General finical advice required

[patt]

@littlesisterinchrist Definitely especially growing up, I got so use to the term there isn’t money at around 10 I just stopped asking in general. I guess after that I realised how little money we were making. When we ate out I always tried eating cheap to save money. My grandfather worked his ass off, still does. For the little money. And even now if I look back at some stuff they got me I feel so guilty knowing how hard he had to work for it.

So it’s nice just to have a be able to spend my own money without feeling guilty

 

[cami777]

@patt Check interest rates on any loans start from the highest interest loan and pay that first then go on to next till you debt free. For your car ask what the instalments are and get a quote for insurance and start putting that amount into a fixed deposit. Stop buying crap. Money is your freedom to give it away.

Also look at cell I spend R 1000 per year on phone not per month and I’m a heave data user. Likely you have a loan pay it off. Any insurance products cut down to the minimum.

 

[patt]

@cami777 My cellphone contract is for the actual phone. I only saw last month the insurance was way more than what i needed. It was R600 pm. Now down to 300.

After about 6months from now the only debt I will have is my student loan the rest will be paid off

 

[cami777]

@patt I just buy a phone cash and then buy cheap data in bulk once or twice a year. I’d add all the instalments together and see how it differs from the cash price in future

 

[aiaa17]

@cami777 This is the way

 

[plainjane3]

@patt I would adjust things, but it depends on your roles, and a few questions.

1 you are talking about rent, however owning if you can hack it might be more profitable (slightly more risky) in the long term - consider a hybrid situation if you can figure it eg, a house with a cottage or 2 where you rent out the main house and the 2 bedroom cottage or 1 bedroom cottage you live in. If done right should pay for the levies and bond and as long as you are stable 5 years in a place it tends to breakeven.

2 - the earlier you solve the cooking thing the better. Yeah I have lived in noodles - I like be on better stuff now. I live for R900 a Month mainly eating veg and meat (stews) I pressure cooker and air fryer were a R2k investment that paid off from day 1 taking my monthly eat out bill from R2k a month waaaayyy down.

3 inverter doesn't harm but complete it with a small solar option if it can handle that it reduces your monthly elect expense.

4 - sounds like this female person is special to you, figure out how and why they are special.

5 -

 

[aiaa17]

@patt You seem to be buying stuff on credit? You will save a lot of money paying cash

 

[patt]

@aiaa17 Wanted to build my credit score, but the computer i could not afford to pay at that time do i had to do credit

 

[everyoneneedsjesus]

@patt Honestly I have no idea how you plan to have so many expenses, support 2 adults, and save enough to live off interest. You will need to work the same job but get paid triple somehow. And that's before the big expenses like car or retirement or if you want to buy property. Nice dream, unsure how you will get there

 

[muwoni]

@patt I just recently devised a great spreadsheet to help with budgeting. I’m ADHD and prone to impulsive spending and thus far it’s really been helpful. Let me know if I can help.

 

[lovedaisies]

@patt Imho, your spending priorities are screwed. We are two adults regularly working from home (zoom etc.) and three others, and our internet is under R1k per month. You should not be spending more on your internet than on food. For one person internet should be less than R500/m.

Cellphone at R1000/m is also ridiculous. My cellphone costs are under R100/m (R55/m contract with minimal airtime and 250MB data, both of which aren't fully used up every month).

Get an entry level hospital plan at least. You don't want to end up in a state hospital and private hospital will ruin you if you don't have medical cover. Add gap cover if you can.

Student loan I get, but why borrow money to buy a computer? Was it for work?

Pay off your most expensive debt first (presumably loans for inverter and computer, then credit card, then student loan). As each one is paid off, roll the payment you were paying into it into the next one to accelerate repayment.

Stop funding your lifestyle with credit card. Use it as a payment mechanism and pay it off IN FULL by the due date. If you are paying interest on your credit card, you are using it wrong.

When your debts are paid, start saving the amount you were using to pay off all your debts per month AS A MINIMUM. Get financial advice about how to split this between retirement annuity, TFSA and investments.

 

[patt]

@lovedaisies The computer was important for my work. As for the internet, ironically I work as a developer in the banking industry. I deal with extremely big files, which sometimes they can be time sensitive. It’s important that internet is not a issue. So unfortunately it is required. This also includes the inverter.

The credit card I’m mostly done paying off, I’ll admit I did use it wrong initially. But I have stopped using it overall and been paying it off as I get extra cash. Last payment should be made in December if everything goes as plans. After it’s paid off I am closing it as I am don’t need it.

Once done with that, I’ll be throwing the money that opened up into the computer as it has about 7k left. I estimated it should be done by end of March for it to be done. The inverter I’ll just let it play out it’s done in April.

The phone definitely was a bit costly. I agree I could have gone for a cheaper option. But i should be fine for the next 3 years with this phone.