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complete overhaul of budget and goals for 2024/25

June 24th, 2024 at 06:47 am

So we have had so much happening in the last few years with illness, housing, moving, appliance etc...the list goes on...so over the last couple of days I have done a complete overhaul of paying off debt...most of it is my hecs (student loans in the US)...because I am on dsp right now I dont have to pay it but it is indexed each june so it is creeping up, we have some smaller debts all total our debts are around $37,000.

By debt it also includes money to start my ice acct again and money I want to give our daughter for her wedding..so not real debt but to me it is

Our bills are always paid on time (minus dreaded CC), we own our car and maintain well, as it stands

we will have 3 smaller debts paid off in july, one in aug, one in sept, that will only leave my hecs debt which should be paid off in june 2025.

Our big goal will then to start saving a deposit for a house which will be around $105,000...most houses in our city are around 1 million that will fit our family but ours is based on $900,000 ...no there isnt anything cheaper that we have found yet but we have time...and yes most of that is in fees that is $56,000 that you need to pay up front.

So that is the plan right now...we are working with specialist diligently to try and get me back to work in the next 12 months so that shuld help as well...so this is where we stand at the moment...been a real eye opener....

These are also based on lower income ours can change with the exchange rate so we will probably have a bit extra but I dont bank on it so dont add it in.

 

Posted in Uncategorized | 4 Comments »

4 Responses to “complete overhaul of budget and goals for 2024/25”

  1. VS_ozgirl Says:
    June 25th, 2024 at 09:13 am 1719303219
    1719303219

    Mumof2 what is your credit card debt? I often hear you write about it. Last year I started using a bank account as a credit card replacement and it works great, I simply started saving $10 per week into it and now find I have enough there to cover the things I would normally charge to a credit card. It started to become more helpful when there was over $100 there. If you can do this too I highly recommend it. That way you can pay off the credit card and just let it sit there unused because you will be using money you have available instead.

  2. mumof2 Says:
    June 25th, 2024 at 10:48 am 1719308930
    1719308930

    Yes once I have the savings built up I wont be keeping it especially since we want to buy a house...but we have had to use it to buy my mum some medical things that she couldnt cover so we did....but thats life I will always cover what my mum can't...but I do have a savings account that I have started putting small amounts awayalready

  3. VS_ozgirl Says:
    June 26th, 2024 at 11:51 am 1719399062
    1719399062

    Hoping you can get into the habit of cash flowing your expenses so the credit card gets used less. I have no problem dipping into a small amount of savings but I’m really strict with scheduling repayments back to savings for whatever gets spent. That way the savings aren’t wasted or gone. Just my little trick lately.

  4. mumof2 Says:
    June 26th, 2024 at 12:02 pm 1719399757
    1719399757

    Yes we are doing okay usually but last couple of months have been really bad for us but july is a freash start and is looking good for us!!

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