So, another month another net worth update. How did I go this month?
Well check the sidebar, see that line thats going up - thats me!!!
I went pretty awesome this month, increasing my net worth by around $2k which is on target for a positive net worth by the end of this year (my super incredible ultimate goal!)
This month saw me get my first monthly paycheck, which felt extremely weird because i've never had that much cash just chilling in my bank account before. I realised that after awhile the novelty of it wore off so I sent that money everywhere before I spent it all! I threw $1k into my super account, guaranteeing me for a solid co-cont from the lovely government (hopefully the full $1k) and then boosted my emergency fund as well as my savings. They currently sit at around $500 each. So what will the motto of this month be?
Cutting back.
I have been spending quite a bit on the petty cash side, with many of the items being in the red. The fact that I will be going to training for work next week won't help either. Hopefully I can rein in my spending so the damage isn't that significant, but i'm expecting it to hinder my goals somewhat. My plan is to hopefully get all my expenses nearly under my budget again. I've been starting a habit of purchasing things in advance, and then forgetting about them until payments are required. This included tickets to a concert I bought 4 months ago and dinner with friends. Thankfully, I haven't been using my credit card all that much which is always a good sign.
Things are looking rosy, but things can always be improved on. This is a journey thats not going to happen overnight, but the step I took in March is building a solid foundation for the future. BRING IT ON APRIL!
Friday, April 1, 2011
Monday, March 28, 2011
Settling in to an awesome habit
4 weeks into my work, and I am loving every moment of it.
The work is great, the people even better but the satisfaction I get from being able to learn new things and demonstrate my ability is what drives me out of bed every morning. The fact that I get paid monthly doesn't even bother me anymore!
I got paid my monthly salary on the 11th and apart from paying off my credit card and depositing a bit into my emergency fund, theres not much i've done since. I am at a crossroads as to where I should allocate money. Currently I have 3 options:-
1. Put $350 into my Superannuation, $1000 towards my HECs and the rest into my Emergency Fund/Savings.
2. Put $1350 into my Super, the rest into savings.
3. Put $1000 into my HECs, the rest into savings.
Right now I would like to throw in the $1350, for peace of mind knowing that i've gotten the super co-cont for 10/11. But that would strip me of necessary funds which could be used as an emergency buffer or used as savings. But right now, all 3 choices would be better than nothing. After all, the iPad 2 was just released last Friday and a friend brought his over and showed how awesome it is. Am I willing to drop $900 on a piece of gadgetry thats going to depreciate super fast? I'd like to think i'm stronger than that, but I have been known to make some whimsical purchases in the past.
As long as I keep my money away from my grubby little hands, I should be fine. Hopefully.
On the cash expenses front, i've been reliable in spending my budgeted amount each week, but its been going towards things that i've underbudgeted for. Alcohol and eating out are in the red, which is something I have to stop. However, its not unreasonable to see it there because I gave myself very ambitious goals of only spending $30 each week on food and even less on alcohol. That amount of money wouldn't even last a night out, maybe I can cut out alcohol which would be tied to my fitness goals. That being said, i've dropped off the bandwagon a lot in terms of fitness. And I mean a lot! But hopefully I will be able to pick it up again with my gym access.
I've also been contact recently to promote a new product thats seeking to increase its awareness in the market. This would obviously be tied with an awesome giveaway which is ridiculous giving the lack of visitors this site has. Perhaps it will bring more traffic? Can't say no to that can I?
The work is great, the people even better but the satisfaction I get from being able to learn new things and demonstrate my ability is what drives me out of bed every morning. The fact that I get paid monthly doesn't even bother me anymore!
I got paid my monthly salary on the 11th and apart from paying off my credit card and depositing a bit into my emergency fund, theres not much i've done since. I am at a crossroads as to where I should allocate money. Currently I have 3 options:-
1. Put $350 into my Superannuation, $1000 towards my HECs and the rest into my Emergency Fund/Savings.
2. Put $1350 into my Super, the rest into savings.
3. Put $1000 into my HECs, the rest into savings.
Right now I would like to throw in the $1350, for peace of mind knowing that i've gotten the super co-cont for 10/11. But that would strip me of necessary funds which could be used as an emergency buffer or used as savings. But right now, all 3 choices would be better than nothing. After all, the iPad 2 was just released last Friday and a friend brought his over and showed how awesome it is. Am I willing to drop $900 on a piece of gadgetry thats going to depreciate super fast? I'd like to think i'm stronger than that, but I have been known to make some whimsical purchases in the past.
As long as I keep my money away from my grubby little hands, I should be fine. Hopefully.
