Jump to content

Let's build up some savings!


  • Please log in to reply
113 replies to this topic

#1 Cimbom

Posted 14 March 2019 - 02:57 PM

Inspired by the paying off your credit cards thread, I think we should have a building up some savings one too!

We cleared our debts (except mortgage and HECS) last week and have opened up two UBank accounts - one for emergency savings and one as a fun travel account (to hopefully save for my LSL in two years).

The aim for the emergency savings one is to get it to 10k. This will cover our mortgage repayments and bare minimum spend for three months. It can be used for any emergency but we thought that was a good benchmark to aim for. I'm hoping to save as much as possible in the LSL one.

The current balances are:
Account 1 (savings): $0
Account 2 (LSL): $70 :lol: (deposited by accident by decided to keep it in)

I have my first lot of fortnightly direct debits scheduled for next week.

Anyone else want to join in?

#2 Silverstreak

Posted 14 March 2019 - 03:18 PM

Ooh, thanks for starting this thread, how exciting!

Er, I won't be joining in just yet, as I've still got $6,700 to pay off the credit card, lol! But I'd love to cheer you all on and get some tips for when I finally start saving.

I have heard that three months' worth of living expenses is a good amount for an emergency amount.

Cimbom, if you don't mind sharing, roughly what % of your income will go towards savings, I have no idea when it comes to this stuff.

#3 WTFancie shmancie

Posted 14 March 2019 - 03:19 PM

As someone who mostly uses cash for in store purchases (credit card is for emergency purchases) I've been putting aside every $5 note I receive in change since the first week of January.

Just added some more notes to the stash.  Currently sitting at $330.  Not bad for no effort other than putting the fivers in a side pocket of my handbag.

#4 Cimbom

Posted 14 March 2019 - 03:24 PM

View PostSilverstreak, on 14 March 2019 - 03:18 PM, said:

Cimbom, if you don't mind sharing, roughly what % of your income will go towards savings, I have no idea when it comes to this stuff.

Just calculated it and it's about 26% if you include a bit extra on the mortgage - the two savings accounts together will be half of this. We added up our fortnightly expenses plus a bit of play money for spending and broke up the leftover into three to put on the mortgage and the other two accounts.

Edited by Cimbom, 14 March 2019 - 03:29 PM.


#5 Silverstreak

Posted 14 March 2019 - 03:39 PM

Ah, that makes sense!

#6 cardamom

Posted 14 March 2019 - 03:52 PM

Bleugh, I was all excited to be boosting my savings after a recent pay rise but my first pay slip has shown that the increase (which wasn't substantial) has bumped me in to a new HECS repayment category so the extra dollars will mostly be eaten up by extra tax. Booooo. Well, it's good to be paying down the HECS, but still :(

#7 Renovators delight

Posted 14 March 2019 - 03:52 PM

We are following the Barefoot Investor percentages pretty closely.

I was paid out a redundancy last year, and out of that we put aside the recommended 3 months worth of living expenses in a UBank account (the rest went on debts and mortgage).

We have set up the other accounts with ING -
  • 60% of our income goes into our living expenses account (includes mortgage, usual bills, shopping, petrol etc)
  • 20% into a 'problem solver' fund, which has a balance of $2,000. This is to cover unexpected expenses, like a larger than usual electricity bill, new washing machine, SIL's vet bill. When the balance gets higher than $2,000, we transfer the excess to the mortgage
  • 10% into savings, we are currently saving towards a couple of holidays
  • 10% into wastings, or splurge, which basically gets spent on video games and coffee

I am a bit cross that we didn't start earlier, as I had sold some items for decent amounts on Gumtree and Marketplace (eg cot, lawnmower), and should have put that money aside into savings, whereas instead it was just spent in the bad spending mess we had going.

We are still getting used to it, and the holiday fund is going down more than up right now (recent night out, DS1's birthday etc) but I think its a solid plan and with a bit more practice we will get better.

#8 Minka1313

Posted 14 March 2019 - 03:55 PM

This is great motivation! I have been reading along the Credit Card thread. I hope you don't mind if I join in.

DH and I are very lucky to have good paying jobs but the funny/silly thing is that we were able to save so much more when we had less! Granted we didn't have kids then but honestly we just seem to waist money these days!

We have always been very good with debit - we only have the mortgage and never really use the CC's. Our attitude was if we can't pay for it we don't get it. Problem is this attitude doesn't work at the moment because we can afford things, so we do buy them.

Gosh, that makes me sound like a spoilt brat! Honestly, I'm not, I just have to change me way of thinking and I hope this thread can help me do that.

Cheers!

