Savings Goal - Deposit

[The Y-man]

We go even further than not going out to eat - we started to grow the food we eat The bulk of my lunch today was picked from my garden this morning (the only bit bought was some dried fish flakes used for stock).

Here's the wierd thing - we don't miss going out to eat now, because

1. my wife's cooking rocks
2. we have fresher vegetables than you can buy at the market
3. we know exactly how the vegetables were grown and what went on it
4. we know how the meal was cooked (and after watching some episodes of Ramsay's kitchen nightmares.....)


Cheers,

The Y-man

 

[beekay]

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

Kim5, go the extra mile and cut it to once a fortnight, then once a month.
Initially I had trouble adjusting, but then watching my bank balance increase was well worth it.

 

[BayView]

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

You're income is so high that you pay $800 p/w in tax, yet you can't save anything after the renos and mortgage?

How expensive was this "first home"?

 

[kissfan]

1. my wife's cooking rocks

When will they be ready and what do they taste like.

Regards
Marty

P.S Watch your teeth

 

[kum yin lau]

Hi, to add to your stats.

I managed to save $30000 off $2500 per month salary - moonlighted as a private tutor & walked to save bus fare!

My godson aged 24 saved $1700 every month 3 years ago. He was working for me & I paid him $1975 every month on the 1st of the month. He now has roughly $250000 in net worth + a wife & young son.

Sigh! To be young - you do whatever you set your heart on.

KY

 

[BayView]

We're all dreaming; the two co-founders of Google made a billion each in the first hour of trading today.

 

[BayView]

When will they be ready and what do they taste like.

Regards
Marty

P.S Watch your teeth

That reminds me of the recipe for cooking Galahs.

First, put 3 rocks of about 1 kg each into a large pot, and fill with water.

Then, add 2 Galah carcasses and bring to the boil.

Continue to boil for about 10 hours.

Last; remove the Galah carcasses and the rocks from the water, then throw away the Galahs and eat the rocks.

Add salt as required.

 

[santaslayer]

I'm 22. Started working 1.5 years ago.

Currently have $25k in shares. 5K in a Challenger Asian Share Fund ($100/month extra every month) and $15K in savings.

Looking at residential property atm. Specifically Sydney.

Still living at home which makes paying board ($800/month) my biggest expense. I only started paying board 6 months ago when I was made a fulltimer, so very lucky in that regard.

After that, it's travel costs to and from work. Sometimes I go on a spending spree on the weekends which is always difficult to control. =)

 

[oracle]

We're all dreaming; the two co-founders of Google made a billion each in the first hour of trading today.

Hehehe...that is soo funny but sooo true!!!!

 

[Buzz]

I found the hardest thing when I started saving was focus. One moment I would be doing the free ASX courses at lunchtime the next thinking about a house deposit, all the time convincing myself I was dedicated to investing.

I realised after a while I had no direction. So I took a weekend to work on my goals, not just financial but all my goals as I realised that I needed a balance. With a clear picture in mind I then created a budget.

The first step to the budget was working out what I was actually spending my money on. I was shocked to see what I spent on books, flowers, lunches and catching up for coffee/meals with friends. I tracked every dollar for a month and then decided what to cut out and what to spend my money on.

I started borrowing my books from the library and when they did not have the new release I wanted I ordered it from them and paid the $1 premium for the request. I took my lunch to work and at the same time worked on a contributing goal and lost a few kg's. I had friends over more often then eating out, they usually bought the cake/morning tea -as they knew my cooking skills were somewhat limited.

That was in 2000, we now have 8 investment properties in high growth capital cities and still keep to a budget.

In my mind, starting with the end in mind, ie the goal and a date to achieve it, then working out what you spend your money on and then working out a budget will get you to your goals alot quicker than a unfocused saving plan.

PS I found so many people struggled with this concept that I added to my members only section of my website a goal and budget tracker. Join the newletter and next time a newsletter is sent you will receive a link to the members section. In the meantime you will find the books in the recommended reads section in your library.

