Evaluating our position

Well, it’s been a big week. I’ve felt unable to post because so many decisions are being made for us at the moment. The end of uni for the year has brought with it a bit of breathing space and time to think. It has also brought a lot more questions about our short and medium-term future.

The next year, my final at university, will bring some changes. Of all things, there should be less stress than there was this year because we have no exams. At the same time though, I need to make sure I am ready to practice medicine the year after, so this is the time to be sure I know what I’m doing.

Financially, I may be able to work a little more regularly. Though I theoretically worked once a week this year, I often missed work because of uni-related issues. This festive season I am working extra shifts in the lead-up to Christmas, and this will probably help us pay for Christmas. Even though we do save in advance for Christmas through our bill-paying account, this year it has been a bit depleted by extra expenses and with only a few weeks to go, there is only $550 in there. Considering both our cars need servicing almost immediately , this money will probably go on that alone. I am confident I can cover the rest of Christmas with additional income.

That leaves an interesting New Year situation.

My priorities will be:
1) Replenish the EF to boost it from $650 to $1000

2) Save throughout the year for a home deposit

3) Pay $130 a week towards car repayments (1.5 times the actual repayment)

4) Any extra income to go on car repayments.

On this basis, we will have saved a decent deposit by this time next year. The thought of holding out on buying a home is very upsetting, but I realise we just can’t afford it. We would be in such a precarious position and it isn’t worth it until I go full-time. We would have no life and no reserves. This way, we can plan ahead and ensure we can pay for all the added extras that go with home ownership (insurances, etc).

I am also focusing a little more at the moment on ways to save money week to week. We are buying a lot of vegies that aren’t getting used, so I need to plan how we can shop for veggies more regularly. We also buy a fair bit of takeaway food, and this has to stop (as much for our waistlines as anything else). I will consider how this will work and implement some strategies after Christmas.

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