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August has been a good and much calmer month than crazy July: I went on a long-weekend getaway for my birthday to Hobart (Tasmania) with Mr. Piggybanks, tried a scallop pie and smoked eel for the first time (Tasmanian specialities), changed jobs, received a pay rise (the benefit will come through in September’s paycheque), had less of a whinge about life and become more focused. Life is good and seems to just keep getting better.
Now this piece of news may be a big giant red flag for some but one of the big changes I’ve made this month was getting my first credit card and cancelling my overdraft option.
I’m in the second month of using the credit card and all the benefits have stacked up nicely. No more $10 set overdraft fees for a cent in overdraft, high interest and everything is paid in full every month. I’ll talk about the credit card in another post but so far, having a credit card has been great.
In July I wrote only 2 posts; this month I wrote 5, including starting weekly Frugal Wins and Fails posts:
- 5 Frugal Wins and 3 Frugal Fails
- 6 Frugal Wins and 2 Frugal Fails
- 3 Frugal Wins and 1 Frugal Fail
- My New, Mid-Year F17/18 Financial Goals
- July Net Worth & Spending: -$4,213 NW
So where did my money go this August? Let’s break it down!
Unsurprisingly, the big ticket items were literally… big tickets for a holiday to Hobart. We could have saved some money on the tickets as we booked them last minute and paid a big premium, however this is a learning point for next time. Clothing purchases jumped up as I bought warm clothes for the Hobart trip which were both well worth it and much needed.
Entertainment and groceries dropped from last month and that was due to packing lunch at least 4 times a week. Medical increased due to my 6-month dental check up and rent was slightly higher due to the 5 weeks of August instead of the usual 4 week months.
I really need to motivate myself to sell my old clothes and shoes to clear out my wardrobe and bring in some extra cash however have been putting this off for a months. Any tips on getting motivated to declutter?
Has my net worth increased this month?
Yes it did! Only marginally however, and much less than I had hoped given the birthday holiday costs. An expensive but well worth trip. My net worth is inching towards a $0 net worth so I should have a positive net worth by end of this year. A strange feeling that I will be worth nothing by the end of this year!
What are my goals for next month?
ONE: Start a holiday sinking fund
As I’m prioritising travel above wining and dining (unless it’s during travelling), I’ve starting a sinking fund for my future holidays to prevent huge costs coming out of one month’s paycheque or savings. This year Mr. Piggybanks and I have travelled to Melbourne, the Philippines, Hobart, Canberra and hopefully there will be many more adventures to come! Not sure how much I’ll contribute but probably a small $100 a month as a start.
TWO: Get home contents insurance
This has been something on my mind for a while but hit home when we had a couple of friends house sit for us the other week. None of our possessions are insured if the place burns down or if we were robbed, which would cost us thousands of dollars if we need to replace everything. Do you have any tips on contents insurance?
THREE: Keep adding to the emergency fund
One of my end of year financial goals is to have a 3-month, $7,000 emergency fund under my belt which will give me greater piece of mind. I’m 25% there, and need to bulk up the savings to make this goal before the Melbourne move end of this year.
How did your August go? I’d love to hear your August money milestones or any money fails. Post below!
xx Miss Piggy
Cover illustration by Kelly Beeman