Savings Goal - Deposit

Alex P Keaton

Alex P Keaton

Hi :)

When I moved in with my parents in December 2007 my aim was to save at least $1000 a fortnight, and in the last few weeks I have realised that it is possible if I put my mind to it to save a couple of hundred more a fortnight. $1200 a fortnight.


I'm thrilled to learn today after ringing the bank that I managed to save:

$2400 - in 17 days (since beginning of April)


This is fantastic news. :D


I am nearing the $15,000 mark in savings, plus I also have $3500 in my other (expenses) account


I am living as though I am on centrelink. Only spending about $350 a fortnight.

As soon as I get my hands sorted out I will be looking for a 2nd job, 2 days a week so I can save even more. I would like to get to $3000 a month savings mark.

It can be tough to save hard like this but the rewards are and will be so great.


Post your savings efforts here
 
Kim5 said:
Hi :)

When I moved in with my parents in December 2007 my aim was to save at least $1000 a fortnight, and in the last few weeks I have realised that it is possible if I put my mind to it to save a couple of hundred more a fortnight. $1200 a fortnight.


I'm thrilled to learn today after ringing the bank that I managed to save:

$2400 - in 17 days (since beginning of April)


This is fantastic news. :D


I am nearing the $15,000 mark in savings, plus I also have $3500 in my other (expenses) account


I am living as though I am on centrelink. Only spending about $350 a fortnight.

As soon as I get my hands sorted out I will be looking for a 2nd job, 2 days a week so I can save even more. I would like to get to $3000 a month savings mark.

It can be tough to save hard like this but the rewards are and will be so great.


Post your savings efforts here
Click to expand...

Few years ago while sharing a house with my brother I saved $15,000 in 13 months on a $31,000 PA salary (gross).

Since March 2007 last year till now I managed to save over $30,000 while paying rent and living with my GF :). I have put the $30,000 towards the 10% deposit on a house last week.

I dont smoke, drink moderately and dont do drugs... my only weakness was my Nissan Skyline which was great fun to drive but drank a fair bit of petrol plus the maintenance and insurance wasnt the cheapest.

I manage to live comfortably on $400 a fortnight ($200 a week sometimes even less).
This includes paying for weekly food shopping, going out, paying bills and so on. I save the rest... well now the mortgage will eat most of it.

I never starve and eat healthy so no two minute noodle crap lol
 
For the 9 months prior to me buying the house, I was saving around $6,500 a month (built up a 20% deposit for a $500,000 property in 18 months flat, and yes.. I'm Gen Y). Living with my parents in those 9 months and I'm not really a social person so don't have much expenses.

Now, between the mortgage and renovations, I'm practically not saving anything.

Since I think the property market is about to go either flat or down for the next few years, I'm seriously considering selling out. Should net me at least $150k in the bank account again, which would be nice.

Even though I don't expect any serious profit (if any) by selling, I'm glad I didn't go into shares instead. Was a serious option back then. If I had a 3:1 margin loan account.. I would've pretty much lost all my money.

I always think that at some point in the economic cycle, cash is king. Now is that time.
 
Thrawn said:
For the 9 months prior to me buying the house, I was saving around $6,500 a month (built up a 20% deposit for a $500,000 property in 18 months flat). Living with my parents in those 9 months and I'm not really a social person so don't have much expenses.

Now, between the mortgage and renovations, I'm practically not saving anything.
Click to expand...

Out of interest...whats your income? I suspect 80 K plus? :)
 
hey guys thought id add.

I am currently finishing my last sem of my accounting degree yay.
so studying full time until june!.
But i am working about 30 hrs a week as a head chef of a large RSL.
So i am currently saving 450-550 a week for my deposit.
I have $18,000 and my goal is something mid $30's.
I will get an accounting job come july but i suspect that the cash wont be too good to start, so ill still work weekends at the RSL.

I am 22 and i was one of those boys who never saved a cent out of every pay cheque and spent every cent on my cars (v8's), but after reading unnamed motivational books i turned everything around, sold the car, made positive friendship groups and couldnt be more excited about my future, have written tangible goals, plans, and cant wait to secure my first IP come the end of the year... no need for fingers crossed, desire, determination and drive are more powerful than LUCK.

But im still looking for mentoring and guidence from positive minded individuals, so if anyone is willing to be an advisory for me please shoot me a PM.
Thank you all.
Dave
 
Kim5 said:
hiya, what kind of index fund do you have? I have been thinking of putting $5000 into Vanguard High Yield Australian Shares. What have your returns been like? Have you been happy with your index fund.
Click to expand...

Vanguard Index Australian Shares Fund. It tracks ASX 300 index.

Ive been with it since October last year, still got a LONG way ahead... easy 15-35 years.

Returns are currently minimal, as with index funds you really need to forget about you having one (apart from depositing monthly into it) for at least 5 years. They are very low risk, but also take literally decades to grow.

I think of it as my second super,
 
Kim5, you're doing great. Remember - the Poor spend what they can and invest what's left. The Rich invest what they can and spend what's left.
Have you read Richest Man in Babylon? Or Secrets of the Millionaire Mind? Two good books that may inspire you when the going gets a bit tough.
It will be well worth it. Keep you mind on your goals!!!
 
Robwilliams590 said:
Kim5, you're doing great. Remember - the Poor spend what they can and invest what's left. The Rich invest what they can and spend what's left.
Have you read Richest Man in Babylon? Or Secrets of the Millionaire Mind? Two good books that may inspire you when the going gets a bit tough.
It will be well worth it. Keep you mind on your goals!!!
Click to expand...

