Household budget planner excel3/31/2024 It’s the fastest way I know to gain financial self-confidence. If you really want to get happy, you should be devoting at least 20 per cent of your income to escaping the cult of credit and building up your Mojo. I call this the ‘domino your debts’ method, because you knock them down one by one (other than your mortgage and your HECS-HELP debt). Then you should start paying off your minor debts by attacking the smallest one first (say a parking fine), knocking it over, and then moving on to the next biggest one – and keeping going. If you’re a card-carrying member of our credit card nation, you should first save $2,000 into a Mojo account (a high-interest online savings account). That’s because Australian households have some of the highest levels of debt in the world. Turnbull and his team spent two years complaining about ‘Labor’s debt and deficit’, but when they got approval to lift the nation’s debt, they ramped up debt from $153 billion to $400 billion.) Plenty of people lead lives of quiet desperation in trophy suburbs.ĭo you allocate 20 per cent of your hard-earned towards savings? Yet it’s also what keeps people trapped in stressful jobs they hate, and in situations that aren’t healthy for them. That’s what marketers have brainwashed us to do. That’s because (a) they’ve never bothered to figure it out, and (b) whenever they get a pay rise they spend more, generally upgrading their homes and their cars. See, if you ask someone how much their basic living expenses are (and I do, and quite often) they’ll generally parrot back how much they earn. Here’s the thing: knowing how much it costs to run ‘You Inc’ - actually having a monthly dollar figure - is incredibly powerful. Sure, these percentages work for people on an average income, but they’d blow out for people on really low incomes (with more of their money going towards food and shelter), and for those on really high incomes (BMWs, baby!). Utilities (power, gas, water, broadband, phones): 5-10% Here are some rough percentages based on an average household income: In other words, all the things you need to live safely in the suburbs. Well, a good yardstick is you’ll be allocating 60 per cent of your after-tax household income to food, shelter and Netflix. How much does it cost you to keep the lights running and the kids from drinking out of the dog’s bowl? “Is my bank balance supposed to look like this?” Think of this article like the sealed section of Dolly magazine. However, I do have a good handle on my numbers, and how much it costs to run my house of representatives. Me, I don’t do budgets (government or personal). It’s a bit like the out-of-work miner who recently emailed me saying: “I’m broke - should I sell my jetski to pay off my credit card?” The boom is now long gone, but Sco-Mo (like Smok’n Joe before him) has continued to fall into the same trap. Wayne Swan inherited a $21 billion surplus in 2006 six years later we had a $48 billion deficit. Here’s the truth that you won’t hear on Tuesday night: we’re paying for our government groceries on our nation’s credit card.It’s true. Not much.Just a bunch of middle-aged white guys trying to put lipstick on a pig. Next week is the budget … and you know what that means?
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