Hi
The mortgage figures for the month of Feb.
Feb 1 Balance $135 553.85
Payments made $1520
Interest charges $761.42
Closing Balance $134 795.27
Reduced by $758.58
In spite of the interest rate increase made by our bank this month we have run some figures in some online calculators and have decided that we will stick with our bank for the time being. The last rate increase added $0.97 per week to our repayment so nothing earth shattering. Of course the principle of it does stink and we would for that reason change except that we would be far worse off after paying for application fees, valuation fees and an exit fee due to the age of our mortgage. But we will review it again if things change in the future.
Mrs BB
Wednesday, 29 February 2012
Thursday, 16 February 2012
What does $154.32 worth of groceries look like?
Hi
So I went grocery shopping again today. With list in hand off I went. When it was all over I had spent $154.32. That's $14.32 over budget and it doesn't include the two milk runs I've done this week or will have to do before the next shop.
So on the drive home I was thinking about the overspend. I thought I had bought well even though it was over my budget. I had bought some shampoo, toothpaste, deodorant etc as well as a heap of fruit and veg. I decided on my way home that I would take a picture of the shop, to have something visual before it all gets put away and you are left wondering where $150 went.
So a quick analysis. First Aldi
Mrs BB
So I went grocery shopping again today. With list in hand off I went. When it was all over I had spent $154.32. That's $14.32 over budget and it doesn't include the two milk runs I've done this week or will have to do before the next shop.
So on the drive home I was thinking about the overspend. I thought I had bought well even though it was over my budget. I had bought some shampoo, toothpaste, deodorant etc as well as a heap of fruit and veg. I decided on my way home that I would take a picture of the shop, to have something visual before it all gets put away and you are left wondering where $150 went.
 |
| Aldi shop - $93.73 |
 |
| Coles Shop - $40.60 |
 |
| Fruit and Veg Shop - $20 (Plus Aldi Bread) |
- In the Aldi shop there was 2x 1kg blocks of cheese at $6.69 each. This will last us till the end of Feb.
- I also bought 2 packs of ham (200g packs) at $3.99 each. I hope this lasts till the end of next week if not a little longer.....
- The other expensive item was dishwasher powder - $3.99. The one we are using isn't finished yet but I wanted to have one in reserve. (The horror of having to wash by hand!!!)
- The big pink 4 litre container is Ice Cream. $4.29
- I bought 2 tubes of our toothpaste on sale $2 each. So this should last for sometime.
- I also bought a reserve tube for Miss BB
- For Miss BB I had to get shampoo and conditioner. Luckily she likes the cheapest brand - $1.90 each
- There was also Coles brand deo for $2.60. This is a reserve item. I hate the idea of running out before we can get another so once something like this is opened I buy the next one.
- I also bought 2 dips on sale 2 for $4. This is a treat for us for Saturday night when Mr BB and I have a movie night planned. Cheaper than going out to the movies I guess.
- Yes there is a chocolate bar for me in the picture which was on sale for $1. It just made it on the picture before it was eaten.
- Nothing really to say about these items. The nectarines may have been a little on the expensive side at $3.99kg. But Mr BB likes them.
Mrs BB
Tuesday, 7 February 2012
January 2012 - Budget Review
Hi
One of the reasons we've decided to keep a blog about our finances is to have a place to be accountable and a place where we can analyse. We are hoping that by recording monthly we can better react more promptly to any trends in our spending.
So how did we do in January, this 1st month of our new budget? Well I would have to say pretty good.
So overall a good month. Lets hope February brings more of the same.
Mrs BB
One of the reasons we've decided to keep a blog about our finances is to have a place to be accountable and a place where we can analyse. We are hoping that by recording monthly we can better react more promptly to any trends in our spending.
So how did we do in January, this 1st month of our new budget? Well I would have to say pretty good.
- Groceries came in under budget (budget $606/month - result $47 under)
- We managed to have 9 "No Spend Days"
- We spent under budget on clothing for the 3 of us (Budget $164 - Spent $83)
- We allow ourselves a small amount of spending money in a month. We spent under that amount (Budget $162.50 - Spent $16.86)
- We run 2 cars with 1 being a small Getz for Mr BB to travel to work. The main family car is a RAV4. For petrol we have $238.33/month for the RAV and $130/month for the Getz. Last month was school holidays and there were are few days where Mr BB had time off so our spend for petrol came in well under budget. RAV spend - $92.53 Getz spend - $81.12 I'm keeping our budget for this area the same because I really feel that $55 and $30 per week for petrol is a reasonable amount as petrol prices seem to be staying at around the 145-150c/litre now.
- Entertainment was the only area of concern last month. We have a budget of $86/month. Last month we had a spend of $130.50. I would probably put this down to school holidays as Miss BB didn't go back to school until the 23rd. A couple of trips to the movies and a McDonalds visit pushed us over. I don't expect to go over this month but it is something to keep an eye on.
- The only cost that caught us be surprise was Mr BB's dental bills. Two trips to the dentist and antibiotics cost $854.60! There is still one more appointment booked so I expect it to head closer to the $1k mark. We will be using some of our saved money and some of the extra mortgage money to pay this bill. It makes me glad we do have this buffer.
So overall a good month. Lets hope February brings more of the same.
Mrs BB
Wednesday, 1 February 2012
Mortgage Progress - January 2012
Hi
One of the goals for our family is to become mortgage free much earlier than 2036 which is when this mortgage ends. In fact we want it gone in the next 6 years.
