If I won 1 million dollars

Do you ever have one of those days at were everything just drags? I have them all the time, to keep me entertained during the boring times I like to dream about money, mainly what I would do if I won a certain amount or how much I would save if I saved a certain amount in a certain time frame. Today I have been dreaming about what I would do if I won $1,00,000 and here is what I would do!

If I won $1,000,000 I would:

1. Pay off my mothers mortgage approx $250,000

2. Pay off my credit card and loans $1472.58

3. Pay off my brothers loans and credit card debt $11,000

4. Give my mum and brother $50,000 each $100,000

5. Epic Party $5,000

6. Around the world holiday $60,000

7. Move to the UK and establish myself in a rental property $8,000

8. Go to university and study photography $20,000

9. Put the rest $433,472.58 into a savings account and generate interest until I decide if I want to buy property in the UK or what.

Number 9 is pretty boring but the stock market scares me, maybe I should use the rest to hire a financial advisor to let me know where I should save the rest. What would you do if you won 1 million?

Sidebar update

It was payday on Wendesday and I transferred money to my debts and into my savings.

Current levels

Credit Card - $722.89

Parents Loan - $200

Emergency Fund - $300

I am so close to paying my credit card off I can taste it, I even have enough money in my bank account right now that I could transfer it all onto my credit card and it would be paid off! I was very tempted to do this on Thursday but I realised it wouldn't be a good idea because it would leave me with around $10 for the next fortnight and I would still be in the cycle of living from paycheck to paycheck.

I'm steadily paying everything off and paying all my bills on time and at the current rate I'm on track to be debt free by the end of July!

Friday Inspiration

Friday Inspiration is a new weekly post I've decided to start to keep me motivated on my saving goals. The next time I'm at the shops drooling over a not on budget item I'm going to remember these posts and keep on track!

This Friday my inspiration is London! I want to live and work in London and scope out all the places locals know and love but I'll definitely be exploring all the tourist places first!

Photos from flickr, click on the picture for source

I know there are some UK bloggers out there! Do you guys have any tips for where I should go or what I should do?

I want to buy a vacuum.

Spending last week back at my mum's house has served 2 purposes, 1) to make me really, really home sick and 2) it's given me the spending urge!

I haven't purchased much things for my apartment because I know I'll be leaving it soon so I've been making do with substitutes, for instance I don't have a vacuum so I use a broom instead and i don't have a mop so I use an old towel and kind of walk it all over the floor, I realised when I was at home that this method is not doing the job, my mums floors are lovely and clean and mine are gross. I really need to buy a vacuum and a mop, I'm not going to go crazy and buy a Dyson or something I think I would be fine with a $40 one from Kmart. I feel guilty about going off my spending ban for this but I think I can deal with the $40 expense for the joy of a clean floor.

Am I kidding myself though? Should I make do with what I have? Do you guys think this an expense worth breaking my spending ban for?

EDIT: I've agreed to do overtime at work this week and I will use this income to buy a vacuum and put the rest into my credit card debt. Wow I think I may be finally starting to make responsible financial decisions.

Thinking of changing banks and hidden bank fees

So a couple of weeks ago my budget did not match my bank account and I couldn't realise why, all my spending added up and I thought I hadn't missed noting any spending. I had a look at my transactions and found I had been charged $46 from my bank in bank fees, this is going to sound so stupid but I thought I was only charged $5 a month in bank fees. I had a look into all my accounts and fees and was shocked at what I found, I've been with my bank since I was 6years old and I'm really attached to my account for this reason. I know my bank account number off by heart and I also love their online banking account.

One of the benefits of my work is that I get fee free banking with their linked bank. I have opened an account but I haven't really used it yet but now I'm considering changing to my work bank full time. I've done a rough breakdown below of all my accounts and the benefits of my work bank.

Current Bank

Regular Account

- $5 monthly fee which comes with 15 free transactions a month (not including access fees, like other banks ATM's)

- $2 fee for staff assisted withdrawals - I had no idea about this.

