Well, the grocery shopping got done and it was a slight blow out! $83.38 to be precise! Admittedly it was a bit of a stock up on the pantry, however, I now have only $123.09 left to last me until the 31st of March. Impossible i hear you say, I'm determined to make this money stretch as faaaarrrrrr as I possibly can.
On another note, I accessed an online financial planner today to see how I can make sure we are set up for life and how to best use the freed up money I will have once the CC debt is all paid off. My dad has always said to me that my generation seem to be asset rich and cash poor, and he certainly wasn't wrong. However, if I didn't payout $1700 a month in repayments (excluding the mortgage), then we would have so much more to invest for our future. The other important thing that was highlighted, was my lack of emergency fund, indicating that I should have an emergency fund of around $20,000. This does seem extreme, but in reality it is probably quite accurate. So I guess this is something I should attempt to work on whilst concurrently paying down the CC debt. In case your wondering, the emergency fund should represent about 3-6 months worth of expenses. Obviously if you are significantly in advance of your mortgage, you may be able to exclude that amount from your emergency fund, and just allocate the amount for all of your other living expenses/repayments.
Anyway, must go, sun is shining and there is plenty of washing to be done! a new batch of muffins is in order today also!
Happy making & saving!
Martha
Thursday, March 11, 2010
Tuesday, March 9, 2010
Pay Week Again!
Well, it's that time again, where the money comes into the bank account as quickly as it will go out. It will be grocery shopping today, may spend about $75 as I need to stock up on a few things, but we'll see how that goes.
This pay period I will increase my mortgage repayment by $70(per fortnight), just to ensure that I always stay ahead in my repayments as well as ensuring that I can always afford the repayments as interest rates continue to rise again. I remember finding it really difficult when they were around 9%, so am trying to keep ahead now by paying the mortgage as if it were at a slightly higher interest rate.
I will also be increasing my savings per fortnight by 10% of what I currently save. It's not much, but by increasing it each month I hope that I get to the point where I can actually save 10% of my pay each fortnight without missing it. At the moment, I would definitely miss it!
We had the long weekend away in country Victoria for our friend's wedding and didn't totally blow the budget. The country side was fabulous and we totally enjoyed the fresh country air and being with our friends to celebrate such a special occasion with them. The bride was glowing and the groom just a little nervous, but what a romantic wedding, full of spontaneity, laughter and pure joy. They are a very special couple! From a financial point of view, we managed to pretty well stay on track and still have a great time. We stopped off at a fabulous Cheese factory and had a small splurge on the way home. Will ration it out over the next few weeks.
The start of this week also sees me well in control of the enormous outgoings that I have. Last week I was feeling very uneasy about all of that, but now I can see that there are no shortfalls and everything will be paid in full, without the use of credit! Over $10,000! I feel very proud of that achievement.
Having all of the bills paid up on time also gives me a sense of security. I can see this year being on track for achieving my very important goals!
Lots of organinsing to do today and tomorrow, before starting 4 shifts of night duty!
Happy making & saving!
Martha
This pay period I will increase my mortgage repayment by $70(per fortnight), just to ensure that I always stay ahead in my repayments as well as ensuring that I can always afford the repayments as interest rates continue to rise again. I remember finding it really difficult when they were around 9%, so am trying to keep ahead now by paying the mortgage as if it were at a slightly higher interest rate.
I will also be increasing my savings per fortnight by 10% of what I currently save. It's not much, but by increasing it each month I hope that I get to the point where I can actually save 10% of my pay each fortnight without missing it. At the moment, I would definitely miss it!
We had the long weekend away in country Victoria for our friend's wedding and didn't totally blow the budget. The country side was fabulous and we totally enjoyed the fresh country air and being with our friends to celebrate such a special occasion with them. The bride was glowing and the groom just a little nervous, but what a romantic wedding, full of spontaneity, laughter and pure joy. They are a very special couple! From a financial point of view, we managed to pretty well stay on track and still have a great time. We stopped off at a fabulous Cheese factory and had a small splurge on the way home. Will ration it out over the next few weeks.
The start of this week also sees me well in control of the enormous outgoings that I have. Last week I was feeling very uneasy about all of that, but now I can see that there are no shortfalls and everything will be paid in full, without the use of credit! Over $10,000! I feel very proud of that achievement.
Having all of the bills paid up on time also gives me a sense of security. I can see this year being on track for achieving my very important goals!
Lots of organinsing to do today and tomorrow, before starting 4 shifts of night duty!
Happy making & saving!
Martha
Monday, March 1, 2010
A New Day, a New Month
Welcome to March, the last month of the first quarter. How much difference can we make to our yearly goals this month. The results of the Poll were interesting also, and I found it inspiring to see that 49% of people who came to my blog and voted had credit card debt of between $0-$1000. 16% $1001-$5000, 10% 5001- $10000, and surprisingly 23% > $10001. My mission is to be in the first category by the end of this year. Together, we can all achieve this goal and say "NO" to consumerism and "YES" to financial freedom and independence!
Today also marks the day that my eldest child starts his first day of university. He is studying to be a Commercial Pilot and he looked gorgeous in his uniform this morning as he made his way to the Airport for the first time!
After a relaxing day yesterday and a good night's sleep, I feel refreshed and rejuvenated to give this month all that I've got. Just over $10,000 to be paid this month, just in school fees (1/3 of a year) and the last installment on the trip to Borneo ($3900). My hubby contributes most of the school fees money through his part time job.
So, time to knuckle down, now that I'm re focused. And ensure that this month doesn't see us going backwards (that's really important to us making headway). So join me on my journey and lets beat consumerism and bad debt together!
Happy Making & Saving!!
Martha :))
Today also marks the day that my eldest child starts his first day of university. He is studying to be a Commercial Pilot and he looked gorgeous in his uniform this morning as he made his way to the Airport for the first time!
After a relaxing day yesterday and a good night's sleep, I feel refreshed and rejuvenated to give this month all that I've got. Just over $10,000 to be paid this month, just in school fees (1/3 of a year) and the last installment on the trip to Borneo ($3900). My hubby contributes most of the school fees money through his part time job.
So, time to knuckle down, now that I'm re focused. And ensure that this month doesn't see us going backwards (that's really important to us making headway). So join me on my journey and lets beat consumerism and bad debt together!
Happy Making & Saving!!
Martha :))
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