Saving

[Deliverance]

Yeah, we are very sensible.

We save $5000 a month, we don't live anywhere near as much as we could/should, but we are all about the longer term goals.

Very smart. Me and the missus were the same 20 years ago and now I work part time by choice.

You sound like you'd be good with one of these

If you have access to a line of credit that doesn't incur fees for carrying it and you have some self-control, it can be argued that you don't need an emergency fund.

I'd argue most people (myself included) probably shouldn't roll the dice with just a line of credit, that said I feel that 6-12 months is too much, 3 months seems like the happy middle ground.

 

[Cuzz09]

$5k a month

Id be happy saving $5k a year

 

[Cruyff14]

Very smart. Me and the missus were the same 20 years ago and now I work part time by choice.

You sound like you'd be good with one of these ⬇

We don't have any children, but we've just settled on our second property (land, to build), so that figure will go down, but we will still be able to bank a fair bit until we settle.

Not sure exactly what a line of credit is, but we are very sensible with our savings and make sure we have money.

 

[Deliverance]

We don't have any children, but we've just settled on our second property (land, to build), so that figure will go down, but we will still be able to bank a fair bit until we settle.

Not sure exactly what a line of credit is, but we are very sensible with our savings and make sure we have money.

An account to help you smash your mortgage, better than an offset. Good for disciplined people.

 

[Cruyff14]

An account to help you smash your mortgage, better than an offset. Good for disciplined people.

Ah, probably not in a position to do that now with the land settling and construction due to begin in next 6-8 weeks.

For a period we were a few grand ahead on our repayments but we moved some money around for the build etc.

We have a joint account (for groceries, direct debits etc), an individual account each, long term savings (circa $75k in there for settlement of house, we will keep adding to this though as we will need to buy things, and do stuff like driveway etc), and another account for long term expenses - car insurance, body corp etc

 

[Old M8]

I penny pinch, and also don't buy things unless it's a need. I'm 18 and have about $10,000 in my account, im not a huge fan of going out though, so I don't piss much of it away.

It's not all that hard, just spend money when you need to. There isn't a secret to saving, really.

Update on how I’ve done since 2011 for anyone interested.

I was making about $30,000 a year here.

I’m 27 now and make about $60k.

Bought a house at 23, with a mortgage of about $269,000.

I invested on and off for 10 years, but decided last year to go full growth with cash rates declining.

So I’ve got about $115k in shares and about $3k cash at the moment.