- Once I exceed the 15 transactions on the account the charges are this

- $.50 for CBA ATM Cash withdrawals

- $.30 for CBA ATM Transfers

- $.50 for eftpos in Australia

- $.30 for self service phone withdrawals

- $.30 for online banking and online bill paying, direct debits

- $2 for non brand ATM withdrawals

I've held this account since I was 6 years old and It did not have any fees until I turned 18.

On this account I make on average 46 transactions a month, which means 31 of my monthly transactions are generating a fee of some sort.

Debit Card - I need to have a separate debit card as my regular account can not do debit cards

- $4 monthly fee

- no extra fees like my regular account

Savings account

- No fees

- 3% interest

- 3% bonus interest if I deposit a certain amount every month and don't withdraw it

Credit Card

- $17.94% Interest

- $4 a month account keeping fees

If I was to change accounts I would not change this and just keep this and pay it off.

Pros for existing bank

The account history

I love, love, love their online banking platform. It's so much more crisp and well put together and easy to use

Cons

The fees.

They're a market leader and they won't negotiate on fees with me

Work Banks

Regular Account

- comes with a debit card

- Fee free banking for everything except using other banks ATM's

- no monthly fees

Savings account

- no monthly fees

- Fee free banking

- 5% Interest per annum

Pros

No fees

Cons

The clunky online banking platform

the loss of my 18yr old transaction account :(

Not counting credit card interest I pay between $20 - $40 a month in account keeping fees. I've realised by writing this post that my attachment to my 18yr old banking account is not worth the waste of money.

However I have also been looking at HSBC and they have pretty much the same deal as my work bank. The HSBC everyday banking account has no monthly fees and transaction charges plus it also comes with a visa debit card attached the account. Their online savings account also has a rate of 5.25% interest which is lower then my Commonwealth account. I was planning to open a HSBC account before I left for the UK because the also operate in the UK I wouldn't need to go through the drama many expats have trying to open a bank account in the UK.

I've written this post over the past two weeks while researching the banks so now I think I've pretty much decided to open a HSBC account as there are no fees and I'm going to need to open one before I leave for the UK so why not do it now and save the drama. What do you guys think anyway? Would you go for the HSBC or for my work bank?

Holiday Spending recap and no credit card use!

I had a lovely time with my family this week, we still had the usual family drama (don't all families?) but it was still great to be home and enjoy the warmer climate!

I set myself the budget of $100 for the holiday and I spent $106! I'm not kicking myself that it's only $6 over I had so many shopping temptations this week but I resisted them all PLUS I didn't touch my credit card at all! I'm happy I didn't use it, I even thought of using it a few times and was justifying a clothing purchase in my head but I resisted!

I also need to admit that I haven't been tracking my spending for the rest of this past pay period. I haven't exceeded my budget but I still haven't been tracking it. I'm still very focused on paying my credit card off and saving for travel so when I get paid this wednesday it's back to tracking my spending!

Holiday Spending

Saturday

$10 - Necklace

$10.95 - Gift

Wednesday

$18.05 - Groceries for when I made dinner one night

$9.60 - coffee for my mum and I one morning

Thursday

$8.20 - Coffee again

$13 - lunch

$5.05 - digital photo printing

Sunday

$15.80 - supplies for plane ride (water, gum, magazine)

$7.50 - breakfast at the airport (I had a 7am flight and had to get up at 5am!!! for my flight)

$3 - coffee on the plane

$17.80 taxi home

Friday Inspiration

Friday Inspiration is a new weekly post I've decided to start to keep me motivated on my saving goals. The next time I'm at the shops drooling over a not on budget item I'm going to remember these posts and keep on track!

This Friday my inspiration is Paris. I've been obsessed with France since I was a little girl and I've always wanted to go there, living in London I will only be a short train ride away so I plan to spend a few weekends there exploring!

