Category Archives: My fortnightly budget for 2014

Week 58 – Update on debt and savings

I was close to cracking the ‘under $3000’ mark this month, but not quite!

Debt

Credit card 1 – $0.00

Credit card 2 – $0.00

Personal loan: $ 3,142.15  (previous update $3790.04)

Savings

$450.00 (increased by $50.00)

Buffer funds

$50.00 (decreased by $250.00 due to visit to the dentist and shock discovery of a hole the size of a moon crater in one of my teeth that needed filling!)

What else is new? Well, I’ve joined a health fund to lessen the impact of my Medicare (Australian health system) tax at tax time in June. I also purchased 3 personal training sessions at the gym but now I have completed these, I’m not sure I can afford more until I have paid off the loan.

What do I do to stay fit on a budget?

I have a gym membership – but a super cheap one, only $11.30 per week – and it is flexible, I can cancel anytime. I have recently started walking home from work – a little over 4kms. This is saving me cash on my travel and also great exercise – a brisk walk home, following my gym workout, is a great way to finish the day.

I run sometimes – not as much as I did last year when I took part in a few marathons – and I try and eat as well as I can. I have a few pieces of equipment  at home but don’t use those so much as I have the gym – they are a good backup for a rainy day or a quick workout at home. You don’t need a lot of cash to stay fit – you just need to be motivated. Running, walking, beach swimming, home workouts  – all free! You just need to get up and do it!

My health is my overall priority – even before debt freedom 🙂 so it is important for me to invest in it every day!

Have a great week 🙂

 

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I have a debt free date! June 25th 2014

Uggh. This week was a total blow out. The weekend saw me use almost all my piggy bank savings plus charge my credit card – although this was more out of convenience and I put the cash back on it the next day. But that cash came from my savings account.

At the moment, I’m feeling fairly annoyed with myself but the thing I am most excited about this week is the debt smashing mission is ramping back up again. When I posted my fortnightly budget in January, I said things would start changing around March – until then I would be making fairly minimal payments towards my final debt – personal loan. I had a few trips to accommodate (weddings and such) in the early part of the year.

But March is the kickoff for channeling as much cash as possible to my debt.

I want to be debt free on 25th June 2014

At the start of the year I said I would actually be channeling a lot more cash into savings and pull back on the aggressiveness of debt repayment. This reason for this? I want to travel again at the end of this year to Central America, and I wanted to see cash in the bank. I can’t wait any longer to travel and I felt like I wanted to see that bank balance increasing to give me the comfort that I would have that cash at the end of the year to go. It was really a mental thing.

My plan has totally changed though. By paying off my personal loan first – with an end date of June, I will be saving approx $1200 in interest and repayments from now until March next year. March is when I plan to return from my trip Central America. If I was to still to have a balance owing on my loan when I left, although small, I would be making repayments while I was away and also paying interest. I would also still have a loan hanging over my head. I don’t want that. My goal is debt free travel.

SO! As of the 5th of March, I will be making a repayments of $650 a fortnight towards my personal loan. My loan currently stands at $5,677.56. This is my final debt!

Interest charges are approx $73.00 per month at the current balance – obviously this will reduce as I pay off more –  and fee for servicing my loan is $10.00 per month, this will remain the same.

I have set my debt free date at 25th June 2014. That is 9 fortnightly pays from 5th March – with each pay $650 that totals $5,850.00.

Current loan $5677.56 + interest repayments for 4 months (estimate) $220.00  + loan servicing fee for 4 months $40.00 = $5,937.56 total.

So I will kick in extra on that final payment to clear the balance. You can see my revised fortnightly budget here.

The light at the end of the tunnel is really starting to shine 🙂 – and it looks a lot like debt freedom!

This is the little count down I’ve posted on the fridge to keep debt repayments at the front my my mind! Image

My fortnightly budget for 2014

So folks, this is my regular fortnightly budget – my take home pay each fortnight is $1620.00

  • Rent: $295.00 – I split the rent with my boyfriend
  • Travel: $45.00 – Bus fare to and from work. Most days I am lucky enough to get a ride to work with my boyfriend so it is mostly just the journey home I pay for.
  • Phone: $15.00 – I have a prepaid phone and $30 recharge voucher lasts me the month – for calls and texts, mostly the data runs out before 30 days.
  • Internet: $15.00 – On an internet plan for $30.00 per month (not prepaid)
  • Electricity: $20.00 – We are yet to receive our first electricity bill, which we will split evenly, so at the moment I am putting $40 per month away for this but will adjust accordingly when the first bill arrives.
  • Gym: $23.90 – I spent a lot of time deliberating whether or not to keep my membership, and instead just work out at home with some basic equipment and running. However, the gym recently started offering classes at no additional cost to the membership, which is awesome,  and  I decided to keep my membership.
  • Groceries: $250.00 – Grocery costs I also split with my boyfriend and have been tracking the expenses on our grocery spending. Although it does sometimes vary, $250 is a good amount to put aside each fortnight.
  • Tithe / donation: $20.00 – I donate $40 a month to a children’s home in India run by a Christian pastor and his wife. The home assists young Indian girls create a life outside child prostitution which is rampant in that part of India. I was very moved by the pastor and his wife when they spoke at a church sermon here in Australia last year and decided to allocate my donation to the home. It is my plan to increase this amount slowly.
  • Loan repayment: $160.00 – My set monthly repayment is $173.00 so I have allocated another $73.50 per fortnight towards the loan.
  • Buffer: $50.00 – For the first time, I have allocated a ‘buffer’ amount into my budget. It isn’t too large but it is better than nothing!
  • Spending: $230.00 – Most weeks will leave me with $115.00 as spending / entertainment money.

So, where does that mean I will be saving each month? And what about other expenses?

As of 5th March, I will be saving $490.00 per fortnight. Up until then, the amount allocated for savings is smaller and varied, I will outline these in my fortnightly budgets.

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