Managing money to make life easier

[Clues_Of_Blue]

One of the big things that causes stress and sure kicks you about when you already have mental illness to play with is money. Whether you're in debt, just scraping by, or feel like you're working to much to maintain a lifestyle. Here is a place to talk about how to make your dollars go a bit further and take off some financial pressure.

I'll start with some basic pointers:

- Plan a little with food. Make work lunches, decide on meals for the week and stick to your shopping list. If you shop a bit later you're also likely to get a lot of fresh produce at a discount.

- Check regularly (every six months or so) on your utilities. Often there is a better plan out there to switch to. As customers, loyalty to a company usually just gets us a quietly growing bill instead of discounts or rewards. Vote with your feet.

- Same with your home loan, you can refinance to one with a better interest rate, just watch out for exit fees (and LMI if you still owe more than 80% of the house value)

If you have any tips or questions, feel free to share or ask.

[Clues_Of_Blue]

Hey EM,

I was about to finish up answering things for the day, but I felt compelled to answer your question about surge protection. Really surprised you're not familiar with it. I think new houses in Australia are required to have surge protectors installed with the power meters. The idea is that if there is a power surge - for instance, from an electrical surge - the protector shuts the circuit so that excess power doesn't go straight into your home/devices to frizzle them.

Since it seems you don't have that, (and nor do I - old house), there is a simple solution. You can get individual surge protecting adapters or power boards from pretty much any hardware or even variety shop like Kmart. Plug it into the wall, then plug your device into it. You want these for any major device, like your TV, computer, etc., so if anything gets fried by lightning, it's your $10 adapter, not your $350 new telly.

I think it's $80 a quarter, yeah. The rebate applies to a percentage of both water usage and sewerage. Nice.

Oh dear, no hope after all. Good thing Google is a thing, I guess!

Haha, Aunty Blue's got so many reasons. But you're sticking to your guns, that's the main thing. Wait, so she borrowed $5K from you? I think maybe less hints and a polite but firm request that it returns. Me, if I owe friends or family money, it's the first thing I pay when they money becomes available.

Okay, glad you have a contact for VW parts if you have need of them. Annoying that new tyres are needed, but they would have been sooner or later, I guess. Still a good deal overall.

You know, I'm not actually that sorry about it. I might have been whilst I was screwing things up and living hand-to-mouth myself, but in most cases I'm seeing it in people with as much money or more than I have - they have the choice to be doing better but unlike me, they choose not to (despite having my input to guide them). Therefore, not my problem. Yeah, it's a plus that Sis has taken a step or two in the right direction, though she could do so much more. Still frustrates me.

Aargh, I really don't get some people. I'm sorry that happened, what a mess!

Ooh, nice to see that pay packet. Glad it looks so good. Then of course, the dryer. You remember the old "Fortuneately, Unfortunately" stories from childhood? Your message reads like one of those.

We finish on a "fortunately" - you can put the extra $390 on the mortgage. That's a win! Get that mortgage down!

Blue.

[Clues_Of_Blue]

*from an electrical storm, that's meant to say.

[ecomama]

Ahhh okay thanks Blue!

I think BF put one in all our computer equipment when he was here lol. Oops I didn't have a clue what he was doing!

Yep a great investment there, on the list!

Yes Alexa transferred $5k of the $11k for her car to the WRONG person in all the excitement, the very night before driving to the city to pick it up!
The $5k limit was on her account.

So I transferred $5k from my account to the seller.
When she picked up the car the owner said "Woah your family is REALLY cashed up!" lol.

Yeah well we weren't so much after that!

Then she had expenses after expenses and same limit applied.

TONIGHT it's back! I got it in one transaction. Safe now.
LOL.

Yeah I try to detach from ppl who throw their money about like there's no tomorrow, only to end up whining they have no money.

Btw that's exactly what Shep's doing to Alexa since she bought her flashy new car.
She responded with the "pregnant pause".
Perfect.

I said she should've flashed her brand new phone across her face as he said it lol!!
oh I have an evil mind lol.

I gotta hit the sack too Blue.
Early Meetings tomorrow morning.
Work.
Then Pod after work.
Then kids to work and home - same ole.

