1 Month Update

Back in June I read “The Barefoot Investor” and this book has changed my life. I’ll go into more detail on ‘BFI’ in another post. Each month I want to give an update on where I’m at and what is going on with my finances and savings etc. 

For this first month i decided to do a spending comparison between Pre-BFI and the first 2 pays on BFI. 

What I did: 

  • Paid my credit card off using a bonus from work

  • Started a budget and tracked all outgoings

  • Listed items on FB for selling

  • Did a stock-take of my Pantry and Freezer

  • Compared providers for health insurance, car insurance etc

  • Unsubscribed from store mailing lists

  • Joined Flybuys Rewards Program

  • Joined Woolworths Everyday Rewards Program

  • Opened new bank accounts with ING

  • Closed my Commonwealth Bank accounts (aside from my loan)

  • Cancelled monthly donation

  • Moved my superannuation to HostPlus

  • Change my bank details and super with my workplace

  • Got a rego card from Australia Post

  • Closed my Credit Card

As you can see I accomplished quite a lot in this first month! 

Spending Comparison

 

I was pretty embarrassed when I worked out how much I used to spend on retail shopping and food/groceries. A lot of that retail shopping was actually on my credit card as well! My biggest area of spending was food…you’d be surprised how much each little purchase adds up, especially when i was buying breakfast and lunch out every single day. This was one of the areas I tightened up on immediately. I had always had a budget and always wrote down an amount to spend on groceries but I never actually stuck to it or tracked it at all. This time was going to be different. As you can see I pretty much halved my spending in the bottom 2 pay cycles. 

I’m pretty proud of my efforts so far. 

In terms of savings my goal is to save a $2,000 emergency fund. By the end of June i was up to $800 approx in this account. 

Pretty decent efforts for the first month…

love tasha

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