On the cash expenses front, i've been reliable in spending my budgeted amount each week, but its been going towards things that i've underbudgeted for. Alcohol and eating out are in the red, which is something I have to stop. However, its not unreasonable to see it there because I gave myself very ambitious goals of only spending $30 each week on food and even less on alcohol. That amount of money wouldn't even last a night out, maybe I can cut out alcohol which would be tied to my fitness goals. That being said, i've dropped off the bandwagon a lot in terms of fitness. And I mean a lot! But hopefully I will be able to pick it up again with my gym access.
I've also been contact recently to promote a new product thats seeking to increase its awareness in the market. This would obviously be tied with an awesome giveaway which is ridiculous giving the lack of visitors this site has. Perhaps it will bring more traffic? Can't say no to that can I?
Saturday, March 5, 2011
Super Changes in my life!
Last update was on the 17/02/2010, which was my last week at my old job. After that I took a one week sabbatical where I spent as much time as I could doing things I love before starting my new grad job. This consisted of bowling, tennis, fishing and going out to see friends. It was a blast and even though I blew my budget out of the water I don't regret a single thing. But i'm glad that I had saved enough of a buffer to afford to go over budget.
Why is that? Its because I used to scrutinise my excel worksheet as much as possible, trying to squeeze out every last dollar so that my checking account would only hover around the $200 mark. As I realised, sometimes things can happen which force me to withdraw more money than needed. This led me to budget for more money, as I couldn't withdraw from my Emergency Fund when they were clearly not emergencies. So i've become a bit more relaxed in this aspect, and hope i'll further loosen the reigns. Studying for my Management Accounting module for the CA right now, I realise that this is similar to what businesses term "Working Capital Management". You want to utilise every dollar you have and make sure its not sitting idle (in this case a low rate checking account), but you don't want to pare down so much that if something happens you're in the red (in this case, an overdraft).
Could this mean that if one were able to be in control of their personal finances, they would be able to make adequate business owners? Maybe. Maybe not.
Since my last blog post, i've started at my new graduate job. I applied for this in March last year after my big holiday and after a 2 month long process was offered a position which I immediately accepted. Except it started a year later so I had to wait. And my gosh its been a long time, and its definitely been worth the wait. This firm is an easy top 10 global accounting firm but more specifically, with a great bunch of new graduates and a new team to look forward to working with. This also means a 50% salary increase (I really didn't make much at my last job) so my personal finances in the next few months will hopefully skyrocket!
You can see my progress here!
Lets see if I can maintain a solid budget. After all, friday work drinks can be a little bit pricy.
Why is that? Its because I used to scrutinise my excel worksheet as much as possible, trying to squeeze out every last dollar so that my checking account would only hover around the $200 mark. As I realised, sometimes things can happen which force me to withdraw more money than needed. This led me to budget for more money, as I couldn't withdraw from my Emergency Fund when they were clearly not emergencies. So i've become a bit more relaxed in this aspect, and hope i'll further loosen the reigns. Studying for my Management Accounting module for the CA right now, I realise that this is similar to what businesses term "Working Capital Management". You want to utilise every dollar you have and make sure its not sitting idle (in this case a low rate checking account), but you don't want to pare down so much that if something happens you're in the red (in this case, an overdraft).
Could this mean that if one were able to be in control of their personal finances, they would be able to make adequate business owners? Maybe. Maybe not.
Since my last blog post, i've started at my new graduate job. I applied for this in March last year after my big holiday and after a 2 month long process was offered a position which I immediately accepted. Except it started a year later so I had to wait. And my gosh its been a long time, and its definitely been worth the wait. This firm is an easy top 10 global accounting firm but more specifically, with a great bunch of new graduates and a new team to look forward to working with. This also means a 50% salary increase (I really didn't make much at my last job) so my personal finances in the next few months will hopefully skyrocket!
You can see my progress here!
Lets see if I can maintain a solid budget. After all, friday work drinks can be a little bit pricy.
Thursday, February 17, 2011
Why I spend on my Valentines, and don't give a crap.
I love my girlfriend, I really do. But thats not to say that everyday is all rainbows and butterflies in our relationship. So it is imperative that I take an opportunity to really make a huge effort in making her realise that I love her to bits, and letting her know how much she means to me in my life.
Gasp, the PF world would say. Valentine's Day is a Hallmark Sham! Well yes, I know that much. But I don't give a crap. However, that is not to say I just get my credit card and go nuts.
This year I managed to do something special, something extraordinary for my Valentine. Forgoing spending it on a Monday night after work with the regular fancy restaurant, we opted to switch it to the Saturday before. Total cost? $192.17. And it was totally worth it.
