My name is Ben Sherwood, and money management is definitely not something I am good at. Savr is my project to try and make a change in my attitude towards spending by making my finances completely public.
Whether you are also struggling with spending, or just want to feel better about your own finances, feel free to follow my progress or contact me with your words of wisdom.
As it currently stands, I have quite a bit of debt as shown below. My first task is to repay a personal loan I took to pay off and cancel my "Qcard". These Hire Purchase type cards charge extreme interest and my first step to getting back into a manageable situation was to get rid of this, and I feel a lot better for it. My Student overdraft is a big worry for me, but as it is interest free, I am ignoring that for the time being.
Personal Loan: -$2,000
This acount is simply a representation of my current loan and repayments made. Being as I have just taken out the loan, the balance is still -$2,000. This will be paid off weekely at $80pw
This student Overdraft account is interest free and isn't currently something I will be tackling, but the balance may change depending on if I am making online purchases.
My everyday account. This will change heaps over the course of each month, but if I can end the week with money in this account thats a win for me! Bills are paid from this account.
Income Account: $201.99
As the account name suggest, this is where I am paid into. I usually work 30-35 hours pw which works out to be $450.00 each week. From here I transfer to other accounts as required.
Loan Repayments: $135.40
This account is where automatic payments are taken to pay off my loan. These payments are made every two weeks ($160.00). If I can pay an extra $25.00pw for the whole month, I will be rewarded! More on that below.
High interest savings account. I started this account last year in a desperate bid to save some money, as you can see I managed to save $0.40... This will be tackled after my loan is repayed!
I will update these accounts each week so you can follow my repayments, and see that I am making some kind of progress!
Just following my money sounds like quite a boring idea, so to spice things up a little, I thought I would have some kind of reward system to encourage faster repayments of my loan. Currently I am paying $80.00 per week which is very manageable, even with rent and utilities, I should be able to manage more than this. My goal is to try and deposit $25.00 a week extra into my Loan Repayments account, and if at the end of the month there is $100.00 in the account, I will pay this into my Loan account and then reward myself!
Rewards will be things like a movie trip, A meal out, or some other experience. I haven't quite worked out the finer details, but I would love it if you could suggest rewards for me! I will take photos and write a blog post on the reward, so you can also share in the rewards you suggest!