Getting new drier on Friday arv. Alexa's buying her first ever drier too!
So she's coming to drive a hard bargain, since we're buying 2 at once.
She always does this now. The timing for us buying these kinds of things at the same time seems to be perfect atm.

Nighty night!
Love EM

[Clues_Of_Blue]

Hey EM,

I certainly hope he did, seems like something a man like that would do. Wish he'd stuck one on your TV, too, but you can do that now. It's super easy, cheap, and absolutely one of the best investments you can have in your home. Pretty much all my stuff is surge protected. Computer especially!

Oh, damn. Has she been able to do anything about getting the money back? I guess that depends somewhat on who it went to and how difficult they intend to be about it. Anyway, glad you were able to help her with the car, and all the more so that she's paid you back now. You reminded me of a time when I was doing okay with money. My bro would call me "The Bank of [Blue]", as he would ask to borrow money with the self-imposed condition of paying it back with interest. Said he'd rather give it to me than Cash Converters (yeah, he's like that with money). Still, worked in my favour.

Yeah, I can't blame you. Some of those for me are family (who are otherwise decent people, just with that one annoying feature), so I can detach from that part of them.

Ugh, this Shep character is repugnant. Glad she's not buying into his crap. Hm, waste of energy to do what you suggested. Disengage, I say!

Another busy day for you tomorrow (well, today now) - I do hope you got a good sleep.

Nice. Interested to hear if she gets a nice deal on getting two driers, that would be handy. As you say, good timing at the moment for you both to need one. Me, I can get away without one, it's better not to have it with just two of us to wash for. Just gotta plan ahead a bit to get things dry during Winter.

Sweet dreams. 🙂

Blue.

[ecomama]

Hey Blue

Yep got great sleep last night lol. Will again tonight I'm sure! (My new Podiatrist was AMAZING).

Oh sure, the guy she accidentally transferred the $5k to, transferred it back immediately BUT she then couldn't transfer another $5k to the seller!
So I did lol.
Got her out of a hole!

Money's back in my account now yay.

Gosh I may have gotten myself into a pickle just now of a personal nature lol... will write more on my thread tomorrow probably.

Sure thing, those surge protectors are on the list!
I think he DID put the tech stuff in it but we've been moving stuff around alot so ... yeah.

Crikeys Cash Converters also lends money.
Why a person living at home would need so much cash is beyond me.

I just don't want to know ALL the places who gives out sudden cash and charges through the nose.
I NEVER tell my kids about places like that.

It costs me about $750 / week minimum JUST for the mortgage, rates, wifi etc. Not food!
Anyway others can do as they please lol.

Aha Shep is vile and repugnant. I'm NC with him on all levels. I was 100% wonderful to him as a mother in law. Then demon turned him, but he had the dark side to be ABLE to be turned.

Yeah glad he's out too.
I just joke with Alexa on things that would be FUNNY to do!
Never ever do them lol.
Humour helps the situation.

Yep a drier is a must here. Having less than a day's turnaround for the kid's shifts most times, even 2 days isn't enough time to dry most stuff here with all this rain!
Most of them only have 1 full uniform.
That's what we use it for, their work uniforms.
Washing EVERY day! Minimum 3 loads per day.
I do laundry on auto pilot lol.

I can share here bec no one knows me lol! When I first got my mortgage (after Family Law Settlement) I was paying over $1200 interest PER MONTH on it. omg.
I set a goal to get it UNDER $1100 then kept going setting the goals lower and lower.
Today I set my new goal - UNDER $800.

IF I can pay the extra $390 once a month (minimum) then maybe goals will be reached faster now.
Believe it or not, it's all STILL alot less than it would be to rent this house!

Anyway I'm pretty excited to set this new goal.

I also worked out something about my Tax Return and stuff which I'll tell you when it's happening. Pretty happy about all that too.

It's going to be a VERY busy year sorting through all this on top of everything else but it's all about getting somewhere financially too, so it's that I'm so happy to be doing!

Love EM

[Clues_Of_Blue]

Hey EM,

Glad you got a good sleep, and perchance some pain relief in your feet.

Okay, glad that mess is all fixed up. Also glad you're planning to get surge protectors. Definitely check where the protector your partner gave you has wound up in relation to your tech. Put it with the most important tech you've got!

