What some of you may not have realised yesterday, was that the title of the blog post had no relevancy whatsoever as to what I was blogging about. That was because I got a little bit excited and went off on a pretty lengthy tangent. What I wanted to have meant with that title was that for probably a month now, my finances have been out of whack.
Like completely and inexcusably. Yes I can blame the CA exam (thank cuss its over), I can blame laziness, work, whatever - but what it really boils down to was that I dropped the ball. But that doesn't matter, because i'm picking myself up after the blow to the chin and dealing with it. Now excuse me whilst I try and recount all the expenses i've had in the past month.
Tick tock, tick tock.
And its done!
That took approximately a hour. A hour of my time I could've been doing other things, but had to because I procrastinated. A lesson learnt I suppose. I ended up not being able to allocate $34, which I just proportionately allocated across all my expense categories based on my annual budget (A nifty trick I learnt in my management accounting module). So whats my annual budget? After a bit of revision tonight and realising that I was definitely underbudgeting for some things, here it is!
Cash Drawings = $7,400, which is made up of
Travel = $1,400
Food at work = $500
Entertainment = $500
Alcohol = $500
Eating out = $2,500
Clothing = $500
Electronics = $0 (lets try and keep it this way)
Groceries = $500
Petrol = $200
Miscellaneous = $300
You can really see where my priorities lie don't you. EATING! I love being able to eat out, and I love taking my girl out to eat especially when shes had a week of home cooked pasta (although cost-effective, its definitely repetitive for her). A few of those budgets may seem a bit weird to you such as petrol, but that is because I only take the car out on weekends at most and don't really drive too often.
The kicker? I'm pretty much overbudget in all categories, with alcohol being all out of whack at the moment. Hopefully I can rein that spending in, but we shall see how I go with a great friend's 21st this weekend. Now that my finances are balanced again, I feel at peace. Its definitely a weird relaxing process that I take some joy in. Crazy huh? But then again, I am an accountant.
Thursday, May 19, 2011
Wednesday, May 18, 2011
The elephant in the corner is farting in my face
First of all, booyah! The competition was an awesome success with the blog receiving heaps of entries to sort through and me having a dilemma over which two awesome entries to pick out of the crop. You guys really have some great ideas and its a shame Soup couldn't have given out more prizes for me to share!
Onto the good stuff, congratulations to Jude and Stevie for the winning entries:-
"I have a little nifty app on my iPhone called ExpenseTracker that lets me update my spendings on the fly so I keep in rein in my spending when its tipping over. Best of all its free!"
That is an awesome tip Jude, and you know whats more awesome? The fact I have an iPhone too! I've downloaded this app and its definitely worth having. So if any of you have an iPhone out there, i'd recommend it if you're spending like crazy!
"My best tip would be to always keep my credit cards at home and save them for the big purchases, so that I don't impulse spend"
Stevie definitely knows what hes talking about. I carry my two credit cards very close to my right butt cheek and I can tell you i've whipped them out many more times than I can remember just because I tell myself 'getting the points would be worth it' and 'its only a small purchase, its fine'. I'll bet that if I just kept those suckers at home, my bank account would be definitely smiling more. You two gotta check your mailboxes because there are some fancy prizes coming your way all thanks to Commonwealth Bank and their PayPass project!
So whats been up in the life of Fyf (i've decided that its pronoucned FIF, like ffffffff and all the spit comes out)? Boy got paid, thats what! And what did I do before I spent my money? As many have recommended, I paid myself! Booya, as you can see i've updated my Emergency Fund to set a reasonable target of $5k, which I know won't be achieved any time soon. But haven't a goal is better than just sitting on my laurels, so up it goes!
What else did I do with my money? Sent another grand to my savings! I've updated the sidebar to note my new goal of travelling next year. I estimate my spending would be around the 5k mark, and theres definitely a long way to go!