So at the beginning of January our mortgage sat at $141 532.
During the month of January we decided to transfer money that was saved in an online savings account over last year for a garden renovation to the mortgage account. We are still undecided when we are going to do the garden reno so we thought the money would be better served sitting in the mortgage reducing the interest we have to pay.
We have also been paying more than the recommended weekly amount the bank says. We had decided to bring the amount we are paying more in line with what we could expect to pay for rent of a similar house in our area. So $380 is going weekly to the mortgage account. In February the December interest rate cut will be passed on so we will be paying more to that debt ie BIG 4 bank says $268 per week and we will be paying $380. An extra $112/week
So at the close of January we have a balance of $135 553. A reduction of $5979.
The interest for the month was $783.55
We paid $1520 in repayments.
The transfer amount at the beginning of January was $5242 of which $242 has been earmarked for our USA holiday savings but parked in our mortgage to reduce interest payment.
Once I have looked at the figures for January I may be able to add a little extra money from savings we made.
Mrs BB
One of the goals for our family is to become mortgage free much earlier than 2036 which is when this mortgage ends. In fact we want it gone in the next 6 years.
So at the beginning of January our mortgage sat at $141 532.
During the month of January we decided to transfer money that was saved in an online savings account over last year for a garden renovation to the mortgage account. We are still undecided when we are going to do the garden reno so we thought the money would be better served sitting in the mortgage reducing the interest we have to pay.
We have also been paying more than the recommended weekly amount the bank says. We had decided to bring the amount we are paying more in line with what we could expect to pay for rent of a similar house in our area. So $380 is going weekly to the mortgage account. In February the December interest rate cut will be passed on so we will be paying more to that debt ie BIG 4 bank says $268 per week and we will be paying $380. An extra $112/week
So at the close of January we have a balance of $135 553. A reduction of $5979.
The interest for the month was $783.55
We paid $1520 in repayments.
The transfer amount at the beginning of January was $5242 of which $242 has been earmarked for our USA holiday savings but parked in our mortgage to reduce interest payment.
Once I have looked at the figures for January I may be able to add a little extra money from savings we made.
Mrs BB
Week 4 Grocery Shop Challenge
Hi
I've done it!!! Yeah!!! I've managed to stay under our grocery budget this month for the very first time. And what makes it even better is that it is the first month of our family challenge to take control of this item of our budget and it was under.(Imagine happy dancing here) It gives us a good feeling for the rest of the year.
Here's how the figures stacked up this week.
Aldi $65.26
Coles $33.27
Fruit and Veg $ 9.05
Woolies $0
$107.58
This means we have come in at $47.15 under the $606 monthly budget. This money we are going to put towards our holiday saving budget.
How I think this came about?
Well one major contributing factor is that I finally GET the idea of a proper detailed shopping list and not treating it as just a reminder note and adding other items as I see them. There have only been a couple of times I have deviated from it because I realised I forgot something like cat food when I saw it on the shelf.
Another was making a detailed menu plan each week. I sort of did this before but I guess I was a little half-hearted about it. This time I took a little more time to figure one out. I even tried a couple of new recipes so I'm even happier I still stayed under budget. I decided to put a little copy of the plan next to the list so I knew what was planned on what day and why I was buying this or that while I was a the supermarket.
I think maybe the biggest contributing factor was paying with cash except at Coles. Also the last couple of weeks I have put a little dollar amount on the side of the list with approximately how much each shop would cost going by experience. I must say that this has been very helpful and I'm going to keep doing it.
Putting these changes,menu planning and list planning etc, into action would have really only added about 15-20mins a week, which I'm sure will become less as I get better. So if I look at an hour for the whole month and I saved nearly $50 then that's a pretty good return on time.
So with the first month a success, I know that I can't become too complacent either. But I now have the confidence that I can do this and even look for ways to improve.
Mrs BB
I've done it!!! Yeah!!! I've managed to stay under our grocery budget this month for the very first time. And what makes it even better is that it is the first month of our family challenge to take control of this item of our budget and it was under.(Imagine happy dancing here) It gives us a good feeling for the rest of the year.
Here's how the figures stacked up this week.
Aldi $65.26
Coles $33.27
Fruit and Veg $ 9.05
Woolies $0
$107.58
This means we have come in at $47.15 under the $606 monthly budget. This money we are going to put towards our holiday saving budget.
How I think this came about?
Well one major contributing factor is that I finally GET the idea of a proper detailed shopping list and not treating it as just a reminder note and adding other items as I see them. There have only been a couple of times I have deviated from it because I realised I forgot something like cat food when I saw it on the shelf.
Another was making a detailed menu plan each week. I sort of did this before but I guess I was a little half-hearted about it. This time I took a little more time to figure one out. I even tried a couple of new recipes so I'm even happier I still stayed under budget. I decided to put a little copy of the plan next to the list so I knew what was planned on what day and why I was buying this or that while I was a the supermarket.
I think maybe the biggest contributing factor was paying with cash except at Coles. Also the last couple of weeks I have put a little dollar amount on the side of the list with approximately how much each shop would cost going by experience. I must say that this has been very helpful and I'm going to keep doing it.
Putting these changes,menu planning and list planning etc, into action would have really only added about 15-20mins a week, which I'm sure will become less as I get better. So if I look at an hour for the whole month and I saved nearly $50 then that's a pretty good return on time.
So with the first month a success, I know that I can't become too complacent either. But I now have the confidence that I can do this and even look for ways to improve.
Mrs BB
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