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Cimbom

Let's build up some savings!

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StillDreaming

 

 

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..

 

I do this too. A set amount each pay goes into a separate account for all insurance and car expenses. It caught me one year when they all popped up at once so I wanted to be ready the following year and not dip into savings. It’s good when taking the car for a service too because I don’t feel bad taking the money from the account for it - it was part of the budget all along. My expenses are going to go up though...

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Cimbom

Yes I do that for our utility and other bills too. I averaged out what we roughly spend over the year and divided this up to pay per fortnight so it comes out of the account after each pay. When the bill is sent, I usually don't need to pay anything or maybe just a small top up payment.

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Kallie88

That's not a bad idea, at the start of the year (2019 not the financial year) i added up all our expected bills and divided them by an amount to go in thr bills account each fortnight. What i didn't factor in was how many big ones were so close to the start of the year >.< hopefully the next half will roll over nicely into next year though

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~THE~MAGICIAN~

I pay all insurances monthly. It really didn't work out to be anymore.

 

I haven't really saved anything lately... but I haven't really spent anything either, so that's a win, right?

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cardamom

Yes I do that for our utility and other bills too. I averaged out what we roughly spend over the year and divided this up to pay per fortnight so it comes out of the account after each pay. When the bill is sent, I usually don't need to pay anything or maybe just a small top up payment.

 

I've done this too, but got caught out in the early days with the car rego/insurance because it's the only annual utility expense.

 

Paying the gas/elec/water/petrol etc. monthly was fine, but the amount allotted for the car stuff would build up each fortnight and I would kind of forget about the car and end up thinking of it as "yay, leftover money" as opposed to "earmarked for future, giant, one-off expense" :laugh:

 

So I separated out the car stuff from general utilities so I don't accidentally spend/save it.

 

Fortnightly pay just went through, haven't got a huge amount coming up in the way of expenses so added a nice chunk to the savings. Helps that work has been so busy I haven't had any time to be tempted to go shopping.

 

Have now added $5643 to my savings since Jan 1 :)

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Cimbom

Wow, well done - that's impressive!

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cardamom

Wow, well done - that's impressive!

 

Thank you :)

 

As I said earlier, I'm aware this is really the phase of my life where I have the greatest opportunity to save hard - a steady (albeit not super well-paying) job + no kids = throwing everything I've got at the savings account.

 

I know it's probably going to be a short-lived phase and many aren't in a position to do that for a whole range of reasons. (I will also fully own that my life is pretty boring/one-dimensional as a result! Possibly skating a little too close to miser status)

 

I hope posting the amount doesn't come across as smug or boastful; it was really just to help keep me on track and remind myself that I am making progress towards my house deposit goal, even though it feels so impossible.

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CrankyM

Well done cardamon! I will fully admit the amount of money I could save if I didn’t have kids is much much higher. So so much money spent on them.

 

I’m also in the position where I haven’t saved any money at the moment but I haven’t touched the savings either.

 

Regarding cars, I put an amount in my savings every fortnight that will add up to the rego. I also do similar for the power bill except I put it onto the power account. But, yeah, well our normal 700/2months summer bills hit $900+ this year so that didn’t work so well. Insurance we pay monthly as our insurers don’t charge anything more for this option. Which considering how bloody much we pay for house and contents is good! (The premiums for where we live are completely insane.)

Edited by mayahlb
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raspberry sherbert

Congratulations cardamom.

Thank you :)

 

I hope posting the amount doesn't come across as smug or boastful; it was really just to help keep me on track and remind myself that I am making progress towards my house deposit goal, even though it feels so impossible.

 

Everyone is in a different phase of life, with different incomes, expenses and saving goals. Hopefully we can all encourage each other whether it is saving $5 or $5000.

