Saving 3300 as quickly as possible.

Sammie2012

Hi

I don't know if anyone will be interested in reading this but I have a huge challenge and need somewhere to track my progress, I thought MoneySavingExpert would be the best place for it.

The bad news is my partner is moving to Australia any day now (as soon as his visa comes through) for work and has asked me to go with him.

Unfortunately I have 2 x Credit Cards, 1 x Loan and need 2 x month salary to show the Australian Government that I can support myself and gain a VISA.

I therefore need to clear credit cards, loan and save for VISA before I can join my boyfriend in Australia.

Credit Card 1 - 2254.04
Credit Card 2 - 1873.88
Loan - 2180.97
Overdraft - 168.74
2 x Salary - 2595.02

= 9072.65

Savings

ISA 5200.24
Easy Access 600

= 5800.24

Remainder to save 3272.41

I can do it by June 2012 but that would mean not seeing my partner for 6 months so looking to do it a lot lot lot quicker so I can join him.

Any tips would be greatly appreciated.

brizza

Very exciting, good luck. Whereabouts? My girlfriend is from Melbourne, so know there quite well, Sydney not quite as well.

You'll find lots of help on here and also on the debt free wannabe boards.

Off the top of my head -

Sell things you don't want on ebay, Amazon or Music Magpie, especially if you're going to be overseas and would otherwise have to pay to store them somewhere. It'll be a good chance to clear out CDs, DVDs, clothes and all sorts of other bits you won't need.
Prioritise the highest interest bearing debts first, obviously.
You may be able to "stooze" on an interest free credit card for purchases for the next two months, if you're paying interest on the two cards you've got already it'd be worthwhile, although taking on additional cards may not be ideal for other reasons.
Any interest accrued on those ISAs to take into account at the moment? Actually, if the Credit Cards are interest bearing at a higher rate than the ISA and savings you have, then you could consider using them to pay off the credit cards now, depending on any exit fees.
Presumably you won't have any tax rebates to come back as you'll end up leaving quite near to the start of the tax year, so things won't be madly out of sync.
Do the obvious things like cut down on big nights out, fancy meals and such like.
Any chance of overtime at work?

Have you put the cost of the Australian VISA on your estimates? I can't see it. And from a practical point of view, will you definitely be able to get one?

One other thing to bear in mind is, depending where abouts you will be in Australia, the cost of living is significantly higher than in the UK, so you may want more than your two months of salary as savings.

Another thing to think about is can your partner help pay off any of your debt?

Sammie2012

Hey Brizza,

Thanks for the response,

He's moving to Brisbourne, I bought him some cheap guides for Christmas which he's reading at the momemt so once he's done he is sending them my way (then I can amazon them after).

Both credit cards are interest free luckily. And although I'm taking into account the easy access interest its about 6 pence a month at the moment I didnt take into account the ISA as its paid yearly I think in April. No idea what I will get for it its been steadily getting higher other the last year and I filled it in October. I think its 4% with Halifax I will get looking into that. Thank you

I've done the ebay and amazon route so far so running out of ideas at the moment.

Overtime is something im going to discuss with my manager when he gets back from annual leave next week I just don't want him to know why I want so much yet as I've been at the company 3 years and I know they will be disappointed if I leave - I don't want them getting rid of me before I'm ready to go or that will ruin the budget.

My partner would be able to pay off my debt but I don't want him to, my pride getting in the way, He has offered to clear all my debt and give me a percentage of his income when I'm over there. I don't want to be a kept woman so I've negotiated that he covers the VISA cost, the flight ticket over there and writes a letter to the authorities stating he will support me whilst I'm looking for work. Also I've given him a pigpy bank which he's filling up with his coppers so I'm letting him help a tad.

Looking to go over on a 12 month working VISA initially then be added to my partners 4 year VISA once we've lived together over there for 6 months, I think thats how the VISA situation works, still researching that one to be honest. :-)

Do you know how much a VISA is?

atush

Lots of good advice above. But I have a few Q;s.

Why were you paying high rates of interest yet you had ISAs? You probably made your debt be paid off slower using that route. Not much reason to save at 3% when you are paying 6-20% elsewhere.

So., how in love are you? I am married to my overseas BF for 20+ years. I was a lot younger than he and he helped me pay off my student loan so I could come over 6 months sooner ( I had paid off other debt). but we were engaged- are you?

What will you do when you turn up ater 6 months slog and find out he has been spending time in a local girls bed?? This isn't being mean (just practical), but he wants this move and is going with or w/o you. So ask him now How much he wants you to go? If you go, you 2 are very serious- enought to be married to ask someone to move half a world away is a huge ask. Take up his offer to pay the debt and pay him back.

There is family to ask for help (and to promise to repay) but I would not go down that route if BF isn't wanting to help you. After all, if you go you are building a life together and probably starting a family so you need to discuss these issues now.

I totally understand the kept woman thing- I was afraid o0f the same. But you have to go with him (or soon after) if you don't want to lose him.

