money challenge 2009
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Category: General Chat
Forum Name: General Chat
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URL: https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23373
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Topic: money challenge 2009
Posted By: lizzle
Subject: money challenge 2009
Date Posted: 30 December 2008 at 2:53pm
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So next year is going to be quite a lean year for us. the family is planning on returning to the Cook Islands for my FIL's 60th so we have figured out we need to save approximately $6K to do that - by December next year. So we are cutting back significantly. We worked out it is actually a huge mindset change for us. I see $7 in my bank and think "I have seven more dollars to spend" and that needs to change.
We are lucky in that we ALWAYS pay our bills, we have paid off a significant amount of debt so it's not like we aren't doing well, but we certinaly need to change in order to save thisd money. So here are the things we are doing: debt consolidation loan (will save us about $2000 in interest and bank fees - and get us completely out of debt in 2 years) keeping a money journal - basically every cent that is spent we will have to justify to each other - not saying we can't buy stuff, just hoping it will be an incentive NOT to spend A picture of Raro cellotaped to our cash cards Go through our shopping list and see what we can make ourselves (e.g muesli - home made is great and doesn't take that long) cancel sky - the only ones who watch it are the kids and we have a ton of dvds a garage sale - let other people buy my crap It's a bit overwhelming and I know it will be hard, but will be good practice for one day when we have saved enough to buy a house (when I'm about 78) |
Replies:
Posted By: MrsMojo
Date Posted: 30 December 2008 at 3:02pm
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Good luck! We're in the same boat. DH and I are going to need to be smarter with our money this year. We pay all our bills on time too but we have some loans that need to be repaid. Had we actually stuck to the budget and paid extra on our loans like we'd planned to we'd have all our debts paid off before I finish work but unfortunately we kept on putting things off until after Christmas and now we only have 5 months left before we go down to one income so we need to make some changes to make it workable. It will be workable, but we won't be able to live as extravegently on one income as I would have liked *sigh*. We're discussing it in the weekend, thanks for your ideas! -------------  
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Posted By: LJsmum
Date Posted: 30 December 2008 at 3:33pm
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we are doing this too! The time has come to be smarter and wiser and not spend because we have a few dollars but actually save it for anything we may need later.
We are thinking of getting rid of sky too it is so expensive! Also a money book to write down EVERYTHING we buy. Good luck to everyone trying to save and get ahead.  -------------  
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Posted By: mummy_becks
Date Posted: 30 December 2008 at 3:41pm
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Yep we are the same. I am taking the boys and Nigel to Oz from Xmas so the flights will be expensive. I want to take at least $3K to spend over there too. I am hoping that with the pay rises Nigel is getting we will be able to do it. Our way is that I don't have access to the money and I get an allowance each week. It has worked so far we have jsut come back from Palmy with a new dryer and new car stereo paid with cash. ------------- I was a puree feeder, forward facing, cot sleeping, pram pushing kind of Mum... and my kids survived! |
Posted By: Paws
Date Posted: 30 December 2008 at 4:41pm
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Yup we'll be doing the same now that I work part time only. It's going to be a challenge but should be worth it. ------------- http://lilypie.com"> 
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Posted By: ginger
Date Posted: 30 December 2008 at 5:14pm
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Ditto over here - this year is going to be quite tough and certain things during the year have put a spanner in the works for us financially a bit. Where we thought we'd be in a certain position by the end of the year, and budgeted and planned for it for some time, it hasn't worked out like that, so there's going to be lots of budgeting, no shopping, making changes to the way we make some decisions ... pretty much what everyone else is doing I imagine!
I've been really surprised too at how expensive it's turned out to be setting up for kiddly! We've been careful about what we've bought and more expensive purchases have been reeeeally thought through and many things crossed off the list, but it's incredible how things add up. ------------- Cuinn Lachlan 23.1.09 - 22:00 Antonia Helene 4.8.11 - 09:41 |
Posted By: lilfatty
Date Posted: 30 December 2008 at 5:19pm
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Yep I started on the big savings plan when we found out I was pg as we will be going down to no income.
First of all I worked out all our expenses for the month and then multiplied it by the number of months I wont be working. Ive got a spreadsheet that has all the future pays and the amounts I have allocated to each item .. (expenses, maternity leave savings, isabelle's savings account) Then each payday I sit down and put all the money into the delegated bank account. Its quite fun to move all my millions around  and Im always chuffed when Ive overbudged .. like I might not need as much gas in the fortnight as usual and that money gets to go into the savings pile.