Remember - the Poor spend what they can and invest what's left. The Rich invest what they can and spend what's left.


That is an awesome quote, I live by it!
 
+Mpire_Builder+ said:
I am 22 and i was one of those boys who never saved a cent out of every pay cheque and spent every cent on my cars (v8's), but after reading unnamed motivational books i turned everything around, sold the car, made positive friendship groups and couldnt be more excited about my future, have written tangible goals, plans, and cant wait to secure my first IP come the end of the year... no need for fingers crossed, desire, determination and drive are more powerful than LUCK.
Click to expand...

Good on ya Dave. Sounds like you're doing great, and 22 is still a very young age to start with the investments - you'll do well. A lof of people are still spending every cent of their pay cheques on cars etc at 32!
 
steveadl said:
Good on ya Dave. Sounds like you're doing great, and 22 is still a very young age to start with the investments - you'll do well. A lof of people are still spending every cent of their pay cheques on cars etc at 32!
Click to expand...

Thank you.
Just wish thecompound interest "Bug" had bitten me before the "V8" bug a few years ago, but that is the beauty of hindsight.
 
+Mpire_Builder+ said:
hey guys thought id add.

I am currently finishing my last sem of my accounting degree yay.
so studying full time until june!.
But i am working about 30 hrs a week as a head chef of a large RSL.
So i am currently saving 450-550 a week for my deposit.
I have $18,000 and my goal is something mid $30's.
I will get an accounting job come july but i suspect that the cash wont be too good to start, so ill still work weekends at the RSL.

I am 22 and i was one of those boys who never saved a cent out of every pay cheque and spent every cent on my cars (v8's), but after reading unnamed motivational books i turned everything around, sold the car, made positive friendship groups and couldnt be more excited about my future, have written tangible goals, plans, and cant wait to secure my first IP come the end of the year... no need for fingers crossed, desire, determination and drive are more powerful than LUCK.

But im still looking for mentoring and guidence from positive minded individuals, so if anyone is willing to be an advisory for me please shoot me a PM.
Thank you all.
Dave
Click to expand...

wow thats excellent Dave, to have saved that much money whilst also studying. You sound very determined. Well done, good work :)

and your only 22!! :cool:
 
Robwilliams590 said:
Kim5, you're doing great. Remember - the Poor spend what they can and invest what's left. The Rich invest what they can and spend what's left.
Have you read Richest Man in Babylon? Or Secrets of the Millionaire Mind? Two good books that may inspire you when the going gets a bit tough.
It will be well worth it. Keep you mind on your goals!!!
Click to expand...

cool I'll try to find a copy

and thanks :)
 
IndexFund said:
Vanguard Index Australian Shares Fund. It tracks ASX 300 index.

Ive been with it since October last year, still got a LONG way ahead... easy 15-35 years.

Returns are currently minimal, as with index funds you really need to forget about you having one (apart from depositing monthly into it) for at least 5 years. They are very low risk, but also take literally decades to grow.

I think of it as my second super,
Click to expand...


Hi

I have been trying to decide between a growth fund and an income fund. I think an income fund might be the way to go for me. That is if I want to be able to service my first ppor and then buy my first ip a couple of years later.

I have read that APN Property for Income Fund has been a good performer.

Most of my money in the next few years will be used to invest in property, but I plan to invest $5000 into a fund, with a monthly contribution of $100.
 
Kim5 said:
Hi

I have been trying to decide between a growth fund and an income fund. I think an income fund might be the way to go for me. That is if I want to be able to service my first ppor and then buy my first ip a couple of years later.

I have read that APN Property for Income Fund has been a good performer.

Most of my money in the next few years will be used to invest in property, but I plan to invest $5000 into a fund, with a monthly contribution of $100.
Click to expand...

$5000 with $100 per month afterwards should be good!

Get into it. It was hard for me to let go off those 5 K innitially but then you learn to let go and keep packing away more.
 
For me my savings goal was simple:

Sell everything I didn't use or had no use for. Impulse buys, expensive luxuries the lot. I'm still going through this and getting 20-30% of my spending back, but its better than nothing! To date on eBay I've sold probably 120 items and on hobby specific forums about 10 items.
eBay, online specialist forums for your hobbies are the best places. Maybe also the trading post.

Stop buying lunch at work.

Stop buying junk food.

Find more free events in Melbourne (there's plenty to be had) and I still eat out maybe once a month instead of a few times a week.

I haven't compromised:
Quality of food (good fruit, veges, meat)
Fitness (Gym membership, go 3 times a week, play indoor soccer once a week, bicycle maintenance and costs).
 
beekay said:
For me my savings goal was simple:
Stop buying lunch at work.

Stop buying junk food.
Click to expand...

Yeah ditto, I used to buy my lunch at work nearly every day, and now only once a week as a treat. I also buy take away dinner once a week. Its amazing how much I have saved by doing this alone.

Plus I live at mum and dads who buy all the food. So when I take the leftovers, or sandwichs its totally free :D
 
IndexFund said:
$5000 with $100 per month afterwards should be good!

Get into it. It was hard for me to let go off those 5 K innitially but then you learn to let go and keep packing away more.
Click to expand...


Yeah I wont miss the $100 a month. It'll be worthwhile. Once I have had the fund for a while too I will get a little bit of an income stream too. Might take a few years.
 
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