Yes, we live within our means. We have no debt, everything we have we own outright, no credit cards even. If we want something we will only buy it if we can buy it outright, if not we will save until we can.
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07-11-2013 14:27 #31-
- Join Date
- Mar 2013
07-11-2013 14:28 #32-
- Join Date
- Jul 2013
Yes I do and always will. I have just saved 3k for my first ever car (I got my P's) recently. I already have a nice motorbike. I also am saving for a house slowly.
I save up for everything and pay my bills the day they come but get a small 3 k loan every 7 years and pay it off direct debit to keep my credit rating great and current for when I have saved a house deposit. I refuse to have a credit card.
07-11-2013 14:31 #33
I also know a lot of people who don't live within their means. Specifically people who have purchased homes and cars that they cannot afford to pay off. And they all made these purchases to 'keep up with the joneses'
I personally could count on one hand our friends who can comfortably afford their assets...all the rest are stressed because of them.
Sent from my ZTE T82
07-11-2013 14:39 #34
07-11-2013 14:41 #35Senior Member
- Join Date
- Aug 2009
Yep we do. Both DF and I have already gone through the "be stupid with money" phase when we had more $$ than sense. We've only just recovered from said phase so we can start saving properly now which we're both quite pleased about. I think me getting UTD kicked us into gear a lot more than we were though.
I do sometimes get jealous of friends of ours that have all these fancy things and go on o/s holidays and what not but I know they struggle with money and its all about appearances, which keeps the sensibility thing in my head to not "keep up" with them.
Back in my day, ABC played Alice Cooper on the kids cartoons and our cartoons could talk. Being a kid sucks now.
07-11-2013 14:47 #36
Yep, after some mistakes and big credit card debt when we first started living together, 3 years down the track we're finally getting on track and doing well. We were never struggling but we were making stupid purchases like buying a much more expensive car than I needed and putting things on our CCs instead of waiting a week until we got paid. Now we're paying almost double mortgage payments each month with the intention of redrawing in 2 years and paying cash for a newer car for my husband as his is starting to have issues.
We also put money away for every bill each month so we're never caught short if a few big ones come in each month. I recommend getting a usaver account, we have one main account and 9 sub-accounts, it's all fee free and all of the savings for bills gets transferred there on the day I get paid, so we never even see that money in our account. Plus we earn a little bit of interest (I think about 3% pa) which is a nice bonus.
07-11-2013 14:56 #37
We do (although we have a mortgage, depends whether you count that) although we could certainly do better. We're on a very low income, and we live quite comfortably. We get by just fine as it is, but I'd be more comfortable if we had more incomings or fewer outgoings.... this is where me earning some money comes in, ideally :P
07-11-2013 14:57 #38-
- Join Date
- Feb 2013
We live week by week and we need to refinance through a bank then we'll be right
07-11-2013 15:02 #39
Spin off: Do you live within your means?
We used to be terrible at living beyond our means. Terrible.
At one stage DH had a $4k overdraft, I had a $2k overdraft, we had my car loan, our timeshare.
We had everything going into and coming out of one big melting pot account, we were so irresponsible with our money and just had no idea.
We were at the stage that we were freaking out over ANYTHING money related at all.
DH managed it, and I turned a blind eye to it all. I’ve recently taken over the family finances, totally rejigged it and we are finally getting ahead.
Now we have a whole lot of accounts, including a bills account where all the direct debits come from, savings accounts, home loan savings accounts where the govt contribute so much for every dollar we contribute and a slush fund where I dump my salary every month. We TRY not to touch the slush fund (aka baby fund!) and just live off DH’s salary.
This hasn’t been working the way I want it to so far, but it has been effective at showing us just HOW much our current lifestyle relies on my salary. We are doing this to try and get a slush fund happening for those ‘extras’ like rego, emergencies etc when we finally fall pregnant and I go on maternity leave.
The bonus would be that if we get used to living off one wage now that we would already be used to living off one wage and Maternity leave wouldn’t be such a rude financial shock.
We need to work on this! ………AND fall pregnant. :/
Our car loan is pretty much gone, and now that we have a nice little savings cushion I’m comfortable putting a little less in our savings accounts and smashing out the last of the car loan. Then we will start slogging away at our timeshare. It sort of just ticks away in the background with no issues, we rarely even think about it and its certainly not a stress.
Lately we have been dipping into the slush fund a lot with Christmas, fertility stuff and a few weddings etc. It still has a fair bit in it, but it isn’t getting ahead. I think if we get better with the ‘slush fund’ then we will be setting ourselves up to be more financially responsible and to ‘live within our means’ when I finally fall pregnant.
Last edited by #Mama; 07-11-2013 at 15:11.
07-11-2013 15:09 #40
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