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Let's build up some savings!


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#151 MayaTheGrinch

Posted 24 July 2019 - 04:42 PM

Yah RS

I got my tax. Unfortunately I also received a few more bills then expected... but I did manage to put away 2K into the savings. I am sooo close to 10k in the savings account. August should see it still at 10K.

#152 cardamom

Posted 24 July 2019 - 05:07 PM

Nice one maya!

I don't think I'm getting much if anything back this year, but we got a small pay increase (the CPI award whatever-it's-called - I'm shamefully illiterate with these things) which amounts to an extra $25 or so each pay cycle, so hopefully I can bump my fortnightly savings up a little. Not much, but over the year it adds up.

$12824 saved since Jan 1 :) House deposit is steadily growing; just hoping that prices hold for a bit longer...

#153 MsDemeanor

Posted 25 July 2019 - 09:59 AM

I do the barefoot investor.

Currently I have $20k in a term deposit which will be used when I am ready to buy again (currently renting after a separation and house sale)

$2000 in my "MOJO" account which is for emergencies only

They way I have my accounts set up:

Paid fortnightly split like this:
60% daily expenses (all bills and fortnightly payment)
10% splurge (spend what I want)
10% smile (long term savings)
20% fire extinguisher - used to domino debts, smallest to largest. Once debts are dominoed this then would be added to the house savings.

I am not a great saver and this method is working for me :)

#154 MayaTheGrinch

Posted 25 July 2019 - 10:10 AM

cardamon - only reason I got anything was because I have them take out extra each pay. Mostly because between the HECS debt and let's just say payroll's calculation of the tax to withhold is very very very close to the amount due and takes no consideration into other things that impact tax due. Also I'll admit to being completely neurotic about not wanting a tax bill ;)

#155 ~THE~MAGICIAN~

Posted 25 July 2019 - 10:22 AM

Two steps forward, one step back here. Kids are always costing something.

I have changed mine around a bit :

Overall saving 20% (Get paid monthly)

Then 35% into long term savings
20% holiday fund
30% house fund
5% super
10% mortgage

Now need to fork out for Uni text books, school retreat, Yr 11 dress and ticket to dinner/dance. Just when I thought there was nothing much else coming up for the next fortnight.

#156 kass87

Posted 25 July 2019 - 10:51 AM

We have a $2000 mojo fund. $2000 in an account for a rental bond. Have paid both credit cards off.

#157 Kallie88

Posted 25 July 2019 - 11:12 AM

I've got $150 in the gym fund account and $255 in the house repairs fund so that's good. Should get a big pay next week since they missed my last day in the last pay cycle and I haven't missed any days this term. That'll give me a decent amount more in both accounts plus extra on the mortgage. Our redraw is up to 12k woot, hoping to get enough extra to make the minimum repayments $900 a month or less soon. Worked out the other day that if we can put in $600 a week we'll have paid our mortgage off in 7 years. That's motivating, and possible if I'm getting enough work

#158 raspberry sherbert

Posted 31 July 2019 - 02:32 PM

End of the month again, it seems to come around so quickly.

$500 added to house deposit
$300 to new Savings account

$50 to Christmas tin
$100 to Anniversary tin
$50 to motogp tin

#159 cardamom

Posted 31 July 2019 - 09:46 PM

 raspberry sherbert, on 31 July 2019 - 02:32 PM, said:

End of the month again, it seems to come around so quickly.

Doesn't it! Far out.

$2585 added to the house deposit account this month. This was one of those nice months that had 3 pay days instead of 2, so was able to add a bit more than usual.

Blooming housing market still feels so unattainable. Went to look at a 2 bedroom flat on the weekend - quoted as $650k, called the agent to ask for more info and the vendors are only accepting offers over $800k. For two bedrooms!

#160 raspberry sherbert

Posted 31 July 2019 - 10:29 PM

 cardamom, on 31 July 2019 - 09:46 PM, said:

Doesn't it! Far out.

$2585 added to the house deposit account this month. This was one of those nice months that had 3 pay days instead of 2, so was able to add a bit more than usual.

Blooming housing market still feels so unattainable. Went to look at a 2 bedroom flat on the weekend - quoted as $650k, called the agent to ask for more info and the vendors are only accepting offers over $800k. For two bedrooms!

The housing market is crazy. No idea how we will ever be able to pay off a house with the prices the way they are.

#161 cardamom

Posted 31 July 2019 - 10:36 PM

 raspberry sherbert, on 31 July 2019 - 10:29 PM, said:

The housing market is crazy. No idea how we will ever be able to pay off a house with the prices the way they are.

Yep. I feel like I'm saving like a maniac to get enough money to buy a thing that I will then have to scrimp and save to pay off til I'm 65 :(

I know the answer is to move further out of my preferred area but health stuff means that a long commute is really just not an option right now, and my current job offers a lot of support in terms of aforementioned health stuff so I don't want to change roles either if I can help it.

Maybe I should go with my brother's plan of buying a house in our tiny hometown so we at least have somewhere to retire to in our old age, and resign ourselves to renting til then!

