How much money do you earn? And how do you spend it?

[akescpt]

I'd be curious as to how you were paying off: study debt, car, 2x properties all at once. I can only make the assumption that these are small properties?

maybe he earns a fat salary...

 

[BradleyKZN]

Lets see

Salary: R10500.00

Petrol: R800

Rent: R2000

Groceries: R2000

Entertainment: R1000

Debt: R1000

Medical Aid: R800

Cell Phone: R100

Cigarettes: R700 for 2 people


Total = R8400

Feels like I forgot something, but that's the bulk of it

 

[zululami]

Lets see

Salary: R10500.00

Petrol: R800

Rent: R2000

Groceries: R2000

Entertainment: R1000

Debt: R1000

Medical Aid: R800

Cell Phone: R100


Total = R7700

Feels like I forgot something, but that's the bulk of it

Wish I had your expenses, with my current salary

 

[TofuMofu]

I have a lot of debt at the moment due to life giving me a lot of lemons

Recently got a nice salary increase and my car is now paid off in full.

Going to be funnelling all my "extra" cash into credit card debt.

Also bought a house last month (still waiting for the legalities and such to be finalised then I won't be paying someone else's bond for them)

Feeling positive for the first time in a few years. Actually moving in a good direction.

 

[heartbroken]

I have a lot of debt at the moment due to life giving me a lot of lemons

Recently got a nice salary increase and my car is now paid off in full.

Going to be funnelling all my "extra" cash into credit card debt.

Also bought a house last month (still waiting for the legalities and such to be finalised then I won't be paying someone else's bond for them)

Feeling positive for the first time in a few years. Actually moving in a good direction.

Nice!!

I can't wait until my car is paid off! I can only imagine driving around in something you own and being able to invest the 5k installment on something else for the next 5 to 7 years. At least I should be able to clear my car by xmas!

 

[Deadmanza]

I have a lot of debt at the moment due to life giving me a lot of lemons

Recently got a nice salary increase and my car is now paid off in full.

Going to be funnelling all my "extra" cash into credit card debt.

Also bought a house last month (still waiting for the legalities and such to be finalised then I won't be paying someone else's bond for them)

Feeling positive for the first time in a few years. Actually moving in a good direction.

Should have saved up rather and paid cash for the lemons...

 

[TofuMofu]

Nice!!

I can't wait until my car is paid off! I can only imagine driving around in something you own and being able to invest the 5k installment on something else for the next 5 to 7 years. At least I should be able to clear my car by xmas!

Best feeling. Nothing wrong with my Mazda so don't see the need to buy a new car in the next 3-5 years.

 

[TofuMofu]

Should have saved up rather and paid cash for the lemons...

Lemons aren't expected now is it?

All is under control. I was able to get a 100% home loan so I have a good credit record.

 

[Deadmanza]

Lemons aren't expected now is it?

All is under control. I was able to get a 100% home loan so I have a good credit record.

Hahaha I was kidding... I know what lemons are!

 

[TofuMofu]

Hahaha I was kidding... I know what lemons are!

I would hope so

Anyways, will be fixing it soon

Even for new lemons

 

[OrbitalDawn]

Lets see

Salary: R10500.00

Petrol: R800

Rent: R2000

Groceries: R2000

Entertainment: R1000

Debt: R1000

Medical Aid: R800

Cell Phone: R100

Cigarettes: R700 for 2 people


Total = R8400

Feels like I forgot something, but that's the bulk of it

Stop that...

 

[TheBadMadMan]

Wish I had your expenses, with my current salary

Well then, why not?

Mistake number 1: expensies increase as your income increases.
Solution: Do not let your expensies increase as your income increases.

Disclaimer: I know, I know easier said than done.

 

[Paul_S]

Well then, why not?

Mistake number 1: expensies increase as your income increases.
Solution: Do not let your expensies increase as your income increases.

Disclaimer: I know, I know easier said than done.

In the current economic environment one is lucky if your salary keeps up with CPI.
Nearly everyone I know is getting poorer by the year.

 

[Pitbull]

Well then, why not?

Mistake number 1: expensies increase as your income increases.
Solution: Do not let your expensies increase as your income increases.

Disclaimer: I know, I know easier said than done.

Damn R 2 000 for rent?

I think I paid that 10 years ago

Edit: O and for clarity, that was my portion of the rent.

 

[Frostfang]

IT Intern - 11k

Rent: 3000

Commute: 812

Cellphone contract + insurance cover: 754

school fee (sibling): 638

Groceries: 1160

Entertainment:500

Internet: 316

Home support:2000

debts:500

medical aid: (paid by company)

Bank charges: 100

 

[TheBadMadMan]

IT Intern - 11k

Rent: 3000

Commute: 812

Cellphone contract + insurance cover: 754

school fee (sibling): 638

Groceries: 1160

Entertainment:500

Internet: 316

Home support:2000

debts:500

medical aid: (paid by company)

Bank charges: 100

At your income level you are spending waaaay to much on a cellphone. When your contract is up for renewal, do not get a new phone. Just move to a airtime/data contract and keep your current phone. Learn how to reset it, how to flash it, how to root it, how to optimise it. You will get another 2 years out of it.

 

[Hamster]

At your income level you are spending waaaay to much on a cellphone. When your contract is up for renewal, do not get a new phone. Just move to a airtime/data contract and keep your current phone. Learn how to reset it, how to flash it, how to root it, how to optimise it. You will get another 2 years out of it.

Agreed. But then look at his internet costs - R300 odd. Maybe his cell costs includes a lot of data?

 

[dondav]

I need a job.

R2000

Rent: 1500
Food: 300 - 400
Airtme/Transport and Misc: 100 - 200

3rd Year student in Industrial Engineering.

 

[MrR]

I'd be curious as to how you were paying off: study debt, car, 2x properties all at once. I can only make the assumption that these are small properties?

The assumption is that i was paying all of it off at once

The car - at that time - was paid off (and it was a cheapie). So, had no car debt at the time of purchase of property 1.
My initial study loan - at that time - was paid off. So, had no study debt at the time of purchase of property 1.
When I purchased property 1 (you are correct in assuming that it was a cheap flatlet, R500k at the time), I pumped almost all of my savings and investments into the deposit and the outcome was that the bond was repaid in less than 7 years. It was actually cheaper living there, paying the monthly bond installments, than renting elsewhere for similar size.

When I purchased property 2, I had no debt either and was making rental income from property 1. All other debt consequently followed (latest car & study debt, CC, etc).

maybe he earns a fat salary...

Back then I had to count every cent I had and was earning less than half of what I earn today. I'm still counting the cents and budgeting carefully.

 

[CamiKaze]

IT Intern - 11k

Rent: 3000

Commute: 812

Cellphone contract + insurance cover: 754

school fee (sibling): 638

Groceries: 1160

Entertainment:500

Internet: 316

Home support:2000

debts:500

medical aid: (paid by company)

Bank charges: 100

Geez, my first intern job got me a mere R2500 per month as a dev (2009).
What in "IT" are you?