Savings is being eaten away :( Need to take back control
- Thread starter Alex P Keaton
- Start date
get a higher paid job.
average aust full time wage i read was 65k per annum.
put yourself out there and see what happens
average aust full time wage i read was 65k per annum.
put yourself out there and see what happens
Shane, give me a few examples of such paying jobs in Perth metro that would be suitable to someone like Alex P Keaton or myself, who might have a couple of years experience but no degrees / formal qualifications. I for one, am unsure many such jobs exist in Perth at least…..
whats wrong with perth cbd as opposed to metro.
http://www.seek.com.au/Job/sales-ad...t/in/perth-cbd-inner-western-suburbs/19364042
took me 1 minute to find. all this type of job is looking for someone who is switched on and reliable.
I really wouldn't know what your rush is right now. 2012 , 2013 , that's a good thing.It's a dangerous time to be buying IP's right now unless you know how to buy at 1/2 price or CFP.
Who knows where our property will be by then and if it did dump your gonna get something much cheaper then just by doing nothing, it's definitely flattening already so you will regardless.
Good luck with the rest. We're carrying one right now ourselves but hoping to refinance things pretty soon from here with a different setup ,it should be a good keeper then.
Been a hard 12 mths though let me tell ya.
Who knows where our property will be by then and if it did dump your gonna get something much cheaper then just by doing nothing, it's definitely flattening already so you will regardless.
Good luck with the rest. We're carrying one right now ourselves but hoping to refinance things pretty soon from here with a different setup ,it should be a good keeper then.
Been a hard 12 mths though let me tell ya.
Savings is hard but i'm sure once you pull through - u will be a better person.
More wise and more knowledgable about the things in the world.
Maybe go vegetarian since you are keen to lose weight?
More wise and more knowledgable about the things in the world.
Maybe go vegetarian since you are keen to lose weight?
Honestly, on the kind of cashflow you are describing in your post, the IP is a noose around your neck that could snuff you out...financially speaking.
I didn't invest in property until I had over 80K in savings, I know have 3 Ip's with 60K still in the bank as a buffer.
In your situation, in this financial environment, I would seriously consider selling. Life is too short to live like that, losing money and scraping on a weekly basis a measly amount. If you have too low an income, enjoy life with what you can get.
I won't say sell, you need to assess your own situation.
DanielG, that may be a low income but it's probably on par with someone earning much more that manages to invest, but who also pays more in tax, maintains a larger household and supports a wife and kids.
Those things cost A LOT. Kim is single and lives in a unit. Her living expenses shouldn't be much - especially as she is mostly at work or exercising, and is dieting much of the time.
She could save well on that without being deprived - she's done it before. Nor does she really need what you have saved as a buffer.
Selling would not give her that much more disposable income, or the means to enjoy life that much more.
Those things cost A LOT. Kim is single and lives in a unit. Her living expenses shouldn't be much - especially as she is mostly at work or exercising, and is dieting much of the time.
She could save well on that without being deprived - she's done it before. Nor does she really need what you have saved as a buffer.
Selling would not give her that much more disposable income, or the means to enjoy life that much more.
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Halve your takeaway to two nights per week?
If you want to save money, cut out take away completely except for emergencies.
Invest in a basic cook book.
Make up recipes for 4, gives you a couple of main meals, or lunches.
Buy fruit and veges in season (cheaper), and forget bananas till north Qld recovers from cyclone Yasi.
Stir fry veges are very quick and easy, add a bit of chicken or meat and you can have dinner done in 10-15 minutes.
Much healthier, and better for weight loss.
There's another $20-$30 per week saved.
Yes, we have been there, done that. Back when saving for our first PPOR we needed 33% deposit to get a savings bank loan, so it was nearly 3 years of hard savings to get there. But we did.
Marg
If you want to save money, cut out take away completely except for emergencies.
Invest in a basic cook book.
Make up recipes for 4, gives you a couple of main meals, or lunches.
Buy fruit and veges in season (cheaper), and forget bananas till north Qld recovers from cyclone Yasi.
Stir fry veges are very quick and easy, add a bit of chicken or meat and you can have dinner done in 10-15 minutes.
Much healthier, and better for weight loss.
There's another $20-$30 per week saved.
Yes, we have been there, done that. Back when saving for our first PPOR we needed 33% deposit to get a savings bank loan, so it was nearly 3 years of hard savings to get there. But we did.
Marg
See this thread also
http://www.somersoft.com/forums/showthread.php?t=70150
http://www.somersoft.com/forums/showthread.php?t=70150
Take time to write down exactly where you are spending your disposable income. Then you can more easily see where to cut back.
