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thread: Do you save any money each month?

  1. #19
    Registered User

    Jul 2006
    Melbourne
    4,895

    Not really but I do put away any overtime DH earns to our 'bills' account and he just got a payrise, so the extra will be going in there too. I am trying to save as much as possible for when I go on maternity leave but it has been tough so far with Easter and a holiday in there, so starting again this week.
    I was going to say the same as Olive, 11% is quite low. 25%-35% is generally about the amount people pay towards there mortgage & other debts. Can you consider talking to a financial planner whom you could get a plan drawn up, so it is not wishy/washy and you have a set goal to strive towards?


  2. #20
    BellyBelly Life Subscriber

    May 2005
    in the national capital
    1,682

    We save a lot but DH and I are both on very comfortable incomes. We put it all into our offset and have almost paid off the mortgage - about 10% to go - which we are quite chuffed about.

    11% of your income on rent is not much at all.

    Maybe try writing down everything that you buy for a month and then sitting down and really looking at what you spending is.

    Also, DH and I have found that if we don't carry cash then we don't spend it. We keep a $10 and a $20 in our wallets but that is it and if you break the note you have to explain to the other why (not in a "I've been naughty" sort of way - just a "think about what you are buying" sort of way) and everything else goes onto the credit card which we go through the bill every month (it only takes about 10 minutes) and check what we have been spending money on and then pay off the whole bill so that we aren't charged any interest.

  3. #21
    Registered User

    Apr 2009
    Perth, WA
    1,587

    I agree with one of the PP (sorry cant remember who it was!) that savings should be put away before you start spending, otherwise you will be left with nothing!

    DH earns quite a hefty income (FIFO) and I work part time 3 days per week. I worked full time up until Jan but DH wanted me to go part time to reduce my stress and concentrate on IVF. Taking the pay drop was hard but I work on the retainer and commission anyway so my income has always been a little unpredictable.

    We have quite high overheads so quite a lot of our income goes on bill however we still save at least $2k per month. I allocate a certain amount every week to be paid off the c/c (at the moment savings + more as we put our last round of IVF on it ) a certain amount goes into an account for unpredictable bills (rego, gas, electricity, insurance etc) we only leave money in our account that can be spent and we allow ourselves a certain amount each week to spend on ourselves.

    xx

  4. #22
    BellyBelly Member

    Jan 2010
    2,793

    We save money each fortnight when we are paid. We save in two different ways. We have a set amount that goes into our savings account and we also pay a set amount extra into a loan. This loan has a re-draw facility, so we could access the money if we needed to, but we don't tend to. That being said, I like knowing that we have a large amount of money (well to us anyway) available at the drop of a hat that we aren't tempted to spend on a daily basis.

  5. #23
    Registered User

    Oct 2007
    Perth,WA
    2,942

    At he moment I am able to save almost half of DH wage a month. We are in the uk, so I'm saving for when we go back home. I think a secret stash is the way to do it, even if it's a little bit. If you don't know it's there, you tend to not really miss it.

    When we were in oz, I'd put any extra dosh in my mortgage, to have the money work for us, and re-draw if we needed it.

  6. #24
    Registered User

    Nov 2010
    Cairns
    681

    Honestly no. We are both on centrelink (hubby is studying) and we are paying off DH's study, a new car and an insane amount of fuel. In 3 months all will be paid and I can start putting away the $400 odd a fortnight we spend on the car and DH.

  7. #25
    Registered User

    May 2008
    where the V8's roar
    1,855

    No and at the moment we are going backwards, hence the need for me to get a job.


    Sent from my iPhone using Tapatalk

  8. #26
    Moderator

    Oct 2004
    In my Zombie proof fortress.
    6,449

    only a small amount, as in the extra going into the mortgage. I returned to the workforce 1 year ago and really have just been playing catchup since then getting/doing the things that we have held off on. Also returning to work does cost. Now seeing the light at the end of the tunnel, but our focus will be credit card debt.

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