However, that leaves my current bank account with around 2k cash just laying around soaking up the suns and not working its butt off for some nice interest. Thats my dilemma, where do I send this money to? The way I see it, I have 3 options:-
1. Send it to HECS - Its time I got rid of this sucker. The fact that I get an extra 10% applied sounds like a super sweet deal to me.
2. Send it to my parents - If you've checked out my net worth, I have 5k still outstanding on a loan to my parents. In their mind, its a gift. To me? No sir, ffffff gets no handouts from anyone. However i'm thinking about saving the whole 5k and plonking it into their bank account instead of laddering it. That would show them HA.
3. Use it as savings for something else. But what? I've already decided to buy a DSLR camera later this year (not sure when, still gotta look out for some deals) but that would cost less than a grand. Is it time I save up for my own haus? A car? A burberry trench coat? Maybe a bit of solitary zen would figure it out.
So there are my three options. Hopefully by my next paycheck I will figure it out. If not, no biggy. I mean, i'm not spending it so who really cares? Its the lesser of three AWESOMES. Laters!
p.s. I just hit 5 digits in my super. Booya! All that personal contributions are paying off, time to go for 6 (jokes, thats gonna take forever =(!)
Onto the good stuff, congratulations to Jude and Stevie for the winning entries:-
"I have a little nifty app on my iPhone called ExpenseTracker that lets me update my spendings on the fly so I keep in rein in my spending when its tipping over. Best of all its free!"
That is an awesome tip Jude, and you know whats more awesome? The fact I have an iPhone too! I've downloaded this app and its definitely worth having. So if any of you have an iPhone out there, i'd recommend it if you're spending like crazy!
"My best tip would be to always keep my credit cards at home and save them for the big purchases, so that I don't impulse spend"
Stevie definitely knows what hes talking about. I carry my two credit cards very close to my right butt cheek and I can tell you i've whipped them out many more times than I can remember just because I tell myself 'getting the points would be worth it' and 'its only a small purchase, its fine'. I'll bet that if I just kept those suckers at home, my bank account would be definitely smiling more. You two gotta check your mailboxes because there are some fancy prizes coming your way all thanks to Commonwealth Bank and their PayPass project!
So whats been up in the life of Fyf (i've decided that its pronoucned FIF, like ffffffff and all the spit comes out)? Boy got paid, thats what! And what did I do before I spent my money? As many have recommended, I paid myself! Booya, as you can see i've updated my Emergency Fund to set a reasonable target of $5k, which I know won't be achieved any time soon. But haven't a goal is better than just sitting on my laurels, so up it goes!
What else did I do with my money? Sent another grand to my savings! I've updated the sidebar to note my new goal of travelling next year. I estimate my spending would be around the 5k mark, and theres definitely a long way to go!
However, that leaves my current bank account with around 2k cash just laying around soaking up the suns and not working its butt off for some nice interest. Thats my dilemma, where do I send this money to? The way I see it, I have 3 options:-
1. Send it to HECS - Its time I got rid of this sucker. The fact that I get an extra 10% applied sounds like a super sweet deal to me.
2. Send it to my parents - If you've checked out my net worth, I have 5k still outstanding on a loan to my parents. In their mind, its a gift. To me? No sir, ffffff gets no handouts from anyone. However i'm thinking about saving the whole 5k and plonking it into their bank account instead of laddering it. That would show them HA.
3. Use it as savings for something else. But what? I've already decided to buy a DSLR camera later this year (not sure when, still gotta look out for some deals) but that would cost less than a grand. Is it time I save up for my own haus? A car? A burberry trench coat? Maybe a bit of solitary zen would figure it out.
So there are my three options. Hopefully by my next paycheck I will figure it out. If not, no biggy. I mean, i'm not spending it so who really cares? Its the lesser of three AWESOMES. Laters!
p.s. I just hit 5 digits in my super. Booya! All that personal contributions are paying off, time to go for 6 (jokes, thats gonna take forever =(!)
