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Save Half Spend Half plus August Tracking Went OK

September 9th, 2024 at 09:03 am

DH and I did our taxes a week and a half ago, and less than a week later received our tax refunds. We take out income protection insurance so can claim this back on our taxes and normally get a refund back due to this expense. 

I went back to my old rule that I was taught from very young to save half of any extra money you receive and paid this down against our mortgage. I like this rule because honestly if you are not needing the money you won’t miss half and it can be used for long term benefits (saving money, reducing debt) rather than being spent on something that will probably be forgotten about in 1-2 years time. 

With the other half I plan on buying a set of side tables for our front lounge room, which will leave about $400 to spend. DH got a larger tax refund but he is doing up a project bike and believes that this money will allow him to finish the bike so he can use the money received for this as it will be less to come out of our pockets. 

Changing the budget timing back in July was really helpful as it simplified things a lot. Knowing that we have an extra $85 to spend each week helped us to stop overspending and we are living within our means better. We finished up August with $22 left over and did not ever really feel like we have missed out on anything. We have saved money in various places, been out occasionally and have bought groceries and takeaway food as needed but have not really watched what we spend too hard.   I do like to stock up on grocery specials each week and have found that to be very helpful. If I see certain items down to pre-pandemic prices I always make sure to buy 1 or more of these items and just put them aside. 

So all is well currently, and we are in the first week of spring and it is a beautiful spring day. Life is good!

Posted in Budgeting, Saving Money, Spending, Tax | 4 Comments »

4 Responses to “Save Half Spend Half plus August Tracking Went OK”

  1. mumof2 Says:
    September 9th, 2024 at 10:01 am 1725872495
    1725872495

    How did you get spring weather it has been cold and wet here LOL

    so glad that your tax money went to good use and your hubby can finish up his bike and it doesnt have to come from your budget....I have have a stock pile of food that we keep as we get it on sale will do it again once we move...havent added to it this month...but our petrol today was down to 158.9...havent seen it that low for a long time...so that will help everyone this week....glad that your budget is working for you

  2. VS_ozgirl Says:
    September 9th, 2024 at 09:29 pm 1725913762
    1725913762

    The start of spring had some rain and we had very wild winds for a few days but last weekend when I wrote this post the weather was perfect here - mild with very blue skies, we left the front door open during the day for the first time in months. It was nice and we are slowly using the heater less.

    Thanks!

  3. mumof2 Says:
    September 11th, 2024 at 03:08 am 1726020491
    1726020491

    Yes we have done the same...although I tend to run hot so have my door open most days...but our garden has gone crazy with flowers and all...I can't wait to move so I can get my spring vegies planted..

  4. rob62521 Says:
    September 26th, 2024 at 05:46 pm 1727369193
    1727369193

    Good plan on saving half of extra money. Good plan to stock up on groceries when you can.

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