Watch out .. it gets addictive! Oh and I could have been way more ruthless .. but I "need" sky ------------- Mummy to Issy (3) and Elias (18 months) I did it .. 41 kgs gone! From flab to fab in under a year  http://www.femininefitness.co.nz/category/blog - LFs weight blog
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Posted By: sunnyhoney
Date Posted: 30 December 2008 at 6:13pm
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We found this website really helpful www.simplesavings.co.nz
It has lots of ideas on ways to save money, some really good. We've been members since we went down to one income. ------------- Mum to: Joy Emily 1.05am 27/09/07 7lb 3oz Austin Paul 12.47pm 18/04/10 10lb 8oz |
Posted By: MrsMojo
Date Posted: 30 December 2008 at 6:23pm
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We won't be getting rid of sky either but we might try to alter our package so we're not paying for channels we never watch. -------------
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Posted By: AuntieSarah
Date Posted: 30 December 2008 at 6:41pm
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Microsoft Money is a brilliant programme to use to keep track of all your finances, I don't know how we'd get by without it! We have all our bills entered in there and never look at our bank account balance to find out how much money we have to spend, instead we look at our cashflow forecast in Money - which takes into account which bills are going to come out etc. Can't recommend it enough! ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: mummyofprinces
Date Posted: 30 December 2008 at 6:56pm
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oooh, I like the idea of a money journal!
I have a spreadsheet with future pays etc too. All bills are "paid" fortnightly. I put away a set amount for every bill into a higher interest savings account. I even account for doctors bills, birthday/chrissy presents, vet bills... everything! The fortnightly amount is more than we would actually need to pay so we always have enough. We have been a bit slack at the moment though and have bought some things for the house that have come out of our savings instead of the reno fund.. will need to pay that back before bubs comes along. -------------   
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Posted By: monkey33
Date Posted: 30 December 2008 at 7:31pm
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Good luck with your savings! We too are getting tough with our savings - I have done really well this whole year - DH not so much! We have different spending/savings accounts and one joint bills account. DH has been given the word though and needs to get moving on his savings
Will be interesting when we move to one income! |
Posted By: mum2paris
Date Posted: 30 December 2008 at 8:27pm
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we are needing to do the same thing this year.
I am very very sure we can become nearly debt-free by the end of 2009, or possibly mid-way if we knuckle down. we get very complacent in the middle of the year when money is good and near the end we think "oh crap". Our bills are always paid, we have a no-fee account with all our bills set up to go out by auto payment fortnightly, a standard amount that usually more then covers each, and we have our budget set up so we know what our total expenditure each fornight will be taking into account money we need to save for the few monthly bills that we have. We also try to pay things like the wheely bin/car rego etc in a years lump sum so we don't have to worry as much about them popping up when we can't afford them. We have a list of things we NEED this year, and the rest is going towards bills. *Me to get my licence *A new fridge as the seals on our current one are going kaput and it's no longer big enough for a family of 4 that like their fruit and veges. i know as part of our staff discount plan through the hospital that there are a few places around palmy that i can get pretty good deals *A new bed for paris as hers is my old double bed from when i lived at home, and before then it was my older sisters, so is at least 15 yrs old - not great for her asthma i bet! We are starting to pay off the card(s) once mike is back at study, starting with the one with the highest interest rate and going from there. I want to be able to save and get a house by the time he's been in the workforce a year or so, so we have 2 study years left to get in a good place to do that and my money should increase with another year of work under my belt too. ------------- Janine and her 2 cool chicks, Paris & Ayja 
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Posted By: Bobbie
Date Posted: 30 December 2008 at 10:17pm
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I like the idea of taping a picture of your goal to your cashflow cards!
We are debt free (if you don't count my student loan) but we have virtually no savings as a result and are down to one income. I think I could probably do without a few things (such as coffees every alternate day) if I figured out how much it would save us. Microsoft money sounds interesting.... -------------  
 
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Posted By: caliandjack
Date Posted: 31 December 2008 at 10:05am
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We consolidated our credit card and hp debt onto the mortgage. cheapest interest rate, and sits as a seperate loan in our account. Its good that there is only 1 amount to be paid.
Our money goals are to clear that debt so we can start our family. With interest rates coming down, it will be good to reduce the mortgage payments. I got made redundant 3 months ago, been in a new job for 1 month, it was quite scary being without two full incomes. ------------- http://lilypie.com" rel="nofollow">   [/url] Angel June 2012 |
Posted By: ginger
Date Posted: 31 December 2008 at 10:07am
Hehe - I sat down with my latest credit card bill yesterday and just added up the cost of my cafe trips for the month ...  It's a bit of a surprise when you see them all added up! Funny how we seem to be spending less money with me at home too ... and I've only been home less than a week Mind you, I'm super paranoid about money now too! That helps!!------------- Cuinn Lachlan 23.1.09 - 22:00 Antonia Helene 4.8.11 - 09:41 |
Bobbie wrote:Posted By: caliandjack
Date Posted: 31 December 2008 at 10:45am
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I always feel guilty when I get my free coffee, cause it usually means I've spent $40 to get there. ------------- http://lilypie.com" rel="nofollow"> [/url] Angel June 2012 |
Posted By: mummy_becks
Date Posted: 31 December 2008 at 11:11am
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My big thing is cutting back on my 1 or 2 600ml bottles of coke a day at work ------------- I was a puree feeder, forward facing, cot sleeping, pram pushing kind of Mum... and my kids survived! |
Posted By: minik8e
Date Posted: 31 December 2008 at 11:18am
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Same here Fleur - I just added up what I spend on coffees in a month, and it's shocking!!! It is my "treat" to myself, but I may just transfer that money to savings instead of getting a coffee - it will really add up.