You mentioned I think that your IP is costing you $3800 per year. By my calculations (though please correct me if I'm wrong)
$50000K (income) - $3800 (Ip costs) = $46200 (Taxable income)
$46200 - Tax of $9720 =
$36480 disposable income or $701.54 per week after tax money per week.
Find out what your single biggest expense is, and the next one. Is it rent? Could you share your accommodation, even if only for a short time? Is it a vehicle?
I believe you can live well and also save on that income, depending on what kind of lifestyle you choose to have.
Once you have figured out your expenses, calculate how much discretionary spending you do ie after the essentials, so you can see where most easily to cut back.
Don't know about dieting pills but it's true exercise will help most and best of all it an be FREE.
Is it possible for you to switch to interest only payments on the property (if you're not already doing so) until you can build up your savings to a safe level?
Also would the bank allow you to draw down on the loan if you were to get into dire financial straits?
If you're serious about saving:
No take-away at all.
If you can do without a car, get rid of it.
Eat vegetarian meals most nights.
If you're partial to soft drinks, cut them out all together. Same goes for coffee.
Get rid of the cleaner.
Buy most of your groceries from large chain supermarkets (buy non-perishable items in bulk when they're on sale).
Buy your fruit and vegetables from markets or cheap local greengrocers.
Buy your meat from cheap local butchers.
Buy your bread from cheap local bakeries (Vietnamese bakeries are usually very cheap and bake fantastic bread).
Source non-grocery items cheaply online (eg. electronics, homewares).
When you do buy in-person, compare prices and hold out for sales where possible.
Use a spreadsheet to track spending.
Lil Skater wisely mentioned beauty treatments/products. Cut out whatever you can. These things really do add up. I have long, non-styled hair so I just trim it myself every so often rather than pay someone for what only takes a minute and requires no skill whatsoever. Not dying saves a bundle. Avoid fancy schmancy moisturises and creams, they work no better than the cheaper products. If you pay for professional waxing, do it yourself instead (you can buy bulk wax and strips cheaply online). And so on.
It's fantastic that you've lost so much weight, are feeling more confident and want to socialise more. Like others have suggested, try socialising in environments which don't cost money. If you go to bars/clubs, avoid overly pricey drinks (eg. pre-mixed drinks). If you go to restaurants, choose cheaper places (often the food is just as good if not better than more expensive places).
Most importantly, set goals for yourself and reward yourself when you achieve those goals. You should be proud of what you've achieved thus far.
No take-away at all.
If you can do without a car, get rid of it.
Eat vegetarian meals most nights.
If you're partial to soft drinks, cut them out all together. Same goes for coffee.
Get rid of the cleaner.
Buy most of your groceries from large chain supermarkets (buy non-perishable items in bulk when they're on sale).
Buy your fruit and vegetables from markets or cheap local greengrocers.
Buy your meat from cheap local butchers.
Buy your bread from cheap local bakeries (Vietnamese bakeries are usually very cheap and bake fantastic bread).
Source non-grocery items cheaply online (eg. electronics, homewares).
When you do buy in-person, compare prices and hold out for sales where possible.
Use a spreadsheet to track spending.
Lil Skater wisely mentioned beauty treatments/products. Cut out whatever you can. These things really do add up. I have long, non-styled hair so I just trim it myself every so often rather than pay someone for what only takes a minute and requires no skill whatsoever. Not dying saves a bundle. Avoid fancy schmancy moisturises and creams, they work no better than the cheaper products. If you pay for professional waxing, do it yourself instead (you can buy bulk wax and strips cheaply online). And so on.
It's fantastic that you've lost so much weight, are feeling more confident and want to socialise more. Like others have suggested, try socialising in environments which don't cost money. If you go to bars/clubs, avoid overly pricey drinks (eg. pre-mixed drinks). If you go to restaurants, choose cheaper places (often the food is just as good if not better than more expensive places).
Most importantly, set goals for yourself and reward yourself when you achieve those goals. You should be proud of what you've achieved thus far.
I think Alex started this thread due to her consciousness on investing & savings, having a goal, and a having a keen eye to notice slight changes.
I don’t think she started cause she is in the poo that bad etc that she needs to drastically change turn her life around before she spirals down and down further & further into the pit of no return..
Whilst it might be not a bad thing to do for someone personally, I doubt that it is necessary to be so extreme as to change yourself to being a vegetarian etc just to manage to pay your bills
I don’t think she started cause she is in the poo that bad etc that she needs to drastically change turn her life around before she spirals down and down further & further into the pit of no return..
Whilst it might be not a bad thing to do for someone personally, I doubt that it is necessary to be so extreme as to change yourself to being a vegetarian etc just to manage to pay your bills
Sometimes meat is cheaper !!!
true,
and sometimes, its not that drastic thta one has to choose somethign so extreme either