Sharing my money history for #febusave
Then
- When I was growing up, I wasn’t taught how to deal with money. Whatever money I earned by working, claiming Austudy or taking from mum’s wallet, I spent it
- Within about three months of working full-time (about two months after I finished the HSC), I got my first credit card
- The first thing I properly saved up for was in 2000 (when I was 22) when I saved up $300 to buy a stereo from Grace Bros
- In 2001 I managed to save a whole $3,500, motivated by Dan and I planning to move in together. But we moved into a $320/week house that was too expensive for our crappy income and we eventually moved in with his mum instead
- I ended up having THREE personal loans. One was the outstanding loan for my first car (which had since become a credit card consolidation loan), the second was my holiday loan (I’d saved for the flights, but not the rest), and the third loan was for my new car
Now
- If I spend up on my credit card, I’m better able to pay it off (though I do have lapses)
- I’ve got ING Direct accounts to get higher interest on my savings
- I’ve paid off two loans ahead of schedule (one so early that the bank tried to slug extra fees with my final repayment)
- I’m down to one loan that’s due to be paid off by the end of the year, though I’m saving up to pay it off sooner
- I chose not to get private health cover, so have a separate ING Direct account and save the equivalent amount each pay. I tend to spend it if I have a bigger than usual credit card bill, but I’m improving
- I have kept a budget (a very colourful one) for a good couple of years that I have taken up a notch for 2010 and #febusave
It doesn’t take a rocket scientist to see that I’ve improved out of sight in the last few years. But I still find it too easy to stop my auto transfers and spend money. I also have a coke habit (the canned version) and can easily throw money away on useless crap.
For #febusave, my goal is to better control my spending, hone in on my budget and set definite goals for paying off my car, having a rainy day fund (like the ones mentioned in #febusave’s money confidence survey) and finally starting to contribute to our savings for our first mortgage.
I hope to never have a personal loan.
yeah, avoid them at ALL costs!! they be nasty