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Cimbom

Let's build up some savings!

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Cimbom

A good update for me but bit unsure about the impact to our savings. I found out this week that I will have the opportunity to travel to the US for work in just over two months' time.

 

I have a bit of leave saved up and it seems like a "waste" of my flight (which will be paid for) to not go there earlier and use this as an opportunity for some travel too. I've had a look at flights (for DH) and they are about 1k. I will get a daily payment to cover my expenses while I'm there and have worked out a rough budget that I'll need less than 1k on top to cover both our expenses for the whole time we'll be there including the extra travel.

 

I will try to frantically divert the money that was going to go to my two savings accounts and/or extra mortgage payments to cover these costs. Do you all think this a good idea finance-wise? This is the first time I'm doing more than an overnight trip for work and don't know if/when I'll be able to do another one.

Edited by Cimbom
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raspberry sherbert

Cimbom - It sounds like an amazing opportunity for you both. I would do it if I was in your situation.

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Ellie bean

I think you should go cimbom

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StillDreaming

Sounds like a holiday was presented to you on a platter! Do it Cimbom. You’d struggle to go on a holiday close to home for less than that.

Enjoy and don’t feel guilty. It’s a great use of savings.

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cardamom

Absolutely you should go. I'd do it in a heartbeat!

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CrankyM

Sounds fabulous Cinbom! I’d definitely be taking advantage.

 

Cardamon well done!

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~THE~MAGICIAN~

I found my plastic tubs in a bedroom drawer I used years ago to divide up bills etc.

 

I started one back up for spending money for June for our holiday.

 

Every time I go to the shops (which is most days) I withdraw something! It can be $5 or $50. It all gets added to the pot. It's slow but at least something.

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raspberry sherbert

I do something similar with my money tins, savings small amounts after grocery shopping and any time we spend thru the week. $1, $2 and $5 really add up quickly over a year.

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~THE~MAGICIAN~

It sure does. Also emptying all my coins out daily into a tub adds up alot!

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raspberry sherbert

Cimbom - What did you decide on the US trip?

 

Updated totals for April are-

 

House Deposit - $320

Savings Account - $100

 

Money tins -

Moto gp- $40

Christmas - $20

Anniversary - $43

House - $0

Edited by raspberry sherbert
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Kallie88

April has been terrible for us. Home insurance and car insurance, no savings but all good we would have got there. Then last week like $6000 in emergency vet bills. Guess we'll be paying that off instead of saving this year. Good luck to everyone else!

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Teds

I sold my daughters old desk on facebook for $50 this weekend and promptly transferred $50 into savings. I have been inspired and popped another couple of things up too. Every bit helps, right?

Edited by Teds
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CrankyM

Teds that’s a good idea. I have a bunch of stuff here that isn’t used, including monkey bars that cost $2500... (was paid for by funding and was used for a few years but not anymore).

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emma_jean

Can I join? I’m trying to save a home deposit and currently have $1150. It’s a start!

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Cimbom

Sorry I forgot to come back and update. I'm pretty sure we'll be making a trip out of it but I'm just trying to figure out some visa-related stuff at the moment as I need to apply for one but not sure if DH does.

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CrankyM

Cimbom - exciting!

 

emma_jean - it's a start! you have to start somewhere.

 

Well I checked my savings account because it's the start of the month and I've had $7.30 added as bonus interest (you get it if you add $200/month and don't make any withdrawals). That makes me happy :)

 

I'm also on track to have $100 "left over" this pay again and my usual $400 payment into savings on Friday. That will take my balance from it's current $5630 to over $6000. Though I do have piano lesson fees and new tires to pay for.

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needs to get out

Our entire plan has gone to Africa, literally, as DP has taken 6 weeks unpaid from work to go to South Africa. Its a fantastic opportunity so we have made it happen, but to do so has involved clearing out about half of our spare funds.

 

While he is gone we are all going to eat very frugally (I've already picked up 3kg of mince and a bulk pack of chicken wings at Costco, lol) and he will be trying not to spend more than the $1,000 allowance he will receive. However, he will make sure he gets to do things like visit Kruger national park on safari.