I hope this helps.
Jane

 

[Alex P Keaton]

Kim5, go the extra mile and cut it to once a fortnight, then once a month.
Initially I had trouble adjusting, but then watching my bank balance increase was well worth it.

I'll give it a go!!

 

[Alex P Keaton]

We're all dreaming; the two co-founders of Google made a billion each in the first hour of trading today.

hey, well.... everyone has to start somewhere!!

 

[Alex P Keaton]

The first step to the budget was working out what I was actually spending my money on. I was shocked to see what I spent on books, flowers, lunches and catching up for coffee/meals with friends. I tracked every dollar for a month and then decided what to cut out and what to spend my money on.
That was in 2000, we now have 8 investment properties in high growth capital cities and still keep to a budget.

In my mind, starting with the end in mind, ie the goal and a date to achieve it, then working out what you spend your money on and then working out a budget will get you to your goals alot quicker than a unfocused saving plan.

PS I found so many people struggled with this concept that I added to my members only section of my website a goal and budget tracker. Join the newletter and next time a newsletter is sent you will receive a link to the members section. In the meantime you will find the books in the recommended reads section in your library.

I hope this helps.
Jane

Yeah I have decided to write down all the things that I buy. I figured its the same thing as if you were writing down what you were eating when your on a diet. If you have to write it down then you will be less likely to spend. Plus it shows you what you are spending yuur money on and what you can cut back on.

 

[investor_eddie]

I'm in my mid 20's earning 700pw and saving 450-500pw on average. A few months ago I was part of the "consumer group" with a 30k sports car with a 25k loan and a maxed credit card. Now i own a 87 corrolla and nearly have the credit card paid off. Downgrading in cars sux but I'm hoping it pays off.

My goal is to buy my first house (IP) mid next year

 

[+Mpire_Builder+]

I'm in my mid 20's earning 700pw and saving 450-500pw on average. A few months ago I was part of the "consumer group" with a 30k sports car with a 25k loan and a maxed credit card. Now i own a 87 corrolla and nearly have the credit card paid off. Downgrading in cars sux but I'm hoping it pays off.

My goal is to buy my first house (IP) mid next year

G'day mate.
You sound like me.
I had an SS Holden that sucked me dry every week and i was a slave to it and other material items.
6 months later I now have a 92 pulsar and $18,000 in the bank saving the same amount as you per week.
Its good to see other young- mid 20's people having lifestyle changes and looking to tommorrow.

I cam up with a quote whilst brainstorming and reflecting on my goals last week.
(Due to the fact that procrastinating is my biggest demon i now have on my wall)
"My future is more important than the pleasure and leisure of today, which will soon be forgotten like that of yesterday"

Good luck and keep in touch..
Dave

 

[Thrawn]

You're income is so high that you pay $800 p/w in tax, yet you can't save anything after the renos and mortgage?

How expensive was this "first home"?

$500k, not a fancy house but in a nice area. $3k a month mortgage, the killer is the renovation costs...

 

[George]

If I paid $800 per month in tax I would definitely look at some negative gearing solution which is perfectly legal.

Once tax is paid is gone forever.

 

[Buzz]

I went from the company fancy car to a 1995 Rav - big enough to fit the dishwasher and reno stuff in there, it also saved on delivery charges for white goods.

Love the RAV

Jane

 

[Easton]

I'm not on the best income but my savings is the only way that I can meddle with Investment Property.

Last year I saved 96k for my first IP (no home or existing equity), it's been roughly 8 months since then and i'm negotiating to buy my second IP with a new 55k deposit.

My income is only about 70k p.a at the moment but i'm 24 and still living at home with no expenses.. and loving it

Have to make the most of it while it lasts... cause once you move out, start a family and have a PPoR mortgage i'm sure it'll get 10x harder to save deposits then! Which is why i've been aggressively saving so much to this point. This cheap living expenses lifestyle won't last forever.

 

[silversands]

Forgive my ignorance it may be the late hour, but if you earn $70k gross how the heck did you save $55k nett in 8 mths?