Fortunately none of these were essentials. We really wanted them all and ideally would have at least had my husband attend his sisters wedding, but unfortunately our finances just couldn't accommodate our desires, which happens from time to time.
The renovations on our house still need to be finished, but we have most of what we need for it. Our bed needs replacing (it broke on the weekend), we have a $9,000 personal loan and would like a bit of an emergency fund, as well as replacing the air conditioning (I know not a necessity, but here summer gets really hot and we nearly died last summer).
All up it's about $16,000 we would like to pay off the loan, have $5,000 in savings and replace the bed/air conditioning.
Ideally the air condition would be done in the next month as it is already getting hot. I know I should technically pay off our personal loan first, before considering luxury purchases. I also know without it we don't sleep, end up at my mother in laws a lot or the swimming pool/shopping centre/anywhere cool which ends up costing in petrol, entry fees and emotionally as we are tired from being unable to sleep.
My timeframe for the entire thing is 6 months. Earlier if possible, but I am trying to be realistic.
So to get $16,000 in 6 months:
- I will switch banks. Our interest rate on our mortgage, bank fees etc. Would all be less with a different bank. It would save us a total of $1,250 minimum.
- Take advantage of the extra money offers at the moment. Many banks are offering cash if you deposit a certain amount into an account. I have looked into some of them and could earn a few hundred dollars over the 6 months with these offers.
- My husbands overtime. He has been getting a bit lately, which won't always be the case, but when it's there it will go into savings.
- Finish my Sell 1000 Things Challenge. I am up to 362 items sold now, so that is fantastic.
- Complete my $100 Christmas Challenge. So far I am on track with only spending $100 this Christmas. Many of the gifts are made and my plans are all set.
- Promote my book 365 Ways To Make Money more. I am possibly doing some more public speaking soon and a few other projects might be happening in relation to it.
- Cash in my points on survey sites. I have about $100 in there I think. I need to check them all.
So who is interested in setting themselves a challenge to pay off a debt/save an emergency fund?