I think I'm going to try and get MS Money on my home pc. We've kind of muddled along through 2008, what with buying the house, adjusting to paying a mortgage and rates etc as well as saving for the wedding, but we really need to knuckle down instead. We still spend too much money on just junk, and we want to start the renovations next year after the wedding. We don't have debt as such - DF's credit card with a $500 limit and his car loan to his grandma, and that's it. We just have a lot of outgoings it seems!!! ETA: There's also the amount of time I will be off work if we finally get a sticky BFP....I need to add that into the equation 
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Posted By: MissCandice
Date Posted: 31 December 2008 at 11:27am
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We are the same here.
We are moving this month (fingers crossed for the house we are looking at this afternoon) We have decided as of 1st Jan, which will be tomorrow we are on a strict budget, no extra spending as we are moving to Australia in Feb 10. So one whole year of saving and no spending. We are cutting sky, the internet and the phone and just sticking to my cellphone, maybe internet too actually as i get that free. We are going to have a vege garden (Hopefully) and try to budget heaps. Also pay things in advance so we get the prompt pay discounts etc. Is going to be REAL hard, but we are determind. ------------- ~ Mummy to a beautiful girl ~ |
Posted By: kathyandbub
Date Posted: 31 December 2008 at 12:36pm
| i am a shocking shocking spender but as i am buying my own house at the moment and going to study next year that all has to change! i will have to be on such a strict budget as it will only be me living there and paying off the house, but in the long run i no its going to benifit noah. |
Posted By: lizzle
Date Posted: 31 December 2008 at 3:22pm
| for those people who are with contact energy - if you do their direct debit thing you automaticaly get the prompt payment discount. we are paying $50 a week (basically cause we were screwed over by their reassessments). If you assess yourself and change your own payments, rather than relying on them - can work out quite well. |
Posted By: caliandjack
Date Posted: 31 December 2008 at 3:45pm
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We need to do that, we went into winter with a $200 credit cause we paid regular $50 each week, they wouldn't let us continue with the credit and reduced our payments back to $50 a fortnight, now we have a $1000 bill to get down over the summer. Can't see that happening. ------------- http://lilypie.com" rel="nofollow"> [/url] Angel June 2012 |
Posted By: mummy_becks
Date Posted: 31 December 2008 at 3:54pm
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We have just started that smooth pay with Contact. I am keeping an eye on the bill and the payments we are making and will change it next month if it is out a lot. ------------- I was a puree feeder, forward facing, cot sleeping, pram pushing kind of Mum... and my kids survived! |
Posted By: ginger
Date Posted: 31 December 2008 at 6:58pm
Ooooh! Becks! I just noticed your ticker!! GOOD LUCK!!!!!  (and if you transfer your smoking savings to another account, I bet that adds up quicker than your bottles of coke! Hopefully it'll be extra motivation to stick it out too. Just be careful of the lollie trap - it's incredible how many ex-smokers start powering back lollies! )------------- Cuinn Lachlan 23.1.09 - 22:00 Antonia Helene 4.8.11 - 09:41 |
Posted By: Glow
Date Posted: 03 January 2009 at 1:19pm
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All the best with the money saving
http://www.amp.co.nz/templates/SecondLevelPage.aspx?id=3193 - Here are some saving tips from AMP - small changes can make big money ------------- Mummy of Two Boys B: 2004 K: 2007 |
Posted By: Emily281
Date Posted: 03 January 2009 at 5:01pm
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Just wanted to add that if you want some budgeting software you don't need to buy MS Money. There are plenty of free ones out there. I'm using one called SimpleD. It allows me to enter our income for the month and create a budget. The budget has different categories (eg. House, entertainment, groceries) and you can add your own categories. You set a budget for each category and it shows you what percentage of your income that it. You then go in and enter what you have actually spent and it will show you graphs of budget vs actual expenditure. You can also carry any left overs into the next month.
It's great for my needs - but if you want it to help you track bank accounts you might want something else as this isn't like some of the other programs where you can enter in all your bank accounts. ------------- TTC#1: Jan 07 Aug 08: Lap found and excised Stage 3 Endo Nov 08: 2nd lap clear - given OK to TTC after next AF |