Tuesday, April 26, 2011
Weekly money catch up
Just a quick post before I get on to the reconciling!
1. The most I’ve spent this last week was on groceries to cook for my parents, a solid salmon and spinach salad followed by a chicken and parsley pilaf.
2. Today I am thankful the long weekend thats past. But now i'm ready to start work again!
3. Money can’t buy happiness. One free thing I did last week that made me happy was waking up to my girlfriend's beautiful sleepy eyes.
4. I will consider this week a success if I study my CA materials everyday for a solid 2 hours.
5. My favorite TV show growing up was Pokemon, without a doubt. How a TV show promoting collecting an assortment of 'things' turned me into a minimalist, I don't know how.
1. The most I’ve spent this last week was on groceries to cook for my parents, a solid salmon and spinach salad followed by a chicken and parsley pilaf.
2. Today I am thankful the long weekend thats past. But now i'm ready to start work again!
3. Money can’t buy happiness. One free thing I did last week that made me happy was waking up to my girlfriend's beautiful sleepy eyes.
4. I will consider this week a success if I study my CA materials everyday for a solid 2 hours.
5. My favorite TV show growing up was Pokemon, without a doubt. How a TV show promoting collecting an assortment of 'things' turned me into a minimalist, I don't know how.
Broken habits and SUPER EXCITING FREEBIES UPDATE.
First of all, let me just get it out there. I hate it when I skip over something I do regularly. I get into this funk of ignoring it, creating a snowball that just gets bigger and bigger. And when I try and tackle it, I am just not motivated because I know I have to put in more effort to get everything straightened out.
Cue, my finances. Usually I am spot on with the details, always entering what I spend every other day. Not these past weeks, i've ignored it and voila! Its been two weeks since I last entered anything. This means I have probably about $400 of expenses I need to reconcile back to my spreadsheet, which is definitely not going to be fun. I have receipts here and there, and with credit card transactions it will be easy to track, but its definitely the little petty cash expenses that will be the hardest to remember. Damn the lovely tool of procrastination. Definitely a lesson to learnt from this.
Secondly, I have great news to share! I am involved with Soup, a very grassroots website that aims to get everyday consumers much like myself to try and share products that have been newly launched. This time, Soup has been partnered with the Commonwealth Bank as it seeks to create awareness for its new Paypass feature!
What does this mean for my lucky audience? FREEBIES!
But first, learn more about Paypass at http://www.commbank.com.au/paypass/smb07/ so you know what i'm talking about. Its an amazing feature which i've already used numerous times (didn't realise I had it until I checked!) and is incredibly easy to use.
You've checked, and you're back? Excellent. Soup have been legends and given me 4x $50 MasterCard debit cards as well as 2 double La Premiere movie passes to give away to you all! Since everyone knows my readership is so small, this is an excellent chance to earn some awesome cash / prizes!
So what do you have to do to win? Just email me at freeyourfinance@gmail.com with your best response to the following question:-
"What is the best tip in getting your finances together?"
The two best and most creative response will receive the whole package, and spread their lovely nugget of information to all. This competition will close in 2 weeks, so theres plenty of time to get your tips in. Remember, you're looking at your slice of $350 worth in prizes! Please also note that terms and conditions will be provided upon request.
Cue, my finances. Usually I am spot on with the details, always entering what I spend every other day. Not these past weeks, i've ignored it and voila! Its been two weeks since I last entered anything. This means I have probably about $400 of expenses I need to reconcile back to my spreadsheet, which is definitely not going to be fun. I have receipts here and there, and with credit card transactions it will be easy to track, but its definitely the little petty cash expenses that will be the hardest to remember. Damn the lovely tool of procrastination. Definitely a lesson to learnt from this.
Secondly, I have great news to share! I am involved with Soup, a very grassroots website that aims to get everyday consumers much like myself to try and share products that have been newly launched. This time, Soup has been partnered with the Commonwealth Bank as it seeks to create awareness for its new Paypass feature!