I cooked breakfast in bed for her (getting up at 6am just to buy groceries and drive over), spent the day together lazying around, cooked dinner with her (which had its ups and downs, I don't usually cook) and then finished it off with an amazing massage (I'm good, real good) and then a candlelight bath.
I know that many would scoff at the idea of spluring so much on Valentine's Day, and how it could be better spent without the outrageous cost and the prerequisite dozen roses (At a slightly stinging $45) - but I disagree. The mere definition of personal finance lends to itself - its supposed to be personal. So I choose to scrimp on other things, in order to spend on others. There is no set rule, which is why when I go to www.pfblogs.org I am amazed at how many others preach about being frugal and cheap is the way to go. Its not if you choose to. In the end, I saved enough for this day and I enjoyed every bit of it.
Thats what personal finance should bring - enjoyment.
p.s. Remember those exciting things that I said I would do in regards to this blog? Well heres phase 1, follow me on twitter to keep updated with every single transaction I make! It'll definitely be transparent, no holds barred. So if you think i'm buying stupid things - tell me! I need all the support I can in turning my finances around!
Gasp, the PF world would say. Valentine's Day is a Hallmark Sham! Well yes, I know that much. But I don't give a crap. However, that is not to say I just get my credit card and go nuts.
This year I managed to do something special, something extraordinary for my Valentine. Forgoing spending it on a Monday night after work with the regular fancy restaurant, we opted to switch it to the Saturday before. Total cost? $192.17. And it was totally worth it.
I cooked breakfast in bed for her (getting up at 6am just to buy groceries and drive over), spent the day together lazying around, cooked dinner with her (which had its ups and downs, I don't usually cook) and then finished it off with an amazing massage (I'm good, real good) and then a candlelight bath.
I know that many would scoff at the idea of spluring so much on Valentine's Day, and how it could be better spent without the outrageous cost and the prerequisite dozen roses (At a slightly stinging $45) - but I disagree. The mere definition of personal finance lends to itself - its supposed to be personal. So I choose to scrimp on other things, in order to spend on others. There is no set rule, which is why when I go to www.pfblogs.org I am amazed at how many others preach about being frugal and cheap is the way to go. Its not if you choose to. In the end, I saved enough for this day and I enjoyed every bit of it.
Thats what personal finance should bring - enjoyment.
p.s. Remember those exciting things that I said I would do in regards to this blog? Well heres phase 1, follow me on twitter to keep updated with every single transaction I make! It'll definitely be transparent, no holds barred. So if you think i'm buying stupid things - tell me! I need all the support I can in turning my finances around!
Thursday, February 10, 2011
Visualing goals are the key to success
First of all, big thanks to Chitown from Windy City Blues for hooking me up with the html code - its nice to know that the PF world out there is a friendly place where everyone helps one and another.
Ever since I was little I would always be more successful when I visualised my goals either by writing them down or drawing them. I would always draw things I wanted, or write about things that interested me. This tapered off a bit as I progressed through school where I stifled my creativity in pursuit of higher grades. However during Uni where I rebooted my motivation to achieve academic success I began to write lists down of what I had to prepare for right before exams. This made me see how far along I was with my study and whether or not I was holding up to my expectations.
What does this do with personal finance? Pretty much everything. People use budgets as an indicator of wealth. I plan out the rest of my years finances to achieve my goals. Whether or not I follow through is then up to me. However if I didn't have a visual goal for doing so, I definitely would not be as attuned to my finances as I am nowadays.
The addition of these bars on the side of my blog will allow myself and others to see how far long I am with my progress, and with every little increment to the bar it will further fuel my ambition to achieve the ultimate financial goal - freedom.
Ever since I was little I would always be more successful when I visualised my goals either by writing them down or drawing them. I would always draw things I wanted, or write about things that interested me. This tapered off a bit as I progressed through school where I stifled my creativity in pursuit of higher grades. However during Uni where I rebooted my motivation to achieve academic success I began to write lists down of what I had to prepare for right before exams. This made me see how far along I was with my study and whether or not I was holding up to my expectations.
What does this do with personal finance? Pretty much everything. People use budgets as an indicator of wealth. I plan out the rest of my years finances to achieve my goals. Whether or not I follow through is then up to me. However if I didn't have a visual goal for doing so, I definitely would not be as attuned to my finances as I am nowadays.
The addition of these bars on the side of my blog will allow myself and others to see how far long I am with my progress, and with every little increment to the bar it will further fuel my ambition to achieve the ultimate financial goal - freedom.
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