#moneydiary

*MAY FINANCE UPDATE* . . Shortly after posting April's update I realised my running total was off. The spreadsheet was only counting so many rows and cut off my latest purchases 😬 oops! . . This month our biggest cost was the bathroom. We have spent so much money on sealant it is silly. I have lost count how many times we have filled and emptied the bath to check it's no longer leaking. To top it off, the taps that I loved will no longer fit on the bath comfortably so we've had to go with a wall mounted bath tap, which to be honest neither one of us are very enthusiastic about. On the bright side, the bathroom is fully boarded and ready to be tiled. . . In terms of tracking our finances I've made the decision not to count purchases such as compost and seeds that are not essential to finishing the house. Also I have realised that there are a lot of missing receipts for plasterboard so we can probably add on another £100 or so. . . #renovation #reno #renovationcosts #renovationcost #finances #money #moneydiary #firsttimebuyers #firsthomebuyer #firsthome #firsthouse


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Okay, last post for today, I swear! 😅 Just wanted to start the month with a list of goals and build some momentum. Hopefully, I’ll be able to check all of these off by the end of the month! ✔️


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here are my 𝐣𝐮𝐧𝐞 𝐠𝐨𝐚𝐥𝐬 w may’s results. i’m doing another 𝐧𝐨 𝐬𝐩𝐞𝐧𝐝 𝐦𝐨𝐧𝐭𝐡 but this time, cash envelopes are an exception. tbh, i gave myself a 29 day goal instead of 30 bc if i see an ipad for a good price, i’m buying it!⁣ ⁣ i am going to take advantage of my 𝐝𝐞𝐛𝐭 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐛𝐞𝐢𝐧𝐠 𝐩𝐚𝐮𝐬𝐞𝐝 till july and 𝐬𝐚𝐯𝐞 as much money as i possibly can.⁣ ⁣ if you haven’t heard it lately, just wanna say that i am proud of 𝘠𝘖𝘜. 💕


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June is finally here! This would typically be a very expensive month for me. It's my bf's birthday and also usually I'm very heavily involved in sports which costs quite a bit. But due to the lockdown I now can't partake in the sports. I'm hoping there's no unexpected costs this month, but knowing life there will be! So I'm going to work hard at my side hustle!


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I MADE A THING! 😚✨ - Now that my credit card debt is gone, I can focus on dwindling down my student loan debt! And because I’m such a visual person, I wanted to use a payoff tracker to record my progress and thought it would be fun to create my own! - Throwing payments to debt can feel like such an uphill battle, so with that in mind (and with a bit of influence from my PNW roots), I decided to go for a mountain theme! 🌲🌞 - I just added this digital file onto my Etsy shop, along with variations for those who want something to track their credit card and car loan payoffs, too! 😊 Each variation comes in three colors - peach, purple, and blue! Click on the link in my bio to check them out! 🤗 Hopefully, y’all enjoy them as much as I enjoyed creating them! 🧡 I have another payoff tracker idea in the works, so keep your eye out for that in the future! 😉


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Update on May goals!! 1. It wasn’t a local charity but I donated $100 to a fundraiser an arts organization I am an alumni of was holding. Work matched my donation so the total ended up being $200! This was on top of the donations that are automatically taken out of my paycheck. 2. I went back and forth on this because shoes aren’t really clothes... right?😜 I bought a pair of Gucci boots, brand new for 70% off, and I have no regrets. Those were my only clothing purchase for the month. 3. I didn’t even start this... our insurance renews at the end of June so I definitely need to start looking. 4. I finished my book! I read Big Little Lies and I’m not sure if this is an unpopular opinion but I didn’t love it... I got through it just so I could watch the TV show. I usually read so much more so this lack of motivation is really irritating me. What progress did you make on your goals this month?


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Close those afterpay accounts! Tag someone who likes to shop 😘👗👠


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Started a financial journal today so I can see my goals, progress, inspiration, and tips to stay motivated and on track! #debtfreejourney #moneydiary


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My net worth has increased by £3,280 this month, which is more than I expected! This is due to my funds recovering slightly, so I won't get too excited. I actually spent more than budgeted this month- there were a lot of gifts that I sent people; things to cheer up my friend who's a doctor working in the front line, and also some bits for colleagues as a "do a nice thing" for Mental Health Awareness week. It has been a weird month, and I'm hoping June will bring more positivity.


