Total Net Worth: -$39,594.29
Total Liabilities: $21,693
Variance from Last Month: -$420.04
Wins this Month
One of the main areas of expenditure for me this year has been my application for Permanent Residency status in Sunny Australia. It costs anywhere between $7K and $10K (AUD) all up, depending on your circumstances. Putting this on a Credit Card would not be my ideal but given that I was unable to pay in installments and the rest of the spare dollar was tied up in paying off debt, I paid on one card then transferred the balance to another that had a 24 Month 0% pa Balance Transfer offer. This means it sit there at minimal cost until until funds are freed up to start paying it off in around 6 Months Time. I’ve mentioned before that Credit Cards and their sexy, enticing offers can be an easy way to slip backwards on your debt journey, but if you are confident you can manage them well (either to secure points for travel or even to work it as I have done) then go for it. To remove the temptation to go on a Bacon buying binge, or quick trip to the Whitsundays, I leave the card in question with my Mother – also helpfully on the other side of the world!
So how a win then? Well I have now paid my final projected fee for the PR visa, after having donned a super attractive medical gown and paid for the all intrusive medical ($350!). I also don’t have TB apparently, which is nice. Knowing that there should be no further cheeky costs hiding away I can redirect my cashflow onto shedding that debt and working on my other projects.
I also have another win to share but photo opportunity pending, that will have to wait 🙂
Spins this Month
Christmas is, by far, one of my favourite periods of the year. Not only do we get to celebrate the big JC for all that he is, but we get to spend time loving on our family, eating quality food and generally focusing on being merry. They do call it Silly Season for a reason however and it is this general merriment that has caused the spin this month. While I did have a line of my budget dedicated to Christmas gifts I hadn’t allowed for the stream of social commitments that would be popping up – all of which being wonderful problems to have and heaps of fun but each incurring a cost, on time and on the ‘ole wallet. It’s a pretty hard one to avoid when all the good will in the world, and people that love you dearly, want to spend time with you so I’m putting it down as an unexpected sunk cost. That said, next year I will be allocating some extra money for the Gluhwein and Mince Pie Marathon fund just in case – while it may seem over zealous at first, it is always better to over budget in advance than to realise you are going to end up dipping backwards in your financial plan, which is what happened to me this month. I remember as a child that my Nanna would take some of weekly pension and use it to to pay for special stamps at the village Post Office, this could be for a range of things such as fuel or even Christmas hampers, this way you are shaving off a little money throughout the year so as to have a spare pot when the time arises. Pensioners are forced to do that given their lower income but prudence would suggest we should all be doing something similar so the pleasure/pain barrier of all those Christmas parties will be a little less pronounced come Advent 🙂
Until Next Time Finance Fans 🙂