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Cimbom

Let's build up some savings!

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Mrs Claus

We I’ll have less income coming in from April-August so I’m trying to save some money to help out then. I’m putting $50 away each pay day and then living off the rest. Some weeks have been tight but I’m being really strict with not touching it. So far I’ve saved $550.

 

I’ve also got one upcoming birthday covered (clearance shelves at Australia post) and have started on Christmas for the 2 year old. Also working my flybuys/woolworths rewards and have over $300 on them since Christmas

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~THE~MAGICIAN~

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.

 

The trick with me in the past I have found helpful is not to put away too much that I can't really afford to, because when I had to take some out, I took too much and then it defeated what I was trying to do.

 

If I can only manage a few $$, at least once it's set aside , I don't take it back out. Just forget about it.

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cardamom

I'm really trying hard to minimise frivolous spending and throwing everything I can at my house deposit account. I've also got a milestone birthday coming up in a couple of months and I had a particular savings goal in mind that I was using said birthday as a deadline for, which has been surprisingly helpful in keeping me focused.

 

I just checked my accounts and since the 1st of Jan I've managed to add $4832 to my Goalsaver. Feeling pretty proud of that, given I earn a fairly average wage and work part-time.

 

Things that have been helping so far:

 

- the rounding-down tip that PPs have mentioned

 

- treating my savings like a bill - ie. it's a non-negotiable expense, just like my rent, electricity, etc. I've maintained this habit ever since I started working; I pay myself first before any fun spending.

 

- stopped buying things new unless absolutely necessary. I'm getting 90% of my clothes second-hand now. I've also stopped buying books (sob) and am instead using the library, BorrowBox, etc.

 

- the usual meal planning, limiting takeaway, etc.

 

Obviously not yet having kids/dependents helps! I also admit that it's not a particularly indulgent life; I rarely go to the movies, out to dinner, etc. and couldn't tell you the last time I went on a holiday. Hopefully there'll be space for those things down the track...

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Cimbom

Yep or just round it up to the closest $10 or $50 when the interest is added. All adds up

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~THE~MAGICIAN~

I'm really trying hard to minimise frivolous spending and throwing everything I can at my house deposit account. I've also got a milestone birthday coming up in a couple of months and I had a particular savings goal in mind that I was using said birthday as a deadline for, which has been surprisingly helpful in keeping me focused.

 

I just checked my accounts and since the 1st of Jan I've managed to add $4832 to my Goalsaver. Feeling pretty proud of that, given I earn a fairly average wage and work part-time.

 

Things that have been helping so far:

 

- the rounding-down tip that PPs have mentioned

 

- treating my savings like a bill - ie. it's a non-negotiable expense, just like my rent, electricity, etc. I've maintained this habit ever since I started working; I pay myself first before any fun spending.

 

- stopped buying things new unless absolutely necessary. I'm getting 90% of my clothes second-hand now. I've also stopped buying books (sob) and am instead using the library, BorrowBox, etc.

 

- the usual meal planning, limiting takeaway, etc.

 

Obviously not yet having kids/dependents helps! I also admit that it's not a particularly indulgent life; I rarely go to the movies, out to dinner, etc. and couldn't tell you the last time I went on a holiday. Hopefully there'll be space for those things down the track...

 

Well done!! That's an amazing amount.

 

I have just emptied out my entire pantry on the bench. I need to do a food shop later but want to sort out and only buy what I need. What I don't use from my grocery budget this week, I will transfer to savings. Every little bit grows.

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cardamom

Well done!! That's an amazing amount.

 

 

Thank you! I'm really trying - at the moment I'm saving about 40% of my take-home pay, and feel very fortunate that I'm able to do that. Pretty much everything else goes to rent, bills, food, medical expenses, etc.

 

It's irrational because what others do is entirely their business, but I get so frustrated looking at some of my friends who are in significantly higher paying jobs than me, but have nothing to show for it because they drop hundreds of dollars a week on eating out, Ubers, etc.

 

It bugs me that when they eventually do decide to start saving they'll be able to do it so quickly because their income is miles away from mine - whereas I've been plugging away slowly and steadily for years! :laugh:

 

Ahh, the not-for-profit life!

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NastyGal

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.

 

My dream trip is to go to Europe with my two DDs, who have never been overseas, for my 50th. I've been saving small bits in Raiz for about four years now (we're on a very limited income) and it's growing slowly but surely. The app rounds up your spends automatically and I also set up a direct debit amount each week. I think our airfares are covered now, and maybe a week or two of travel, but I've still got a few years to save so that we can go for four or five weeks. I figure there's nothing like saving for 8 or 9 years to really appreciate an OS trip! :laugh:

 

I also direct debit $35 p/w into each of the girls' accounts and have done since they were really little. I'm hoping it will contribute towards a property deposit when they're older.