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TESTAMENTARY TRUSTS: one of my favourite tools! . ✏️A testamentary trust needs to be written into the will. ✏️Effectively, there is a separation of control to those benefiting from the inheritance [The trustee/s (controller/s) can also be the beneficiaries of the trust]. ✏️Any assets that form part of your estate can form part of the testamentary trust. This means jointly owned assets may not form part of your estate & get covered off under the will. Refer to my previous post. ✏️Similarly, superannuation doesn’t automatically form part of the estate either, however with the use of a Binding Death Benefit Nomination it can flow through to the will. . WHY USE A TESTAMENTARY TRUST?. . They can have excellent asset protection and tax benefits. . 💜TAX BENEFITS💜 . You can stream the investment income amongst multiple beneficiaries. . Minor children can receive income at adult tax rates! . [Normally you cannot really stream investment income to minors. The ATO allows it in this case as they don’t think dying is a very good tax strategy]. If you left all your assets to your spouse (or any other individual beneficiaries) without the use of a testamentary trust, any investment income they generate from the inheritance is added to their employment income taxed at their normal tax rate. . 💜ASSET PROTECTION💜 . If your spouse was to re-partner after you had passed away, & then that relationship doesn’t work out, the assets are not subject to a family law separation. . Similarly, if you parents pass away and leaves YOU an inheritance, if it is left in a testamentary trust then it is protected for you and your children (future children) if your relationship (future relationships) don’t work out. . This is also the case if your children grow up and go through a family law separation too. . Similarly, if you (your spouse or children) have their own business or are in risky occupation such as doctor, lawyer, accountant etc and they are sued, assets in a testamentary trust can be protected. . As always these are some high level examples and it’s impossible to cover every scenario so get advice! If you have children, I highly recommend you consider a testamentary trust!


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swipe, then swipe again. ⁣ ⁣ ▪️ no amount of money can ever change the fact that i am 𝐛𝐥𝐚𝐜𝐤.⁣ ⁣ ▪️ no amount of money will ever make someone who hates me based on my 𝐬𝐤𝐢𝐧 𝐜𝐨𝐥𝐨𝐫 alone respect me. ⁣ ⁣ ▪️ no amount of money can ever change the 𝐟𝐞𝐚𝐫 that i have every day that a simple word or gesture of mine would provoke the wrong person.⁣ ⁣ ▪️ no amount of money will ever keep me silent about the injustices that 𝐁𝐋𝐀𝐂𝐊 𝐏𝐄𝐎𝐏𝐋𝐄 face every. single. day.⁣ ⁣ ▪️ i have witnessed so many six figure net worth nonblacks remain silent about racism but we sure know how their house projects and vacations are going. 𝐢𝐧 𝐫𝐞𝐚𝐥 𝐥𝐢𝐟𝐞, i am exhausted to the point of tears from trying to reach through to people who don’t give a fuck about fighting for decency for all humans. i am tired of screaming. i am tired of yelling.⁣ ⁣ ▪️ 𝐧𝐞𝐭 𝐰𝐨𝐫𝐭𝐡 𝐦𝐞𝐚𝐧𝐬 𝐧𝐨𝐭𝐡𝐢𝐧𝐠 𝐰𝐡𝐞𝐧 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐛𝐞 𝐤𝐢𝐥𝐥𝐞𝐝 𝐟𝐨𝐫 𝐣𝐮𝐬𝐭 𝐛𝐞𝐢𝐧𝐠 𝐛𝐥𝐚𝐜𝐤.⁣


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I'm going to be honest- I don't usually set any monthly goals. But seeing as we're still in semi lockdown (I'm planning on still being on full lockdown), I thought I would still have plenty of time to achieve some goals. I haven't read properly in so long. As a kid, I loved reading. During the summer holidays I'd go to the library and borrow 10 books at a time to read throughout the week. I've already ordered a couple of investing books, and can't wait for them to get here! I am the least artsy person out there. I'm good with numbers, not creativity. But I do love colouring in and puzzles. I found an adult colouring in book in my storage, so hoping to work on that to relax.


