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Simply #MoneyDiaries with Tracey Chambers

Simply #MoneyDiaries with Tracey Chambers

Simply #MoneyDiaries with Tracey Chambers

1. Do you have a monthly budget? If yes, when did you start budgeting and why?

Yes we have a family budget. We started keeping a budget once we owned a home and had children as monthly expenses got more complicated

2. Do you have a specific method and strategy for saving e.g. using an app, and/or particular savings instruments (e.g. index funds or a broker or a website)?

We have fixed deductions which come off our salary every month for saving. We save into different “buckets”. We save for each child’s tertiary education, holidays, rainy days, long term retirement savings.

3. Does your saving strategy include a fixed amount or percentage of your earnings?

Yes it does.

4. If you have a partner (e.g. husband), do you have tips for how to discuss and negotiate money that you’ve learned work well?

We see our finances as a partnership, like our marriage and combine all our money together. Luckily we share the same values around money which makes it easier. We will always discuss major purchases and make joint decisions in that regard.

5. Do you have any life hacks for saving and investing that you’d like to share with other women?

Start early, I saved from my first pay check, which was a very small pay check and looking back I am not sure how I managed that. Never break your retirement savings, the compounding benefit is exponential when you are younger. We prefer to spend our money on experiences and making memories than on material things which don’t feed your soul. Constantly evaluate what you are spending your money on each month and you will realise how much wasted expenditure you have and invest that money in fixed savings or investment property instead. Never get behind on your credit card payments, they should be a tool for paying and be used for credit.

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