Yup, they do. Of course with an exorbitant interest rate, as is the way with companies that do small loans to people who shouldn't be getting them. As for why someone needs "that much money", living on welfare you just about need a loan for the occasional Maccas dinner to break the monotony, it really isn't much. Especially to those who don't know how to manage it like we do.

Crumbs, your expenses are well above my earnings. Then again, you have a bunch of dependents, and I don't.

Yeah, there's only so much you can do with an errant family member. He stuffed it up, he's out. I agree, humour helps when dealing with that sort of person.

Ugh, that's a lot of laundry. Definitely need that drier. Glad I don't need one though.

Damn, that's a lot of interest. It's great that you set those goals and have kept knocking them out of the park. Definitely as you get the loan down those goals will be met quicker and more easily. You're doing great. I have had a similar attitude to the mortgage. I think I've told you when I was working more hours I simply spent most of the money I made over the former budget straight on the mortgage. Only an extra $200 a month, but that adds up and makes a difference.

I look forward to hearing updates on your tax return. Mine is pretty straightforward, but I get extra tax out so it's nice to see a decent lump sum each year come back to me. Mind you, there's usually some disaster that hits and wipes it all out. Last year it was both my computer and washing machine breaking down (equal to well over what I got back in tax). D'oh!

I hear you about that. Busy year for ol' Blue, too, but the benefits will come. Some already, with the Health Care Card and some changes to utilities and payment methods. It's a slow trickle now, but so is what comes at first from a crack in a dam. It will grow.

Blue.

[ecomama]

I absolutely agree with you, as per! lol.

I told Psych friend today that at first I ONLY paid an extra 11 cents on my mortgage each fortnight lol. I was SO broke at the time, $500 per week to lawyer's debt that I forced upon them (they wanted a Caveat on my house and I blatantly refused to sign it) PLUS $350 per week to Council debt. Plus the mortgage and kids etc - it was hell on wheels.

11 cents extra was it. BUT I CARED! Talk about a trickle lol.

Then as I said before, interest rates reduced last year but I kept my payments the same = extra $140 per month or so (since I pay fortnightly not monthly in line with my pay schedule, which pays about an extra month or such per year off the mortgage - another trick to shorten the loan).

Having an offset account against the mortgage, IF a person can save money, is a benefit regardless. Having almost $20k savings last year has put a good dent in the interest being charged. (We were saving for the America trip but that was canned due to Covid).

I spent that and more getting stuff we needed. New fridge, oven etc. And stuff done / fixed.

The tax return thing will be interesting (in the way I did it lol!). My father was an accountant and I osmotically inherited some things he'd be proud of lol!
It's all completely legal and totally above board. I'm such a goody 2 shoes, I'd never break the Law intentionally at least.

But so many ppl don't see the finer print in what they can do tax wise.
Anyone can claim "mileage" for vising their Accountant, every time they go there and such things like this.

Ppl also say "I can't be bothered" but I've got the opposite attitude.
I view it as "money for things I'd be doing anyway".
I've received thousands more tax back than others in my field, it adds up!
When I was single I put it against my mortgage, maybe kept a bit to buy bikes for Christmas for the kids etc. Nothing else.

It'll work out well the way I've scheduled it.
It'll also work out well for the reason I'm now being taxed to the hilt working 5d per week but last year only 3d. So the Tax I'm paying atm is "too high" when reconciled over the whole Financial Year. Hence a good hunk of "tax back" but this will go towards any debt I have.
Hence reducing 'out of pocket' AND having money back then when I really needed it.

Love EM

[Clues_Of_Blue]

Hey EM,

Yup, we're in accord when it comes to money. 🙂

I hear you about that 11c. As much as it doesn't seem like much, it's the psychology of the thing. The willingness to make the little steps in the right direction, which will snowball over time. And as you've said about the interest rates dropping whilst still paying what you were, that snowball is growing. Your head is in the right place to tackle this. I commend you.

Ah, I could only dream of saving $20K at this stage, you've done well (and spent sensibly, of course). For me it's been all about breaking back expenses so I can work less for my health, which means we're always right on the line or I'm pushing myself too hard to make a little nest egg to cope with the next transition to next hours. Honestly, it's not a nice way to live, but I've been burnt out over a decade already and don't have the capacity for better as far as work goes. Sigh.