#9 ~THE~MAGICIAN~

Posted 14 March 2019 - 04:09 PM

I'm in! Great idea for a thread.
It's always nicer having support.
We get paid monthly and today is the day (but not until late though) so will work out how much tomorrow.

#10 Kallie88

Posted 14 March 2019 - 04:50 PM

Great idea, we don't have CCs, so just the mortgage to pay off. Would be great to have a savings buffer even if it's just going into the mortgage and available for redraw. We're on a low income so everything I want to put on savings seems to disappear on like unplanned fix it needs. So I think I need to lower my expectation of amount and put it in the mortgage so I can't get it atm

#11 StillDreaming

Posted 14 March 2019 - 06:13 PM

I’d like to join too. No debts but I have just been approved to buy a house so I technically can’t say that anymore. I’m a single parent and working part-time so saving doesn’t really happen at the moment but I’ll be back working full time in a year and a half so hopefully things start building up then and my money doesn’t just go on living expenses and entertainment for me and ds.

Look forward to reading about what everyone else is doing and hopefully start making a few little changes now to help when I’m bringing in more money. 😊

#12 ~THE~MAGICIAN~

Posted 14 March 2019 - 08:08 PM

View PostRenovators delight, on 14 March 2019 - 03:52 PM, said:

We are following the Barefoot Investor percentages pretty closely.

I was paid out a redundancy last year, and out of that we put aside the recommended 3 months worth of living expenses in a UBank account (the rest went on debts and mortgage).

We have set up the other accounts with ING -
  • 60% of our income goes into our living expenses account (includes mortgage, usual bills, shopping, petrol etc)
  • 20% into a 'problem solver' fund, which has a balance of $2,000. This is to cover unexpected expenses, like a larger than usual electricity bill, new washing machine, SIL's vet bill. When the balance gets higher than $2,000, we transfer the excess to the mortgage
  • 10% into savings, we are currently saving towards a couple of holidays
  • 10% into wastings, or splurge, which basically gets spent on video games and coffee
I am a bit cross that we didn't start earlier, as I had sold some items for decent amounts on Gumtree and Marketplace (eg cot, lawnmower), and should have put that money aside into savings, whereas instead it was just spent in the bad spending mess we had going.

We are still getting used to it, and the holiday fund is going down more than up right now (recent night out, DS1's birthday etc) but I think its a solid plan and with a bit more practice we will get better.


I used to follow the BI. I don't know why I stopped. Going to hop back on tomorrow.

#13 raspberry sherbert

Posted 14 March 2019 - 08:13 PM

Me, I want to join. Currently saving a house deposit and wanting to open a general saving account, as well as a few money tins for smaller savings goals.

#14 Cimbom

Posted 14 March 2019 - 09:00 PM

Yay, great to see so many people interested in taking part. Will be interesting to see how we all go.

#15 Mooples

Posted 14 March 2019 - 09:07 PM

I’ve recently returned to work after 13 months of mat leave. We had a lot of unexpected expenses last year so our savings took a massive hit and we are keen to build it back up again. All my salary is going into savings so hopefully we start to notice the balance go up quickly.

#16 RuntotheRiver

Posted 14 March 2019 - 09:17 PM

I’d love to join too.

I have had rates, orthotics for DS, orthodontist, Birthday costs and it’s all come at once!

Trying to put 20% of my wage in savings, per month. I put $50 in kids accounts, pay off any credit card and Bills!!


#17 ~THE~MAGICIAN~

Posted 14 March 2019 - 09:39 PM

View PostMooples, on 14 March 2019 - 09:07 PM, said:

I’ve recently returned to work after 13 months of mat leave. We had a lot of unexpected expenses last year so our savings took a massive hit and we are keen to build it back up again. All my salary is going into savings so hopefully we start to notice the balance go up quickly.

If all your salary is going into savings, you may not have much in common with the rest of us.

#18 mayahlb

Posted 14 March 2019 - 10:09 PM

I currently do about $400/fortnight. I want to do $500 but have been struggling a bit with that extra $100 as I swear everything has gone up lately, especially groceries. I need to rejig the budget a bit.

I don’t have separate accounts, just the one. It’s a goal saver with commbank where I get bonus interest every month I don’t withdrawn from it and add a minimum of $200. Last month they gave me an extra $6. But I have to yank money out of it to pay for a big car bill.

#19 raspberry sherbert

Posted 15 March 2019 - 08:18 AM

View Postmayahlb, on 14 March 2019 - 10:09 PM, said:

I currently do about $400/fortnight. I want to do $500 but have been struggling a bit with that extra $100 as I swear everything has gone up lately, especially groceries. I need to rejig the budget a bit.


