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Money money money
Mar. 6th, 2009 10:13 amThis is mainly for my own records and motivation.
I have just spent the last hour and a half doing some serious thinking and budgeting and financial planning.
It looks like it all just might work.
Basically, in order to make all my expenses- (the largest of which being a 14 week full time unpaid placement next year- yikes!)- though I have what for me and my skill-level is a very well-paid job I will have to live as if I have a poorly paid job and put most of the money in savings. It's not been that long since I was a student with a part-time phone-monkey job, so hopefully I can re-adapt.
So, I'll have to put some things on hold, like getting new sandals for example. But that's okay, as long as I can have the occasional splurge on chocolate or wine or dvds I think I'll be fine.
THINGS WOT I'M SAVING FOR:
-Placement (Still over a year away, thank goodness)
-Holiday (Hopefully in 2010, depending on mine and the beloved's schedules may need to be pushed back)
-House (Slowly! Veeeeery slowly)
-Debt-free-ness (Not including HECS- they can wait)
THINGS WOT I STILL NEED TO PAY:
-Joint account (takes care of rent, bills, insurance, pet insurance, health insurance, car repayments etc.)
-Mobile Phone Bill (stupidly large while I can't change my cap- but nearing the end of the contract when I will switch to a $70 per month Virgin IPony deal- yes I'm caving, I want some luxuries)
-Loki's Vet Bill (using money that I would have otherwise put in the Joint Account, also using Rudd money if/when it comes through)
-Loan for laptop that got nicked over a year ago- will be finally paid off in April, yay!
-Weekly driving lesson- also til end of April
-Various charitable things
ACCOUNTS BEING USED
1. Normal Savings Account
2. Backup savings account (Currently very low, need to replenish)
3. Joint Account
4. Visa Credit Card (in reasonable shape)
5. Budget Account (This is Placement money- and it needs feeding!)
6. ING Account (Holiday Money, also needs feeding)
7. FHSA (First Home savers Account- you know you can open one with $1 now? and the money is locked away for four years, during which time you can contribute as much or little as you want over $1000, and the interest is astronomical compared to other accounts, plus the first home buyer's grant. For me it makes owning our own house in five years seem possible since there are two of us contributing, even if we are just starting with $50. I will pay this out of money I would have put in the Joint Account- which is not with an institution offering FHSA's at this stage)
8. Christmas Account (Comes off the joint account and pays out in December- at this stage we'll probably whack the majority into the FHSA or on the holiday, then possible spend a bit on Christmas as it was originally intended.)
Dear Lord, that's eight bank accounts...
Okay, this is doable. Thank goodness I don't smoke or have any expensive addictions beyond books and food!
I have just spent the last hour and a half doing some serious thinking and budgeting and financial planning.
It looks like it all just might work.
Basically, in order to make all my expenses- (the largest of which being a 14 week full time unpaid placement next year- yikes!)- though I have what for me and my skill-level is a very well-paid job I will have to live as if I have a poorly paid job and put most of the money in savings. It's not been that long since I was a student with a part-time phone-monkey job, so hopefully I can re-adapt.
So, I'll have to put some things on hold, like getting new sandals for example. But that's okay, as long as I can have the occasional splurge on chocolate or wine or dvds I think I'll be fine.
THINGS WOT I'M SAVING FOR:
-Placement (Still over a year away, thank goodness)
-Holiday (Hopefully in 2010, depending on mine and the beloved's schedules may need to be pushed back)
-House (Slowly! Veeeeery slowly)
-Debt-free-ness (Not including HECS- they can wait)
THINGS WOT I STILL NEED TO PAY:
-Joint account (takes care of rent, bills, insurance, pet insurance, health insurance, car repayments etc.)
-Mobile Phone Bill (stupidly large while I can't change my cap- but nearing the end of the contract when I will switch to a $70 per month Virgin IPony deal- yes I'm caving, I want some luxuries)
-Loki's Vet Bill (using money that I would have otherwise put in the Joint Account, also using Rudd money if/when it comes through)
-Loan for laptop that got nicked over a year ago- will be finally paid off in April, yay!
-Weekly driving lesson- also til end of April
-Various charitable things
ACCOUNTS BEING USED
1. Normal Savings Account
2. Backup savings account (Currently very low, need to replenish)
3. Joint Account
4. Visa Credit Card (in reasonable shape)
5. Budget Account (This is Placement money- and it needs feeding!)
6. ING Account (Holiday Money, also needs feeding)
7. FHSA (First Home savers Account- you know you can open one with $1 now? and the money is locked away for four years, during which time you can contribute as much or little as you want over $1000, and the interest is astronomical compared to other accounts, plus the first home buyer's grant. For me it makes owning our own house in five years seem possible since there are two of us contributing, even if we are just starting with $50. I will pay this out of money I would have put in the Joint Account- which is not with an institution offering FHSA's at this stage)
8. Christmas Account (Comes off the joint account and pays out in December- at this stage we'll probably whack the majority into the FHSA or on the holiday, then possible spend a bit on Christmas as it was originally intended.)
Dear Lord, that's eight bank accounts...
Okay, this is doable. Thank goodness I don't smoke or have any expensive addictions beyond books and food!
