New year, fresh start. Here are my money goals for 2016.
- Spend less then we earn EVERY week. Common sense really but one thing we fell a bit off the wagon with this year
- Emergency fund. Build back up a $1000 emergency fund. This will stop anything popping up and getting put on credit
- Pay off our credit card. I hate that we have credit card debt again. It eats away at me – it needs to go
- Loose coin jar. Continue with our coin jar but this year put into it weekly rather then sporadically. It’s great to cash it in just before Christmas – this year it was low (around $150) but last year putting all our loose change into it, we cashed in around $400.
- Christmas savings. Continue saving $20 each week towards Christmas. No stress
- Buy second hand. Look for anything we need second hand first before buying new
- Fill in a spending diary daily in 2016. It’s a bit anal & a bit tideous but I did this last year & we were far better off financially then we were this year. There’s something about writing down everything you spend to give you a slap of reality.
- Stock up on flybuys points. Activate every email, docket & junk mail voucher. Complete the my coles survey each month. Save all the points for Christmas food, drinks & presents. This year I did it a bit half assed & still managed to get $160 in points.
- Rounding. This is where you round your accounts down every day. Say you have $34.96 in your bank account – you would transfer $4.96 to savings or debt leaving an even $30 in the account. Doesn’t seem like much but really does add up.
- Decide if it will be better financially to extend & renovate or sell & buy another house. This is a biggy for us. In the new year we will get quotes on the work we want completed and then go from there. We have had a look around and to move it will cost around $30k in fees & an extra $150k added to our mortgage. It will be interesting to see how much the reno quotes come back for.