 

Going to be an interesting exercise to see how well I can manage on a very low fixed income. I am hoping not to have to dip into the emergency-emergency savings to pay the mortgage or other large bills while he is gone.

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cardamom

I've over-contributed to savings this fortnight and left myself a bit short of cash, but have managed to make it work so far - I've got $76 to last me til payday on Tuesday.

 

Cupboards are well stocked and bills are paid so shouldn't have any issues (and have back-up funds if needed, but going to see if I can avoid dipping in to them).

 

Have saved $8426 since Jan 1 :)

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CrankyM

Cardamon ooh I hate when that happens. Hopefully you can stick it out. Your savings is growing nicely.

Edited by mayahlb
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Cimbom

New balances:

LSL savings - $650

General savings - $600

Travel with work trip savings - $1200

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TwinkyBear

Then last week like $6000 in emergency vet bills. Guess we'll be paying that off instead of saving this year.

Oh gosh, I feel you. Not quite so high, but our dog had a series of convulsions in January. Treatment was pricy. Went in for a check up on how she was coping on meds, saw a different vet who recommended weaning her off her medication. Within a few days of being weaned off, another series of more serious convulsions. Emergency vet, then another day stay and so forth...many $$$ later...

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Mrs Claus

We’ve hit $1500 for our road trip. As of this week I’ll be working one less day a week so won’t have much to save

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asiam

Just a question about HOW you save? Do you allocate an amount when your pay comes in, or see what's left at the end of a pay period? I tend to save a little, but then end up dipping into for things I haven't budgeted for (and honestly don't really need).

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CrankyM

Asian I use a combination of things. I think it really is dependant on your spending patterns. I have an amount set aside each pay that is put in another account that is not attached to a card and has things in place that incentivise you to not touch it. (Bonus interest if you add a minimum amount and don’t withdrawn anything, only one withdrawal a month is “free”).

 

I also make sure I put any money left over at the end of the fortnight in the account. But I think key to this is making sure I have “pocket money” in my budget so I can buy things when I want to (mainly books ;) ) and that I am not taking out more then I can afford. I have most of my money assigned budget wise and only put away what I can afford to without causing strain. And keeping the end goal in mind. Probably helps I have a time limit by which I need a certain amount...

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cardamom

Just a question about HOW you save? Do you allocate an amount when your pay comes in, or see what's left at the end of a pay period? I tend to save a little, but then end up dipping into for things I haven't budgeted for (and honestly don't really need).

 

I treat savings like a bill - I contribute a set amount each fortnight, without fail (barring any unexpected crises!). If there's anything left at the end of the pay period I add that in too, but that's often not the case.

 

I have mine set up similarly to the below (not real figures):

 

Fortnightly income after tax: 2000

 

Rent/utilities/bills: 800 (includes petrol, car rego, cat costs)

Savings account: 700

Everyday: 400

'Interim': 100

 

So, I would have 400 set aside for the fortnight for all everyday/miscellaneous purchases - that includes groceries, medication, shopping, gifts, meals out, etc.

 

I keep the extra 100 set aside knowing that it's there if I need it, but in a separate account so that I'm not tempted to buy unnecessary/frivolous things 'just because'.

 

The extra step of having to transfer it across (even though it only takes a second!) is often enough to help stop any impulse buys. If at the end of the pay period it's still there, then it gets moved over to savings also.

 

Like maya, my savings account is also set up such that there's a penalty for dipping in to it. If I make any withdrawals, I lose my interest for the month (you used to be allowed one withdrawal but it changed recently). It accrues about $100 a month in interest so it's a nice incentive not to touch it.

 

I am quite organised/disciplined but it also helps that I'm just not a very spend-y person :shrug: My health doesn't allow travel, I enjoy buying clothes second-hand, I don't have any expensive hobbies, we rarely eat out, I keep an eye out for Groupons or sales if I want to do something like get a massage or my nails done, etc.

 

And not yet having kids means my expenses are quite low - all of the above goes out the window if you're dealing with childcare fees, kids' activities, etc.!

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