Last year we ran some budgeting and cooking classes for those on low incomes entitled ‘Living on the smell of an oily rag’. I took the budgeting one which was quite successful and had requests to speak on the subject. The base line most found challenging was my statement that shopping for $40 per week […]
• To focus on your goals it can be a good idea to print out a picture of the things you are aiming for (eg house) or that are important (eg kids) and either glue this onto your credit card or print it as a sticker and stick it on. That way every time you […]
Make the most of the recession with interest rates for floating mortgages low at present, if you are able to keep paying the same amount you were before the interest rates dropped. This way you will be paying the difference straight off your principle loan amount. You can save thousands of dollars in interest in […]
Can’t save money? Try this to end up with $1,368 in 1 year. Think 1 year is a long time– it moves fast and then you think I could have saved such and such. Hint: Week 1 save $1, Week 2 save $2, Week 3 save $3 and so on until Week 52 you will […]
I have worked out the hourly rate I earn compared to a cafe coffee… in my case it is three quarters of an hour to pay for it! That’s the fastest way to convince me not to buy a coffee and cake.
Interest rates are the lowest they have been in decades. Use the money you are saving on interest to repay the debt principal. You do this my telling your bank to keep the repayments the same.
About 17 years ago, the Govt raised child support to $150 per week for our child. Cullen at the time suggested parents think about their child’s future educational needs so we did. I saved $50 per week in a special account not touching it except for major dental work, and there is now $25,000 in […]
Valmae asks, “My query is related to keeping track of income and expenditure. What do others recommend as the easiest and most efficient method of tracking our money? Is there some great cheap or free oily rag software or already set up spreadsheet? Would be great to hear what others find useful and simple and […]
This week the Government released its Budget, so we thought this week we would deliver our Oily Rag Budget! While the number of zeros attached to the numbers is not up to the size of government, the principles are the same: spend less than you earn so you have money left over at the […]