#162 Cimbom

Posted 07 August 2019 - 10:52 PM

Tell me about it. No idea when our mortgage will be paid off but it’s not any time soon.

Just got back from my work trip last week. It was great but it went by so quickly! Hopefully I can save enough to go on a completely work free trip soon.

Our balances now:
Work trip balance: $0 (obviously :p - I have changed this to a general travel account but doubt I’ll add to it for a while)
LSL savings: $1000
General savings: $1000

#163 cardamom

Posted 08 August 2019 - 09:17 AM

House deposit just hit $109k, found a property I like and I've applied for a home loan. Wish me luck :ninja:  Eeeeeeek!

#164 raspberry sherbert

Posted 08 August 2019 - 09:28 AM

 cardamom, on 08 August 2019 - 09:17 AM, said:

House deposit just hit $109k, found a property I like and I've applied for a home loan. Wish me luck :ninja:  Eeeeeeek!

Well done cardamom, We will get to $50,000 this month. Good luck with the loan and new house. That is exciting.

I am feeling very motivated this month. It was my Birthday a couple of days ago and I got 2 money books. Joyful Frugalista (which I am thoroughly enjoying) and Mindful Money

#165 charmed30

Posted 08 August 2019 - 10:35 AM

Hi! I'm new here and have been following this thread for a while. Just only a year here in Oz and getting used to the pay periods. Back then, me and hubby are getting paid monthly, bills are all monthly as well so it is easier to do the saving and budgeting. But currently, I am getting paid fortnightly while DH is getting paid monthly. Our bills are a mix-up of weekly, fortnightly, monthly, and quarterly. Apparently, it has become a struggle for me to do the budgeting, forecasting, and saving as the pay and bills are all over the place. Some pay periods I find will only be dedicated to bills with a little left for stuff like groceries, which is hard. Any advice? Despite our pay to be a mix-up of  monthly and fortnightly, should I still do the budgeting and forecasting by month?

Edited by charmed30, 08 August 2019 - 10:36 AM.


#166 MayaTheGrinch

Posted 08 August 2019 - 10:39 AM

How exciting cardamon!!

Urg I've had to rejuggle the budget because DH's work is being dipsh*ts about his pay. Seriously, they pay terrible hourly rates and seem to screw up every other pay. Pay cycle before last they put his longer shifts through a leave without pay. And i work a whole 23 vs his 40 hours a week yet he gets a paid a whole 150 more then me a week.

But I have the 10K sitting in my savings. I am not looking at trying to get 3K together for my half of the flights for overseas by end of Jan.

#167 Kallie88

Posted 08 August 2019 - 10:56 AM

Best of luck cardamom!!
Pay week next week. Spent a bit last week needing a new set of dining chairs, gym fund is at 450 though, should go up to 950 after pay. Hopefully dh does his tax soon

#168 Cimbom

Posted 08 August 2019 - 11:42 AM

Charmed30 maybe calculate the totals as yearly amounts and then divide it by 26 to get fortnightly amounts which can come out when you get paid. Would that work?

Congrats on the house deposit cardamom - that’s a great amount!

#169 emma_jean

Posted 08 August 2019 - 11:53 PM

Cardamom best wishes!

Charmed30, interested to hear what you think of those books. I’m a huge fan of YNAB because it makes budgeting so doable even with an irregular income. Perhaps worth trialling at least.

My house deposit savings was boosted by my tax refund and is now $7800.

#170 cardamom

Posted 09 August 2019 - 08:51 AM

Thank you everyone! Auction tomorrow - eeeeek! If it's not meant to be that's okay, but I think this place is a good option. Fingers crossed!

#171 TwinkyBear

Posted 09 August 2019 - 09:30 AM

We will be going backwards for a while I think. Hubby has had issues with his bipolar and has quit his job. He's started new medication through a private psychiatrist which hopefully will make a difference. We have a bit in savings and decent tax returns that will get us through rates notices etc, but not much will happen on the savings front.

#172 cardamom

Posted 13 August 2019 - 02:53 PM

 cardamom, on 08 August 2019 - 09:17 AM, said:

House deposit just hit $109k, found a property I like and I've applied for a home loan. Wish me luck :ninja:  Eeeeeeek!

Thanks for the moral support, everyone - we got it!!!

It really feels like a dream. It's so demoralising, hearing again and again how out of reach housing is, seeing prices constantly on the rise.. I've been slogging away saving for so long but on a NFP wage with no family help it just seemed so impossible. Feeling very grateful (and a bit proud!)

Savings now back to rock bottom :laugh:

#173 emma_jean

Posted 14 August 2019 - 06:50 PM

Congratulations cardamom! So exciting!

#174 rubyskye

Posted 14 August 2019 - 07:03 PM

Congratulations cardamom!

#175 MayaTheGrinch

Posted 15 August 2019 - 10:32 AM

That's so terribly exciting cardamon!

August is a lean month. My rego bill arrived and is eyewatering with an increase of almost $100. Oh and the rates notice, where apparently they raised them 3% this year. And I need 2 new tires and a spare. :doh:

But I'm hoping to put away another $500 by the end of the month. Maybe. At a minimum $300.




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