Good that you picked up some skills from your father. Did he actively teach you anything? Mine sure didn't, but I picked up some work ethic and money sense anyway (a bit belatedly, but I got there). Never doubted the legality of your tax ideas, of course.

Yeah, I only used a tax accountant once. It was the only time I have ever had a tax bill. Sod that, I'll do my own, I've always been above board and still got money back. Mind you there is probably plenty I don't know, but I don't think there's much more I can get back from a very basic grunt job with no allowances and so on. I claim my union fees, uniform and washing expenses and that's about all I know of. Pity I can't claim fuel to and from, I'd save a mint - I really don't know how that doesn't qualify as a work expense.

My tax return usually goes straight onto whatever tax time disaster is happening, unfortunately. I swear something huge always comes then to knock it all out immediately. Car problems, whitegoods breaking down, medical expenses, stuff like that. It'd be nice to break that pattern.

Ah, I get it. I have a rotating roster, one long week and one short, so I get taxed to heck on the long week and it doesn't even out. Money will be coming back to me for that.

It's not all doom and gloom. Got a letter from the DHS saying my other concessions applied for are approved and I'd likely get the cost of living payment too. Nice. I'll keep that sort of thing in mind and try and quit it with the pessimism for five minutes.

Blue.

[ecomama]

Oh sweetheart lol yes you can "quit it" for 5 minutes then lengthen that 5 minutes!!

I hope it spreads throughout your whole life.

You're living your BEST life right now.
Regardless of your thoughts that money is controlling you, YOU are really controlling your money and all other facets of your life.

To an EXPERT Degree my dear!

Moving from "crushing thoughts" to EMPOWERED thoughts is a move from one end of the spectrum to the other BUT SO WORTH IT.
In thoughts alone.

I was like that for many years, trying to care for the kids AND earn money. Pulled in every saving trick I could and invented numerous of them too... like growing and selling my food through a Co-op we began.

Nope, my father was completely out of touch with my life.
Yet when I phoned him, he would ramble on about Taxation etc being a Corporate Accountant (not a personal Acct), I picked up generalised tips from those convos, mostly about the possibilities.
Taught me nought lol!

In fact my father taught me what NOT to do. Same as mother.
There's very little I can glean whatsoever that were POSITIVE lessons to carry and use.
I had to FIND OUT by observing and analysing others relentlessly (no internet back in the day).
Snap hey?
Lolol.

Both parents had a work ethic but it was extreme to being workaholics. I have to watch this. My whole family is like this, aunties, uncles, cousins the lot. My kids and I are too obviously.

It's a freaking miracle we got THIS far Blue!!!
But we made it happen, every darned little button in our homes, WE MADE HAPPEN.

I have to buy lots of stuff for work, so the klms I drive to do that is included.
The electricity & water used to wash uniforms can be included in Tax Returns.
There are so many "little' things (ppl say they can't be bothered to do but I CAN!) similar to my 11c extra lol!!!
It all makes a difference!

Atm you have to make hay while the sun shines, for valid reasons.
I'm putting a more measured and relaxed approach to it all atm. My kids are about to fly the nest and they had to spend their whole lives under these heavy dark clouds. It even negatively affected Alexa & the ACs but they can see WHY, we talk in depth about it all.
We've ALL learnt so much!
Hence the Family Trust idea lol.

I just got the biggest hug and thankyou from Yvette for her party last night.
Spending where it counts is priceless.

CONGRATS on the new concession card!! Oh yay!

Love EM

[ecomama]

Hey Blue

I mentioned not knowing where to go with finances on another thread.
Also that I don't feel comfortable bringing it all up with anyone around me.

Anyway I did put an extra $390 into the mortgage but waited until this week, after all the big expenses were paid out last week & just before I was paid.

I'm not feeling the best today after some bombshell news from one son + a headache etc.
I don't like making decisions when I'm not feeling well.
I'm glad HE feels better lol.

One question I have is How much is "enough" savings to have as back up for "a rainy day"?
I just don't know and would love some feedback.
This is one qn I'd be happy to ask Uncle also.

The other is, WHERE should I put more money, when I can, ie above the rainy day savings?
I was thinking mortgage only but not sure.

Maybe this is what Barefoot would say to do. Get that mortgage DOWN.

What are your views when you have the brain space Blue?

Thankyou in advance.

EMxxxx