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It's a long long road, but it'll be worth it! If you'd asked me a year ago whether I would ever have thought of this being my goal, I would have laughed til I cried. This community has given me so much inspiration and knowledge. Every day I'm learning, and I'm looking forward to this journey. It may take me a long time just to get to 10%, but when I hit it I'll celebrate (by happy dancing and staring at the numbers)


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Today we closed on our mortgage refinance🎉. . We took advantage of the lower rates and were able to reduce our rate from 4.375% to 3.5%. Our monthly payment is now $837 down from $940. . Closing costs were rolled into our new 30 year loan and we will break even in about 40 months (the break even point is when our new monthly savings equal our refinancing costs). We plan on staying in our house for at least the next 5 years (probably longer) so we felt it was worth it. Even though our monthly payment has been reduced by about $100 we are still planning on keeping our payment the same with the extra $100 being applied directly to the principal. Hopefully we will put even more towards the principal each month, we just haven’t figured out what our goal is quite yet. Have you refinanced a mortgage? Did you think it was worth it?


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what have i 𝐥𝐞𝐚𝐫𝐧𝐞𝐝 since switching to 𝘤𝘢𝘴𝘩?⁣⁣⁣ ⁣⁣⁣ 1. i am a 𝐯𝐢𝐬𝐮𝐚𝐥 person. i’m more 𝐢𝐧𝐭𝐞𝐧𝐭𝐢𝐨𝐧𝐚𝐥 w spending. with cash, i can 𝐒𝐄𝐄 the money leaving as opposed to swiping my card (𝘵𝘩𝘦 𝘮𝘰𝘯𝘦𝘺) & putting my card (𝘵𝘩𝘦 𝘮𝘰𝘯𝘦𝘺) back into my wallet.⁣⁣⁣ ⁣⁣⁣ 2. 𝐢’𝐦 𝐦𝐨𝐫𝐞 𝐚𝐰𝐚𝐫𝐞 𝐨𝐟 𝐦𝐲 𝐬𝐮𝐫𝐫𝐨𝐮𝐧𝐝𝐢𝐧𝐠𝐬 bc i am carrying 𝘤𝘢𝘴𝘩 that can’t be as 𝐞𝐚𝐬𝐢𝐥𝐲 𝐫𝐞𝐩𝐥𝐚𝐜𝐞𝐝 as a card. i used to leave my purse in the passenger seat of my car. basically a “𝘩𝘦𝘺, 𝘤𝘰𝘮𝘦 𝘴𝘵𝘦𝘢𝘭 𝘮𝘦” sign. being aware of your surroundings is a necessity, especially for 𝐦𝐞. ⁣⁣⁣ ⁣⁣⁣ 3. this one is my favorite—ppl have 𝐬𝐭𝐨𝐩𝐩𝐞𝐝 asking me to 𝘣𝘰𝘳𝘳𝘰𝘸 money. “well, i only have cash so i 𝐜𝐚𝐧’𝐭 virtually send it to you & we 𝐜𝐚𝐧’𝐭 meet up bc quarantine. so… sorry?” 😂⁣⁣⁣ ⁣⁣⁣ i never thought i would have cash envelopes but i do and it works… 𝘧𝘰𝘳 𝘮𝘦. what works for me, may not work for you. but that’s the beauty of this finance thing, 𝐭𝐡𝐞𝐫𝐞 𝐈𝐒 𝐬𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 𝐰𝐨𝐫𝐤𝐬 for you. find it, 𝘧𝘰𝘤𝘶𝘴 on it & 𝐝𝐨𝐧’𝐭 𝐜𝐨𝐦𝐩𝐚𝐫𝐞 your journey to someone else's. 💕