What does this mean for my lucky audience? FREEBIES!
But first, learn more about Paypass at http://www.commbank.com.au/paypass/smb07/ so you know what i'm talking about. Its an amazing feature which i've already used numerous times (didn't realise I had it until I checked!) and is incredibly easy to use.
You've checked, and you're back? Excellent. Soup have been legends and given me 4x $50 MasterCard debit cards as well as 2 double La Premiere movie passes to give away to you all! Since everyone knows my readership is so small, this is an excellent chance to earn some awesome cash / prizes!
So what do you have to do to win? Just email me at freeyourfinance@gmail.com with your best response to the following question:-
"What is the best tip in getting your finances together?"
The two best and most creative response will receive the whole package, and spread their lovely nugget of information to all. This competition will close in 2 weeks, so theres plenty of time to get your tips in. Remember, you're looking at your slice of $350 worth in prizes! Please also note that terms and conditions will be provided upon request.
Monday, April 11, 2011
Weekly money catch up - Getting PAID!
Never been so excited, actually I probably have been before but daddy's getting straight up PAID.
This week should see my sweet monthly paycheck deposit into my bank account and I already know what i'm gonna do with it!
$500 to my emergency fund (its going to feel so good when it hits the $1k mark!)
$500 to my ING savings (I have a good idea of what i'm saving for now, but i'm going to have to
$1000 to my HECs (yup, its time to start paying down that massive $33k looming in the background!)
The rest i'm not sure what i'll do with. I know that I won't need that much to survive the month and I don't see any big forseeable expenses, but it will be good to know theres a solid buffer in the bank account (apart from the emergency fund). Dave Ramsey would be super proud!
Now I usually look at pfblogs.org for any cool articles, and it used to be full of great stuff. But lately, its been kind of shit. I'll touch on that in a future post. But one of the oustanding favourites has been www.myprettypennies.com where she posts up a 'Weekly money catch up'. So whats it been like for me?
1. The most I’ve spent this last week was on alcohol. It was graduate training and we went out on most nights to various bars in the city.
2. Today I am thankful English Breakfast Tea.
3. Money can’t buy happiness. One free thing I did last week that made me happy was make the most of my graduate training. My firm spends a lot of resources to provide this opportunity for graduates and I wasn't going to let it go to waste!
4. I will consider this week a success if I don't spend anymore money.
5. My signature accessory is my killer good looks. Jokes, its probably a watch now.
This week should see my sweet monthly paycheck deposit into my bank account and I already know what i'm gonna do with it!
$500 to my emergency fund (its going to feel so good when it hits the $1k mark!)
$500 to my ING savings (I have a good idea of what i'm saving for now, but i'm going to have to
$1000 to my HECs (yup, its time to start paying down that massive $33k looming in the background!)
The rest i'm not sure what i'll do with. I know that I won't need that much to survive the month and I don't see any big forseeable expenses, but it will be good to know theres a solid buffer in the bank account (apart from the emergency fund). Dave Ramsey would be super proud!
Now I usually look at pfblogs.org for any cool articles, and it used to be full of great stuff. But lately, its been kind of shit. I'll touch on that in a future post. But one of the oustanding favourites has been www.myprettypennies.com where she posts up a 'Weekly money catch up'. So whats it been like for me?
1. The most I’ve spent this last week was on alcohol. It was graduate training and we went out on most nights to various bars in the city.
2. Today I am thankful English Breakfast Tea.
3. Money can’t buy happiness. One free thing I did last week that made me happy was make the most of my graduate training. My firm spends a lot of resources to provide this opportunity for graduates and I wasn't going to let it go to waste!
4. I will consider this week a success if I don't spend anymore money.
5. My signature accessory is my killer good looks. Jokes, its probably a watch now.
Subscribe to:
Posts (Atom)