Photos from flickr click on the photos for the source

The dysfunction in my family is driving me mental

I've been home for 1 day and I already feel like I'm loosing my mind. We had my nieces christening today and as usual my family members were fighting, I'm not going to discuss everything on a public blog but after everything that happened I'm feeling tired, stressed and emotionally drained.

On a more positive note though when I was flying up over the weekend my flight was delayed so I had a few extra hours to kill at the airport. Instead of sulking around at McDonalds or using the internet I window shopped and stalked the international departures area. I had such an awesome time, a bit lame to admit this I know, but the jealousy I felt watching everyone else go past the security gates has helped me with my savings motivation. I really want to travel and I'm going to do everything in my power to have enough money saved to do it!

Updated sidebars/Down to 3 digits!

So I noticed my pay came in early tonight so I decided to pay my bills so I could update my sidebars!

I would really like to bring to your attention to my credit card debt which is now $972.89, I've broken the $1000 barrier!!!

It was easy to get the debt down to this much, I always do this, I've been doing this for the past 6 years, running my credit card debt up and then paying it down, my real challenge this time is to keep it down for good, no more one off "small" purchases and my credit card stays at home. I've decided for know to keep my limit at the $1500 mark and keep the credit card around because I am going to need it in the future to buy overseas plane fares and things like that.

I'm also happy I have $300 left to pay back my parents on their loan but I've decided to pay back an extra $200 which my mother gave me as a gift to pay for misc items I needed for my new place. I figured it's time to stop relying on my parents for everything and my Mum could really use the money right now.

EDIT

I've decided to change my savings account right now to an emergency fund. Once the emergency fund reaches $1000 I will start a separate savings account for travel savings. Eventually when I go to travel I will roll my emergency fund into my savings account or keep it as an emergency fund to have while I travel and maybe have enough for a ticket home or something in there.

Busy week and a call for help!

I've had a hectic week at work, it's never ending right now, just when things get under control the sh!t hits the fan and we're back to warp speed.

Anyway, nothing new to report still tracking my personal finances, pay day tomorrow and I love using cash instead of my ATM Card!

I am having some issues with bringing lunch from home this week. I'm getting tired of my bulk frozen soups and I need some new ideas! Does anyone have any ideas for yummy and frugal lunches that is not minestrone soup? It's coming into Winter here in Australia so it needs to be warm and nourishing and I'm trying to loose weight so it needs to be healthy and I low GI. I have lunch in an office so it can't be to smelly and I have access to a microwave, toaster and a sandwich press.

I will love you all long time if you give me some tips!

What should I do with this extra income?

Yesterday I went to the bank and deposited the lost medicare refund cheque I found last week when decluttering. It was for $160.45. I love the extra money BUT I don't know what to do with it. I have 4 ideas but I can't decide so I need some help.

Option 1) Buy new contacts $120 and put the remaining onto my credit card. It would be great to have contacts again, my glasses don't property fit my face and always slide down my nose, also it's a bit of a vanity thing.

Option 2) Put it straight onto the credit card

Option 3) Put it into savings

Option 4) Leave it as a buffer in my account for when any larger bills come through.

The vain shopping loving lady in me wants to go for option 1, but realistically I'm leaning towards either option 2 or 4. What would you guys do?

EDIT:

I've used part of the money last night for dinner and desert with some friends $36.99 and the rest I am doing Option 4 and leaving it in my account for larger bills, I know my electricity bill is due soon and I don't think I've budgeted enough, plus I'm going to need to pay the excess for my insurance claim next month.

I don't play lotto

There's a new TV show in Australia called Winners & Losers and it's about 4 old high school friends who meet up at a 10yr reunion and in an odd set of circumstances they end up buying a lotto ticket and in the power of television they win $10,000,000.

That's not the interesting part for me though, when they're buying the ticket one of the girls refuses to put in protesting that its not worth it and when they win the lotto the others decide to cut her into the win.