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💜ESTATE PLANNING 💜 . The first thing to consider is the flow of assets and how these will be passed onto your beneficiaries. . There are a few different categories of assets that won’t form part of your estate and get covered off under a will. . Some key points to add to the above table. . ✏️Home is *generally* tax free to our beneficiaries. . ✏️Consider the ownership structure if buying something like a property with a sibling or friend, or if it’s a second marriage/defacto relationship. Do you want your share to go to the surviving owner? Or get gifted away in your will? . ✏️Superannuation is often one the biggest assets we will have outside of our home because most people have life insurance inside it. The life insurance gets paid into the super balance before all getting paid out. This is why it’s important to have a nomination. . ✏️Generally parents & siblings aren’t eligible to be nominated as a super beneficiary. Super would need to have a nomination signed be paid out to to the estate & then outlined in the will who should receive the estate assets. . ✏️Superannuation is tax free if left to our spouse & minor children (under 18 years of age) but is generally taxed if going to children over 18 years old. . ✏️As FIRE often involves building up assets such as shares & investment properties outside of super, consider how these will be passed on to our beneficiaries. If held in your personal name they need to be covered off under a will. . ✏️There may be capital gains implications to the beneficiaries of these assets. One way to reduce CGT issues to our families is by holding assets in a trust. The control of the trust can be passed onto our spouse/children and as the assets are staying in the trust & aren’t changing owners there isn’t tax issues. . There are always pros & cons to every strategy available & there are so many scenarios that can’t be covered off in one tiny post. Get advice from a professional around YOUR PERSONAL situation.


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This is a breakdown of how my total assets are distributed. If I'm being totally honest with myself, I'm not sure my home should be counted. Is it really an "asset" if I need it to have a roof over my head? 😂 I've read in multiple places that assets should be working for you. My flat is not working for me. I am working for my plat 😂😭 I love using this to see my progress as I invest more and more. I'm hoping by the end of 2020 there will be some visible changes to these percentages. For those who don't like to give real figures on IG, this is a great way of showing your assets without revealing real numbers. Show me what your asset distribution is! I'd love to know!


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I can't tell you all how eager I have been to start tracking my saving figures/rates! Exciting times! 🤓🎉 ⠀ ⠀ April was a complete work wash-out due to Covid-19 and because of this I had to dip into my savings to get me through May. I ended up taking £1000 to cover rent and all my expenses. 🙃⠀ ⠀ May's figures are very high because it's a combination of my salary as well as the fincial support I received from the government. I did have to replace the £1000 of savings I used earlier this month but this amount isn't included in my figures, as it feels more like a debt that I paid back (even though it's going into my savings). ⠀ ⠀ My target is to save £36k this year and as it stands I'm currently on track... but it is very early days. 😁


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SWIPE ➡️ to see how I spent my income this month! - Stats: - 2️⃣4️⃣ year old 👩🏾‍🦱 - living in Brooklyn, NY 🗽 - with 4️⃣ roommates - Single income💰, no kid I practice zero-based budgeting and use 50/30/20 as a guideline. - 💭 I can’t believe I saved 23% of my income 🤑. Before corona, I never thought I could save that much - 10% was a struggle for me. Fingers crossed 🤞🏾 I can keep that percentage up when we return to normal. - How do you feel about how you spent your money this month? ⬇️ Let me know in the comments below!


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Legit. . I shared the second graph on my stories last night which shows my spending on food YTD. This includes all items purchased from the grocery store, coffees & eating out/takeaway. . It was very hard for me to post. Initially I was embarrassed & ashamed. We literally eat our money! . However the response I received was that It seems I’m not the only one who struggles with food budgets. . Today I’m feeling very different about it. After complaining for two days to my husband about how much we eat, I went to coles today as my parents were coming over & I needed to grab some things. As I was driving there it made me realise that I want to be able to feed my guests and I don’t want to be tight around this. It must be the Mediterranean in me that wants to feed everyone!


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🎉🎉🎉. An 11% gain in 15 months. I figured I would start to do some updating on some numbers now that I'm using this account again. • Our OG mortgage was $380,000 on a $475,000 house with 20% down. We had the 20% from the sale of shares of a startup that I worked for that sold to Microsoft for 🤑🤑🤑. Sometimes I wish I stayed the full 4 year beating schedule (I stayed 2). • In a little over three years, we have paid off 17.6% by paying more on the principle every month and taking large chunks when we find them (bonuses, dfsa claims). • The original amortization schedule says this month we should be at only $21,000 paid and 5.5% 😱😱. Interest is absurd. I'm 37 months in and they want only 6% paid off? Boi, bye.


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