10 ways we will get our finances in order in 2016

New year, fresh start. Here are my money goals for 2016.

  1. Spend less then we earn EVERY week. Common sense really but one thing we fell a bit off the wagon with this year
  2. Emergency fund. Build back up a $1000 emergency fund. This will stop anything popping up and getting put on credit
  3. Pay off our credit card. I hate that we have credit card debt again. It eats away at me – it needs to go
  4. 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.
  5. Christmas savings. Continue saving $20 each week towards Christmas. No stress
  6. Buy second hand. Look for anything we need second hand first before buying new
  7. 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. 
  8. 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.
  9. 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.
  10. 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.
Advertisements

3 thoughts on “10 ways we will get our finances in order in 2016

  1. This is a very effective, fail proof plan! Being an accountant, I have to round numbers on taxes and find it so much easier to keep track of balances. Great post!

    Liked by 1 person

  2. i can’t deal with that rounding bit. my books gotta be spot on or it drives me nuts! another thought, keep track of absolutely every cash ticket and reimburse petty cash every so often by writing a check. It’s amazing how those little cash outlays add up; parking ticket at the airport, highway tolls, coffee at the convenience store, quick meal out, etc, etc. cheers! what a great list! very helpful, but sadly many people will not make the effort.

    Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s