I'm the friend who never puts into the lotto ticket, I don't like to gamble and don't see the point of paying the money when the odds are so stacked against you to win but watching this show the other night I had a doubt of maybe I should actually enter or at least go into the office sweeps. But then I google the odds and find it's a 1 in 27,489,577 odds to win the lotto, maybe I'll regret this when my office wins the lotto but right now I'd rather but that ticket money to my credit card debt or a savings account and watch it grow.

What do you guys think? Am I being naive, should I put into the office sweeps? Do you guys play the lotto?

Weekly Money Check-Up

It's My Pretty Pennies Weekly Money Check-Up time!

1. The most I’ve spent this last week was on my credit card payment.
2. Today I feel in control of my money. I'm definitely loving the cash envelope system instead, It's helping me visualise where my money is going.
3. Money can’t buy happiness. One free/inexpensive thing I did last week that made me happy was I took my best friend on a tour around the Queen Vic markets, we didn't spend a thing but it was fun to walk around and see things.
4. I will consider this week a success if I clean my apartment, completely.
5. The last time I had a good nap was maybe when I was a kid, I don't really have naps.

Wekeend re-cap

I had a great weekend and I kept within my budget! yay! I spent yesterday sick in bed and as a result of missing my weekend clean my apartment is a mess. I've skipped class tonight and am going to get my place in order.

To do list:

Washing

Dishes

change bed sheets

clean bathroom

clean lounge room

clean kitchen

put away clothes

take garbage out

There's not much point to to this blog, I just need a list to cross off as I clean.

My city hates me

Winter is coming and it's freezing! I can feel a cold coming on so I've bundled myself up at home tonight with hot soup and the least season of friends. My best friend is coming down to visit me tomorrow and I can't afford to be sick this weekend, we have so many plans so I hope this is a passing cold, if this doesn't work I went to the shops today and got the ingredients for chicken noodle soup.

ugh, excuse me I'm off to blow my noise.

EDIT:

I updated my sidebars, I love seeing them fill up! Next fortnight I should be able to break into 3 digits on my credit card! Yahoo!

EDIT: Not going to happen but I am completely lusting after the iPad2 right now.

Budget change around

I've had a re-think of my spending process this fortnight and I've decided to trial a cash envelope process for my "non bill" expenses. I'm going to keep cash envelopes of how much money I've allocated to food, entertainment, health and beauty and gift expenses. All my bills will still stay in their usual bank transfers but I'm hoping this new process will help me get more of a handle on my expenses so I can limit the overspending. I went to

I've done a rejig of this fortnights budget as well to factor in my medical bill and also some extra entertainment expenses because my best friend and her boyfriend are coming down for the weekend and I need to do the tourist thing and show them around and that's going to cost me. I've also allocated a gift expenses fund because my work loves birthdays and nearly every week we get called on to "donate" money to presents this past fortnight I've been paying my donations with spare change I had in my drawers and not allocating it to my spending, but it's time to factor this into my expenses.

I would just like to note as well my rent is paid monthly but every fortnight I need to allocate the money out of my budget to make sure I don't spend it!

250	credit card
586.5	rent
100	parents
49	internet
42	gym
40	phone
25	electricity
25	house
60	medical bill
100	savings
120	food
50	entertainment
20	gifts

I was only planning to keep only the food, entertainment and gifts in cash however when I went to the ATM today I failed at maths and withdrew $210 instead of $190 so I'm still tossing up between going to the bank and depositing the money back into my account or just keeping the $20 in a cash envelope for the house fund category.

The one thing I am unsure about is how will I be able to snowball any unspent money from these envelopes? Do I keep the money in a jar and deposit back into my bank account when it gets big enough our do I cary it over to the next fortnights envelope? Has anyone else had any success with the Cash envelope system? Does anyone have any feedback or advice?

Weekly spending

So it's payday today and today's a long post, to break it all up I'll do 2 posts, first post is my weekly spending

Friday 18th March

No spending

Saturday 19th March

-$45 haircut at the local training sailing (it looks awesome, very short)

- $12 Hair dye after cutting my hair I needed to dye the roots

- $7.67 Aldi ( my friend took me to the local aldi to check out the bargains, I didn't get much but I will definitely be back!

