I'd always thought I was pretty good with money - after all I had spent 20 plus years working any number of odd jobs, scrimping and saving (and spending) every cent for travel. My BF of 8 years owns his house (he's not blown all earnings like me) so we are lucky enough to have a base and whenever he accrues enough leave we go travelling together. Being self employed has allowed me to book work around travel, and the last couple of years my work, was travelling to remote communities as well as town work. After our last trip (we have only been back 9 days) - Cruise from Singapore to Sydney, I was going to have to assess my finances anyway and now I'm closing my current business it is crucial!!
On the cruise I sped read - Women and Money by Suze Orman - I was on holidays after all, so I just skim read to get the main points. Very inspiring and motivating - I will action my research by closing all unused bank accounts - (which will be my business ones), after end of Feb 2012. Accidentally I changed my savings account to an online saver before our holiday and also before I found the book - and I made $35 interest on $500!!! Previously that account had only earnt me $2 a month even though it was labelled a "Saver" account.
I listed all my monthly transactions that come out of my credit card - subscriptions (3) for my industry organisations, my donations, insurances and it totalled $400 a month!! Apart from the monthly donation I will cancel all other subscriptions from end of February 2012. And move my monthly donation to come out of an account set up to serve as a bills account rather than my credit card. I posted a letter last week reducing the limit on my credit card, and I will continue to do this until its at about $1500 - $3000 depending on income and travel plans etc. Primarily my aim is to reduce as many expenses as possible. Less to worry about while I am away on some vagabonding missions. At this stage I am still hoping to continue the current savings plans I have set up but I will monitor that at a later date.
