seems to be something big that needs money spent on it - electric bill, car Rego and service, new tyres for the car, plumber, vet bill etc etc.
If anyone has any ideas on how to manage the everyday spending I would love to hear it!!!
07-11-2013 12:52 #10Senior Member
- Join Date
- Nov 2013
We definitely live within our means. We have no credit cards and we will never have them.
I get stressed very easily and money is a huge trigger for me. I am in control of our finances and I have money automatically coming out of our account into a savings account for emergencies. I try my best to ensure that we don't have to live week to week.
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