Edited by raspberry sherbert
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timtam92

That's not a bad idea, at the start of the year (2019 not the financial year) i added up all our expected bills and divided them by an amount to go in thr bills account each fortnight. What i didn't factor in was how many big ones were so close to the start of the year >.< hopefully the next half will roll over nicely into next year though

 

We put money aside each week for our big bills. I have a spreadsheet with the bills and what month they come - this makes it easier to compare year on year and what to expect. Most of our bills come now until aug - close to $10k, so we need to plan!

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raspberry sherbert

I am adding my totals for March to help keep me accountable.

 

House Deposit Account - Saved $500

Savings Account -$0 (still to open,waiting on ID)

 

Money Tins - MotoGP - $33

Christmas - $26

Anniversary - $0

House - $0

 

How is everyone else's savings going?

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Cimbom

UBank just paid me 30 cents interest :lol:

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CrankyM

Well done RS.

 

It's that time of the week where my pay goes into the account tonight. And amazingly, I still actually have money in my account. So that $109 will be moved into the savings account. If I put another $100 in before then end of the month and don't pull anything out, I'll get about $5 interest on May 1st.

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TwinkyBear

I don't have much to report... We are going on holiday on Sunday and have just started some expensive dental treatment for my 7 year old. Children's birthdays are also very soon. If anything I think we'll go backwards this month.

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Cimbom

Updated balances:

 

LSL account $470.19

Emergency savings $400.11

 

We had to withdraw some of the extra mortgage payments though

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Mrs Claus

Since Jan 1

Holiday fund- $975

Savings-$188

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71Cath

London account stands at $333.39

 

Mortgage payment due tomorrow and there is $120 extra in that which I hope is doing some good.

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IShallWearMidnight

Just to throw a scanner in the works, my contract isnt being renewed as the school has lost funding. So im doing all the relief over the term, and have a job in 2020, but that doesn’t help us now.

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StillDreaming

Just to throw a scanner in the works, my contract isnt being renewed as the school has lost funding. So im doing all the relief over the term, and have a job in 2020, but that doesn’t help us now.

 

What a bummer! I guess silver lining in that you don’t have to go through the application process later in the year but still cr*ppy for the rest of this year. Any chance you could get a contract for the second half of the year somewhere if something pops up?

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raspberry sherbert

My ID arrived and am heading to Bendigo Bank to open my savings account this week. Does anyone else bank with them? Positives/ negatives?

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CrankyM

I like reporting into this thread as it gives me some accountability. I had money "leftover" in the account this week, which was amazing because my car bill was more then expected and I had a GP visit (no bulk billing here and then a script). $50 Aiming to have some left over at the end of the fortnight means I buy less stuff, not that I buy a lot of extra stuff anyway. Also as no major bills to hit this week I actually could put my $300 into my savings account without breaking the budget. So bonus interest this month as I will have added over $200

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Cimbom

New balances as of today:

 

LSL savings - $670

General savings - $600

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Teds

Hi all, I would love to join in. We are currently saving our emergency fund and after that, a sinking fund for a new car. I get paid each month and have everything budgeted, so I know what I have to play with, barring an emergency I suppose. I love the idea of tgis thread as while the emergency fund will be finished in August, the car sinking fund could take a few years... And I find that a bit overwhelming! I want to pay cash for the next car, so I better get moving before our current one gets too old.

Emergency fund currently at $5,584 with $4,416 to go. FTB will pay that off barring emergencies, then a $20,000 car sinking fund. This could take 2.5 years. Oh wow...

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cardamom

Have now added $5643 to my savings since Jan 1 :)

 

Now at $7564 since the beginning of the year :) Have saved more than usual the last 3 weeks because of the tax refund.

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raspberry sherbert

mayahlb- Well done on having leftover money. It is a good feeling when it happens.

 

Cimbon- Whoo hoo on both savings funds

 

Teds- Congrats on the emergency fund. You are over half way to your goal

 

Cardamom- Awesome work on the savings for this year. Have you started looking for houses yet?

 

I am going to do all my saving totals next weekend and will update then.

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