We are saving the same amount for our house deposit. $100 a week but finding it hard to increase that extra bit we would like. I am sure groceries have increased since Christmas.

#20 71Cath

Posted 15 March 2019 - 08:30 AM

Wow.  I am trying to save for my dream holiday to London.  I've managed $250 in about 12 months.  Something always goes wrong and I have to dip into it - hot water service blows up, car breaks down etc.

My current method is checking my account balance daily and transferring a small amount to a savings account to make the account balance even - this morning it was $2.59.

#21 ~THE~MAGICIAN~

Posted 15 March 2019 - 08:36 AM

View Post71Cath, on 15 March 2019 - 08:30 AM, said:

Wow.  I am trying to save for my dream holiday to London.  I've managed $250 in about 12 months.  Something always goes wrong and I have to dip into it - hot water service blows up, car breaks down etc.

My current method is checking my account balance daily and transferring a small amount to a savings account to make the account balance even - this morning it was $2.59.

Keep chipping away. Every little bit helps. ING does it for me ... round up to the nearest $, and tranfers the extra to savings.

#22 raspberry sherbert

Posted 15 March 2019 - 09:18 AM

I agree,keep chipping away at saving. Every little bit helps. Setting small goals really helps keep me on track.

#23 Kallie88

Posted 15 March 2019 - 10:37 AM

I think I might do $25 a fortnight straight into the mortgage, it's small but it's something. Atm I'm trying to put $200 a fortnight into my savings but I keep neededing to dip into it for non regular expenses - replacing things etc.

#24 timtam92

Posted 15 March 2019 - 11:50 AM

I'm in.  I think we are ok with saving, but can be much better.  Last year I had to leave my job due to bullying, so we had a few months with no extra pay for me. then the job I got was less hours, so less dollars.

Currently we are putting an extra $30 per week into mortgage - I know it's not much, but I will gradually increase this.  Before I left my job last year, we were putting in $250 extra per week - need to work back up.

We put $300 a week into an account for all our big bills - car insurance, rego, professional fees, other insurance etc.  most of them are due in June/July so if we didn't save, we would be stuffed!

We put $70 per week into a holiday fund, $20 per week into a "fun" account (hubby requested this - for things to do on the weekend etc) and $10 per week into an account for our son - we have done this since the week he was born - plan to give it to him when he is 21.

My main problem is trying to cut the spending.  I have cut out some extra's, but it's hard!  I'm doing it slowly and it seems to be working.  I now think about going to the big shopping centres unless I actually need to, as I know I will just spend.

#25 Chaotic Pogo

Posted 15 March 2019 - 11:55 AM

Timtam the Buying less rubbish thread is great for slowing spending - just reading along has slowed mine considerably, at least on clothing




1 user(s) are reading this topic

1 members, 0 guests, 0 anonymous users


    PatG
 

'My parenting style is Survivalist'

A helicopter or tiger mum, I am not.

8 mums reveal their favourite nappy bags

We asked a bunch of mums which nappy bags they love the most.

Why you shouldn't bother throwing a big first birthday party

If you're feeling the pressure to host an all-out, over-the-top shindig for your baby's birthday, I hereby grant you permission to throw the rules out the window.

The 24 baby names on the verge of extinction this year

If you're on the hunt for the perfect baby name and don't want a chart-topper like Oliver or Olivia, then do we have the list for you.

'My mum doesn't seem that interested in my baby'

Q: My mother and I have always been close, but now that I have a baby, she has not helped out as much as I thought she would.

New guidelines: "Bottle-feeding mums need support too"

Breast is best, but mums who can't, or choose not to breastfeed need support too.

Dads also struggle to 'have it all', study finds

Men and women both experience work-family conflict.

Language development may start in the womb

Study found babies can recognise foreign languages before birth.

Meet the baby born from an embryo frozen for 24 years

Experts say little Emma is a record breaking baby.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

From our network

Five things you need to know about flu and pregnancy

As the 2017 flu season begins in earnest, here?s what you need to know to protect yourself and baby.

Mum tips to keep your pre-baby budget in check

Money might be funny in a rich man's world (or so ABBA told us), but for the rest of us it's a major consideration – particularly before having a baby.

5 easy ways to make your maternity leave last longer

Maternity leave is a special time for you, your partner and your new little bundle. The last thing you want is for financial worries to stand in the way of that joy.

10 ways to keep your 'buying for baby' costs down

Becoming a parent is full of surprises – not least of all finding out that, for such small beings, babies cause a lot of chaos and expense.

5 ways to prepare to go from two incomes to one

Here are some ideas for getting that budget in shape, ready for being a one income family.

 

Baby Names

Need some ideas?

See what names are trending this year.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.