100k challenge: To be achieved before August 2013

WorkSavePartayy

VT82 wrote: »

It doesn't seem like anyone has mentioned the main considerations when you have a specific goal like this:

• If you are wanting your currency in sterling, you are taking a view on currency exchange rates by not transferring it into sterling once you get it (and if you are getting 5.75% on your savings, you aren't saving in sterling). It would at the least give you some averageing of the exchange rate over the term you are saving.
• If you are wanting your capital back in a time frame of under a few years, you should be holding practically 100% cash, rather than having any equities.

I'm not saying you would be better off by following the above advice, just that it is the conventional wisdom to reduce uncertainty in your return. However, I guess that pre-supposes that you are making regular contributions to the pot, which it doesn't sound like you are.

Good luck anyhow.

You make a very good point vt82, I will be transferring around 25% of my money back to sterling to reduce my exposure to any severe currency fluctuations but in general am optimistic that the AUD will remain strong in the medium term, if this changes so will my plan.

I would like to say thanks to everyone who has posted useful opinions and advice in this thread so far there have been a number of posts that have helped me out.

WorkSavePartayy

Time for a quick update... Another few weeks in the books, had a nice little rise with one of my investments too. Currently sitting at £17,500.

Should hopefully get a nice chunk of cash this week as we have two bank holidays over here and we get double time and a half for the whole day.

On a negative note we have been put down to 11 hour days so we lose 1 hour of overtime per day (double time) hopefully in 4 weeks we will go back to 12 hour shifts.

WorkSavePartayy

Long time without being on the forums, just done some maths and by september 5th I should have £40,000 saved up. This includes tax I am owed and project bonus. Really happy with everything so far and I am ahead of my targets which I find surprising. I have roughly 5k in shares so I have 11 months to make another £55k to reach my goal!!

YoungBusinessman

Wow, doing well I thought we would never hear about this again but keep it up and keep us uPdated!

perth_worker

i would also like to take part in this challenge...will keep me motivated i hope.

I am also working in the mining industry in Western Australia.
got £18K in the UK and $55K in Australian dollar (roughly £37K with the current exchange rate), so just over half way to my target. Not sure if I will make my target or what to use the money on.

WorkSavePartayy, who do you bank with in Oz and in the UK. I got a NAB account which pays 5% interest but I have to keep re-opening my account every 4 months to get the bonus rate. I am sure they are going to fix the loop hole soon.

They so should have a MSE Oz edition.

WorkSavePartayy

Hey Perth worker nice to have someone else on board. I bank with commonwealth out here and natwest back home but have almost all my cash in Australia at the moment. I'm not sure what my interest rate is at the moment, when I opened the account it was really good but it would have dropped off a fair bit since then. I'll have to check when I'm back in Perth. where abouts do you work?

TomMK

UBank offer 5.75% at the moment via their USaver account and you don't have to mess about reopening it every few months. I'd recommend it.

I'm in Sydney, aiming for a similar number before the visa expires in 2014.

WorkSavePartayy

Good stuff, what do you do for work?

TomMK

Telecommunications. Having similar thoughts to yourself about sending some back to Sterling at current rates; the Aussie is pretty much as strong as it's ever been right now. Good times

perth_worker

so should we send money back to the uk despite the high interest rates we can earn here?
I heard we are not aloud to open a isa back in the uk as we are abroad.
are you all on 457 visas? is anyone tempted to try get PR?