Sammie2012

My boyfriend and I have only been together for 6 months but have known each other for 4 years. He doesnt want to take this job if I don't go with him but it's too much of an opportunity for him to turn down for his career (it will be the biggest contract he's ever had).

My pride is getting in the way a bit I don't want to take his money, I've always been independant and I don't want to rely on him to pay off my debts. There my debts I bought the shoes, the xbox the laptop etccc.

I know moving across the world for him is a big ask but its a years contract which after we can go travelling. My target was 12K by November 2012 eventually with the aim of travelling the world for 6 months and spending New Year 2013 in Sydney. This way I start it sooner.

If worst comes to worst and I can't get the funds together I know he will help me out. But one of the reasons we got together was because he thought I was different not goldiggers like other women he's dated. I suppose now that comment he made 6 months ago is going to cause problems when I wont take his money.

I'm just going to concerntrate on chipping away at the remaining 3300.00 and see how far I get without his help. I think it would be such a good achievement and also if it doesnt work out and i go off on my own i wont feel like i owe him

brizza

It sounds like you've got most of it covered by the look of things. There's obviously always a risk this sort of thing could go belly up, but equally if you don't go, then you'll always wonder "what if"...

Brisbane is pretty different to the UK! I was on the outskirts for Christmas and it was tropical, hot and balmy. That'll be an interesting adjustment.

http://www.immi.gov.au/visawizard/

I've only ever had to have a holiday visa, which is a totally different situation, but this link will be useful to have a look at hoops you need to jump through. It may be to your advantage to have a look at the work situation out there, depending what line of work you're in, although if you're doing it with a view to be out there for less than a year then go travelling afterwards.


Have a rummage though the debt free and mortgage free wannabe threads and have a look at some of the things people try to do to clear down debt and you're bound to find some bits that suit you. I've started saving for a deposit, so I'm making my own sandwiches, cutting down on the booze and the fancy dinners and playing around with skimming bookies for their introductory offers. Different people find different things suitable to their circumstances, there's not a definitive set of "must dos" that'll work for us all.

Sammie2012

thanks for the link!!! It appears that I should go for the one year working visa @ £180.00 and as part of the BFs temp business visa after 6 months of living together I can be added on his as a secondary applicant for the remainder of the 4 years. Handy idea for if the contract over runs. Many thanks. I will check out the boards tomorrow when I'm eating my packed lunch

:-)

atush

Yes, I think your pride is getting int he way. But I completely understand this.

Why not try it as an offical Loan? You could even draw up an agreement and even have him charge a small amt of interest? That might make you feel better about it? Make you feel less 'kept'? And if you are working when you get there you will soon have paid him back.

I know what you are trying to do, but think you might be better off going with him? After all if it is only one years contract you might want to be there for the whole year to see if you like it in all seasons rather than half the year (as you both will need to settle somewhere after the travelling).

Sammie2012

I guess I could but I can't go over straight away as he's on site living in a tent for the first month and then he's office based.

I informed my manager yesterday of my intentions and he's going to get me a career break starting in May (thats the earliest he can do). Means at least I have a job in a year if it doesnt work out.

Plus the boy has said come over after 2 or 3 months because then once contract finished can travel for 2 or 3 months and i will still have my job when i get back :-)

He hasn't got the call yet he's still around until at least the end of next week :-)

Sammie2012

On Tuesday 3rd January I had 3267.05 since

• I have set myself a budget of £10.00 per day. Anything left over goes into my savings account
• By doing this I have managed to put £17.72 into savings in 3 days :-)
• I have also traded in a game and got £6.00 cash but I'm going to for after work drinks tomorrow so I'm not putting this in the savings just yet. I am going to try and walk away with it
• Smoke free since January 1st noticed a huge difference normally I would have bought a pack of cigs by now, got an app showing me how much I have saved.
• Over the weekend I am going to buy bread and ham and make sandwiches for the following week as so far my money just goes on lunches.
• Yesterday I "accidently" stayed an extra half hour at work
• There are rumours that there is overtime on Saturday so I will snap that up once it's made official :-)
• I read on one of the message boards that a lady is doing a toiletries challenge so buying no tolietries until end of January. This is a great idea after all the bits I got for christmas. I had a sort out and found 3 new deodrants shampoo and conditioner never opened and 5 bottles of moisturising lotion plus others. Definitely giving this one a try.

Remainder to go 3254.69:p

Sammie2012

5 hours overtime yesterday :-) and my know my manager knows why I need the money I will be doing this every Saturday.

BF manager said he's looking at the 21st Jan for leaving :-( Once he has left I will do even more overtime, may even take a sleeping bag and just live at work for a few months.

Managed to save the 6.00 but I am going to pub tonight. Going with two non drinkers so will be on soft drinks. Nothing spent of todays budget so I have put 5 of the 10 into the savings and will roll 5 over from today and tomorrow for my weekly wine time with my work colleague on tuesday then i have 20 to spend.