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raspberry sherbert

Well done!! That's an amazing amount.

 

What I don't use from my grocery budget this week, I will transfer to savings. Every little bit grows.

 

I did this last month and saved an extra $110

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TwinkyBear

I'd like to join in. I rejigged our budget at the start of the year and we were supposed to able to save quite a bit; unfortunately, husbands car needed repairs, mine needed servicing, insurances came due and the dog had major vet expenses. We did well enough that we haven't gone *backward* but it's upsetting to be several months in with no progress. We'll be off on a holiday next month too, which means that husband's commissions will be bugger all. He also has a talent for dropping money without blinking, which I find infuriating. My goal is to save towards my mortgage so that eventually I can drop down to part time work and not feel so trapped in the daily grind.

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~THE~MAGICIAN~

My groceries today came in $17 under budget. So I transferred that to savings.

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raspberry sherbert

Well Done ~THE ~MAGICIAN~ It will add up quickly

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IShallWearMidnight

We want to save 30k this year. Not on track, but hoping that will change this month.

I find debt easier to tackle as you cant withdraw

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CrankyM

We want to save 30k this year. Not on track, but hoping that will change this month.

I find debt easier to tackle as you cant withdraw

 

That's the thing isn't it. Once money is put on debt, it's gone, you have absolutely no access whatsoever and can't get it back. It now belongs to someone else.

 

I was aiming for 10K by the end of the year. I don't know if I will manage it though. Namely because I swear anytime we start getting somewhere with savings, some huge unexpected bill arrives. I currently have just over 5K sitting in the savings account and am trying to figure out how to not pull money from it, despite the $2000 in bills due by mid April. (car bill and higher then expected power bill. Significantly higher.)

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Kallie88

I already had 3 transfers set up for after i get ftb in, which is after dh gets paid. $500 into bills, $25 each into presents and clothes accounts. So now I've added $25 straight into the mortgage, it's not a lot but at least it's something extra and if i get some casual work I'll probably put half of it straight into the mortgage so we don't waste it. Long term savings lol

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raspberry sherbert

We want to save 30k this year. Not on track, but hoping that will change this month.

I find debt easier to tackle as you cant withdraw

 

We have a goal of saving $10,000 to the house deposit this year. On track at the moment

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Cimbom

Just had the first direct debits paid.

 

Savings account balance $200

LSL account balance $270

 

Would be great to get to 1k in each by end of next month. The first extra fortnightly payment on the mortgage will be paid next week.

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~THE~MAGICIAN~

Good job!

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Hollycoddle

My groceries today came in $17 under budget. So I transferred that to savings.

 

That sounds like a really good idea, will encourage us to shop for the best deal and stop and think whether we really need something.

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raspberry sherbert

One tip I saw on a facebook group was to put into savings the amount you save on your weekly groceries. Coles have it on the bottom of the docket.

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~THE~MAGICIAN~

One tip I saw on a facebook group was to put into savings the amount you save on your weekly groceries. Coles have it on the bottom of the docket.

 

Great idea.

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Kallie88
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cardamom

Lol great idea but I'd end up with all my money in savings, I've got my half price specials just about down pat so i usually have almost the same amount 'saved' as spend

 

Me too! I couldn't tell you the last time I paid full price for one of my regular items, I've got the catalogue cycles down to a fine art :laugh:

 

Finally did my long-overdue tax today and am expecting a $1200-ish refund to throw in to the Goalsaver :)

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Cimbom

Just put $400 extra on to our mortgage. May need to withdraw some of it back out again though - hopefully not too much

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Kallie88

Ugh, $2k for car insurance due in a month, no savings for us -.-'

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cardamom

Ugh, $2k for car insurance due in a month, no savings for us -.-'

 

Aghhh, don't you hate that!

 

Awhile ago I opened up an account in Netbank and called it "Car". It's hidden so I don't see the balance/forget that the money is there. Every now and then when I have a spare $50 I throw it in, before I'm tempted to spend it - it builds up nicely without me noticing it.

 

It's helpful when repairs/rego/insurance roll around. I could just draw down on my savings but that stings so much more (plus I get penalised and lose the interest) - I find it less painful emotionally to have it set aside, if that makes sense!!

 

That reminds me, I should put some of the $$ I've saved on groceries this week in that account instead..

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