Clearly still in debt!

Well, as predicted it is the end of the financial year and I’m not quite out of debt. I still have $2500 remaining to pay: $2100 from a cheque being sent out tomorrow and $400 from tutoring work I’ve done.

But this does mean that from next pay (thursday), I can start thinking about where to put the $500 or so a week that we were putting to debt repayments.

I do have a lot of things planned but the first thing I need to focus on is rebuilding the emergency fund! I would like to get $5000 in there by the end of the year, and – instead fo having the $1000 cushion in there – this time I’ll be starting from scratch again.

Some of our expenses – such as childcare – will go up markedly in July, so at present we won’t have that $500 a week anymore. Instead we’ll be looking at about $300/wk. That’s because I am allocating a little more towards lifestyle and a bit more each week towards billpaying too. We need to rebuild our wardrobes a bit after our year or so of living `poor’, partly because our wardrobes weren’t great to start with!

 And we have to get some work done on our vehicles.

I need to get creative about how to make up the $200 `shortfall’ in savings each week, and I’m sure if I just use my head, I’ll be able to do it. I just need to really think. Spend less in some areas? Or just bring in more?

We’ll get there

 

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3 Comments »

  1. debtdieter said

    Congratulations on being so close to debt free! As you say, the timing couldn’t be better with all the new financial year changes coming in.

    One thing to consider is the government is restructuring the tax bands, so maybe your new total take home pay might be higher?

    That may help towards the ‘missing’ $200. I believe I’ll be bringing home an extra $120 or so a month from next month.

  2. I think you may be right debtdieter! I believe this is going to help by about $50 or so.
    What are you planning to do with your extrs $120? I’ll have to pop over to your blog and have a look!
    Thanks again for commenting and for the support!

  3. louise said

    you are so close! It won’ take long now.
    I get really cranky about childcare costs, and when the government tries to give a bit of relief the operators gobble it up! I think we have a long way to go in supporting families that need childcare in Australia.

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