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My plan to save $12,000 in 1 year - Chapter One

ShesOnTheMoney

Thursday 31 January 2019

My people, it’s time I come clean.

Up until now I would have had you believe that I am the master of personal finances.

The one you turn to when your bank account is on the verge a stroke.

The one you trust to break the latest in BS across the nation.

The one who holds your hand during your latest midnight shopping spree, telling you things will be better next time.

Forgive me Aussie savers for I have sinned. This is my confession:

I love to spend money.

Look, I can still talk your head off about all things finance, like why travel insurance is super important for that backpacking trip around Europe to why that rewards credit card might not be worth your time.

But saving money? Let’s just say there’s always room for improvement.

And I’m not alone when it comes to my spending habits, I’ve even got the research to back it up.

In 2016, a study by Fox Symes found that more than 70% of Aussies admitted to overspending on everything from groceries to furniture.

So cut me some slack, I’m only human.

But I cannot stand by and let myself play along to this facade any longer, it’s time I took action against myself.

First things first, this is not a New Year’s Resolution, those are for people who order Lemon and Herb dressing when they go to Nandos, soft people. People who aren’t committed to that first delectable, spicy bite of grilled chicken deliciousness. Can you tell I’m on a diet too?

No this is a revolution.

In 2019, I will attempt to look inside myself and uncover the truth as to why I adore pulling out my debit card like it’s going out of style.

But aside from wanting to give my savings its well deserved facelift, I also want to understand why I spend the way I do.

Am I compulsive? Do I have certain triggers I’m not aware of? Or am I just a sucker to clever marketing and pretty packaging?

All will be revealed, so you’ll need to do your due diligence as a reader and come back for the next chapter next month.

I vow to become a better and more mature saver, one who you can be proud of. Hell, why not be proud of yourself and join me for the ride? The goal is to walk away with $12,000 in my bank account by the end of the year.

Here are some rules I’ve laid out for myself *cough* us:

  • Scrimp, save, beg, steal and borrow my way to $1,000 every month
  • No more takeaway coffees
  • No more takeaway lunches (okay, maybe once a week)
  • No more 2AM online shopping sprees
  • No more ‘okay once I get this I’m done spending money’ (an actual quote by yours truly)
  • Make one positive, long term change a month

I’m already all over this. I know, look at me go.

That’s right, your girl ditched and switched in 2019. And boy does it feel good.
It was my dirty, little secret I kept from friends around the office — I was still with a big bank that had a savings account rate that was…subpar at best.

So I finally put on my big girl pants and moved to an online bank with a savings account that could actually help me build a decent chunk of change by the end of the year.

And speaking of a decent chunk of change, I’ve already got just over $1,000 tucked away in my new savings account.

How did I acquire this $1,000 you might ask?

Plans for a girl’s trip in Queensland that I didn’t particularly want to go to fell through — it’s like the money gods planned this.

Even though spending gives me a rush similar to that first bite of a chocolate chip cookie — seriously this diet — I’m excited to see where this year takes me.

Plus, they say good things comes to those who work hard…or something like that.

So here’s to saving in 2019.

Current Savings: 


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