Jumping into ERE
Posted: Mon Oct 31, 2016 7:52 pm
I absolutely love reading journals about how other people are going and I'm starting today as the 1st November marks the first day of extreme November as I've pitched it to my DH. Comments, encouragement and thoughtful critics are warmly welcomed.
Briefly about me:
Family of 4.
Living in Sydney, Australia.
Currently I don't think there has been a month that we have saved more than we earned! Hence our dire need to reign our spending in.
Aim:
I want to be financially independent from a job within 7 years. So my the end of the year I would like to have a clearly documented plan of how we are going to achieve this and what it means for us. Does anyone have a format that has been particularly useful for them or suggestions on what is really important to include??
Computer died taking my budget with it. However I have an old backup I need to reload the data into, which I will do this week.
We have developed a list of ways to save that we will be actioning this month as a way to get started.
- Energy audit. We used an energy meter on our mains power at already have identified that the outside AC unit (which I can justify later ) Uses approx. $150 of power per year by being "ready" so I've turned off that switch. $150 / yr saving banked. Then we identified the standby power on our microwave uses a similar amount, so DH has bought a switch so we can independently switch this off when not using. Identified saving of $150 / yr
- Switch energy suppliers? My Dad seems to be getting a better deal on his power then us through a new supplier. To investigate
- Growing veges on the balcony. Planted some bean and tomato seeds last week, beans are going well. Yesterday planted a tomato plant, cucumbers and tomato seeds. Saving plastic bottles to repurpose as planters following something cool I saw on another ERE thread. Great activity to do with my daughter as well.
- Going to check out bulk rate on toilet paper and tissues.
- Investigate DIY for dishwasher tablets, dishwashing powder, handwash and body wash. My husband buys these at a great price so it will depend on the numbers.
- Close my personal mobile and get a work phone. Potential saving of $360/yr .
- Sell stuff we don't use or need anymore. Cash injection that can go against the mortgage.
- Reduce out eating out budget to $50 per week. This is a saving of around $5,200 / yr. I appreciate I might be inviting some friendly critics here. Make lunches and snacks the night before, have drinks to take out for our daughters, make sure we use leftovers etc.
- Cheaper internets and home phone deal possible?
- Ride to work. Not really a massive saving but good from a fitness perspective.
- Transfer $9 credit from old credit card to our bank account.
- Making baby food. This is a huge saving we already bank.
- Access financial planning money through work. Need to consider the value add here.
- Make homemade jam, some saving and also skill development, potential to make gifts or sell in the future??
- Go to the wholesale fruit and veg market.
What else can I do?? What % savings rate should I be aiming to achieve??
Briefly about me:
Family of 4.
Living in Sydney, Australia.
Currently I don't think there has been a month that we have saved more than we earned! Hence our dire need to reign our spending in.
Aim:
I want to be financially independent from a job within 7 years. So my the end of the year I would like to have a clearly documented plan of how we are going to achieve this and what it means for us. Does anyone have a format that has been particularly useful for them or suggestions on what is really important to include??
Computer died taking my budget with it. However I have an old backup I need to reload the data into, which I will do this week.
We have developed a list of ways to save that we will be actioning this month as a way to get started.
- Energy audit. We used an energy meter on our mains power at already have identified that the outside AC unit (which I can justify later ) Uses approx. $150 of power per year by being "ready" so I've turned off that switch. $150 / yr saving banked. Then we identified the standby power on our microwave uses a similar amount, so DH has bought a switch so we can independently switch this off when not using. Identified saving of $150 / yr
- Switch energy suppliers? My Dad seems to be getting a better deal on his power then us through a new supplier. To investigate
- Growing veges on the balcony. Planted some bean and tomato seeds last week, beans are going well. Yesterday planted a tomato plant, cucumbers and tomato seeds. Saving plastic bottles to repurpose as planters following something cool I saw on another ERE thread. Great activity to do with my daughter as well.
- Going to check out bulk rate on toilet paper and tissues.
- Investigate DIY for dishwasher tablets, dishwashing powder, handwash and body wash. My husband buys these at a great price so it will depend on the numbers.
- Close my personal mobile and get a work phone. Potential saving of $360/yr .
- Sell stuff we don't use or need anymore. Cash injection that can go against the mortgage.
- Reduce out eating out budget to $50 per week. This is a saving of around $5,200 / yr. I appreciate I might be inviting some friendly critics here. Make lunches and snacks the night before, have drinks to take out for our daughters, make sure we use leftovers etc.
- Cheaper internets and home phone deal possible?
- Ride to work. Not really a massive saving but good from a fitness perspective.
- Transfer $9 credit from old credit card to our bank account.
- Making baby food. This is a huge saving we already bank.
- Access financial planning money through work. Need to consider the value add here.
- Make homemade jam, some saving and also skill development, potential to make gifts or sell in the future??
- Go to the wholesale fruit and veg market.
What else can I do?? What % savings rate should I be aiming to achieve??