- $4.35 mcdonalds ( we got lunch, yeah shameful)

- $12 - we had a some beers at the pub afterwards

Sunday 20th March

- $8 hungry jacks

Monday 21st March

No spend

Tuesday 22nd March

No spend

Wednesday 23rd March

+ $1495.58 - pay

- $250 credit card

- $100 parents load

- $100 savings

- $49 internet

- $31.70 groceries

The end result of my fortnights budget is $2.82 left over which I snowballed straight onto my credit card. last fortnight I was good at paying my bills and staying within my actual fortnightly credit but I was bad at keeping within budget for my budgeted expenses.

I've tried to update my sidebars with the new total for the bills and savings I've paid today but its not working for some reason?

Anyway onto the next post.

Update

Wed 16th of March

- $40.42 - Groceries

- $29 - Pre-paid internet card, unexpected expense however I had to update my Operating System, which was annoying.

Thursday 17th of March

No spending

I'm thinking of taking my money update to weekly instead of daily, I'm to much of a scatter brain to remember to post everyday and it's probably boring for you all to read a daily spending report.

Anyway on to the good stuff, I'm going back home for a week next month and I've been thinking of allowing myself a $100 fun allowance for while I'm back home. I'm going to be catching up with friends and family and people are probably want to get a coffee, or go to the beach and then grab a drink and do other socially things. My mother and I also want to do something together, she's suggested going to this day spa which will cost $65 and you get a 1hr massage, use of a mineral pool as well as lunch at the cafe, it sounds amazing and Mum and I have never done anything like this before. However it would take a huge chunk out of my fun money and I don't think I can justify this right now, maybe I should just suggest we get pedicures instead?

I also was looking in the mirror today and It's come to my attention that I

really need a hair cut. A couple of months ago I had a misguided experiment with home bleaching and the results were disastrous, I dyed my hair back to my natural colour and have been frantically conditioning my hair but my hair is just fried and frizzy and it snaps off whenever I brush it. It's something I haven't budgeted for, or even considered but if I go to a training college I should be able to limit the cost if I go to a training salon.

I wouldn't mind something like these two styles,

Weekly Money Check-Up

It's My Pretty Pennies Weekly Money Check-Up time!

1. The most I’ve spent this last week was on paying my debts.
2. Today I feel positive towards money.
3. Money can’t buy happiness. One free/inexpensive thing I did last week that made me happy was organising my filing! I love feeling organised!
4. I will consider this week a success if I don't take the abuse from customers personal again.
5. My ancestors are Mongrels! I'm part english, irish and spanish.

I had another no spend day today, Yay, although the happiness was a bit overshadowed by another stressful day at work. I love my job and I love what I do but sometimes dealing with customers can get a bit to much, because my job is mainly phone based for some reason people will be much ruder then what they would be in person. I try not to take it personal but with how busy my industry is from all these natural disasters every thing is delayed and people aren't happy about it. There's nothing I can do about the delays, yelling at me, swearing at me, speaking to me like I am a piece of dirt does not speed up the process.

Sorry for the rant I just needed to get this out.

Productive Day/No spend day

I had a productive day today, It's a public holiday here so I used the day off to clean my apartment, do my washing and do some organising. I cleaned up and organised my filing system, I had 2 expanding files that were just full of random documents with no organisation, while I was going through these files I found a $164 medicare refund check that I'd never banked! OMG. This is a definite pro to keeping an organised filing system in the future, I won't ever loose cheques!

I'm really focusing on de-cluttering right now, there's nothing more therapeutic then going through drawers and cupboards and riding yourself of junk you haven't used in years, I've thrown out clothes I haven't worn since high school, broken pieces of jewellery, old magazines and heaps of old birthday cards. I really wan to focus on getting my possessions down to the minimum in preparation for traveling.

Today was a no spend day YAY, mainly because I just stayed at home.