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  • Profile photo of scottyboy8289scottyboy8289
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    @scottyboy8289
    Join Date: 2013
    Post Count: 5
    November 10, 2014 - 9:22 am

    Hi Guys,

    I greatly appreciate the time you’ve all taken to repsond.

    I’ve had great lengthy discussions with her to try convince her, discussed different scenarios and have ultimately left it up to her but have asked her to completely review it from both sides of the fence – read a few magazines (i placed a few on her bedside table haha), forums, etc and then we’ll talk in 2 weeks about where we go from here.

    i’ve locked the keys away so the car doesnt get driven until she decides, hopefully subconsiously this will make it feel as if she doesnt have the car :)

    hope for the best.

    Profile photo of scottyboy8289scottyboy8289
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    @scottyboy8289
    Join Date: 2013
    Post Count: 5
    November 4, 2014 - 10:10 am

    Thanks and agree totally,

    My priority is to be financially free, debt free, retire early but continue to work on my own accord / my currently goal is to push my career to its limits and try become Snr Manager/ VP / President / CEO of the company i work for or another.
    My Partners priorty is to be a mum, a wife and the whole white picket fence ideal – she tends to leave the finance’s up to me as i have the mind for it.

    About the Car – we were considering selling our car (5k) anyway as its not practical for a baby being a small hatchback and upgrading to a larger under 10k – but we would probably not have gone through with it and just made do.

    With the debt, we are slowly chipping away at it and I’ve alway had the debate in my head to either keep doing what we’re doing and save and pay off debt at the rate i am or to just smash the debt – downside to that is that it would take 1 year to knock off the debt then another year or two to save a 5% deposit and also the high interest…. either way the debt sucks.

    What prices I’m looking at and where….it all depends on affordability and borrowing i guess.
    If investment, due to low deposit i would have started to look at Mt Druitt, Campbelltown type areas or would look towards affordable 1/2 br. units – alternatively i’d look at Brisbane or Melbourne.
    If living in it, it’s more so proximity to work that I’d be looking at – so in and around the Bankstown Airport area.
    If i was to live in it, i would only do so for the time it takes to be eligible for FHOG and get the CGT benefits (if any) then turn it into IP.

    I’m renting in South West Sydney – 8 minutes from work, it’s a brand new house which we split rent with my sister and brother in law.
    If i bought new, I’d try get a similar type property to cater for my sister & family plus my family and that way my sister can chip away at my home loan :)

    Im aware 20k wont buy us a house, well… i know it would suffice a 5% deposit for a 400k property ….but then i need all the other payments for stamp duty etc.. unless its brand new and receive the 15k off the stamp duty then need to cover other costs – i have about 5k owed to me by family members who i can cash in on.

    Appreciate the time you have taken to comment.

    Profile photo of scottyboy8289scottyboy8289
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    @scottyboy8289
    Join Date: 2013
    Post Count: 5
    April 10, 2013 - 2:53 am

    Hi Claire (assuming name is Claire based on your username)

    I'm not currently invested in property yet but am saving up for my first property (due to purchase late this year) and this is how me and my fiance have restructured our finances almost 2 years ago and the improvements are excellent over our previous 1 account each.

    This has limited our spending as we only get $80 a week to live on including going out and keeps our hands away from our savings.

    we could put both saving account 2 and 3 together to increase interest paid to us …but i find the separation is great and the need to block our access to the money works well.

    We now use this;

     

    1 Online Saving Account – My Fiance and my pay go in here, all bills come out of here with a buffer of about $1000 for any inconsistent bills. (labeled as Pay/Bills)

    1 Online Saving Account – $X000.00 per month automatically transferred from bills to here every 15th (labeled as House Deposit Account) – accessible only in branch with signature from both parties

    1 Online Saving Account – $X00.00 per month automatically transferred from bills to here every 15th (labeled as Holiday/Large purchase/Education)

    1 Transaction Account – $80.00 per week automatically transferred every Monday (labeled as MINE! …..and HERS!) 1 card (black)

    1 Transaction Account – $80.00 per week automatically transferred every Monday (labeled as HERS!) 1 card (Pink)

    1 Transaction Account – $X00.00 per month automatically transferred every 15th (labeled as Groceries) – 1 card each (blue)

    I'd assume when i buy the first property we'd add 1 more account with automatic payments to cover costs etc…. but ill have to see when that time comes, someone else will surely answer this part

    This may not suit you and your partner or answer your exact question but may help another forum lurker/member with structuring their own accounts.

    Regards

    Scott

    Profile photo of scottyboy8289scottyboy8289
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    @scottyboy8289
    Join Date: 2013
    Post Count: 5
    March 1, 2013 - 1:56 am

    I know that i'm new and i'm not as experienced as Shahin and Jamie but if i was in your shoes currently, I'd spend the next 5 months paying the $2000 p/m onto the credit card and closing it down, potentially ending up with greater borrowing power and more savings.

    I was in the a similar boat 12 months ago but i had $55,000 of consumer debt (40,000 car debt, 10,000 motorbike debt, 5,000 credit card) i consolidated the lot 12 months ago and am now sitting on 32,000 in debt, my repayments were lowered and can now afford to save $16,000 per year toward investing.

    Just my 2 cents, but hope you can get some finance soon..

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