Info is everywhere, I know. Trying to sort out my head.
I am a self-employed musician/teacher, who in the past has earned around $35k/yr, plus probably an extra few k in cash. The financial year just gone, I earned nearly $45k. I may earn slightly more this year.
I currently have $6500 in a savings account, $1.5k in my daily account, $1.8k in an Acorns account, and my CC is paid off in full every month (it’s normally only a few hundred). I also have over $2k in cash at home, which I use to pay for my PT sessions and annual gym membership, and any fun spending.
I have nearly $13k in superannuation. This is really low because one employer puts money in for me, but it’s not my largest job - I recently started putting in $400/month.
My husband and I recently bought his sister out of the house we live in - we have $220k owing to the bank, and just under $50k owing to my parents (they generously offered to loan us with no fees and 1% less interest than our bank). The house is worth around $525k
Expenses: $160/wk - parental loan - it was meant to be a 10yr loan, at this rate I am scheduled to pay off 3yrs early. $30/wk - mortgage (husband is paying $280/wk - he earns around $70k/yr) Phone $19/month $200/wk - into joint account covers all bills and food/joint entertainment $55/wk personal trainer sessions - this is a 6month commitment I am making to myself due to ongoing injury issues. Gym was $475 upfront for the year, paid in May. Fuel - around $30/wk Car - insurance and rego around $1k/yr $80/wk into savings account, $70/wk into Acorns. Health insurance will be $200/month soon. Business expenses are around another $3k yr, spread at various intervals.
My struggle is with budgeting. 3 small jobs, which only come to around $5k a year, pay monthly. One job, which is around 12 hrs/wk, pays fortnightly (this is the one job that does super). Another job, another 10hrs/wk, gets paid 4 times/year. Cash jobs generally are weekly. I need money saved to pay tax at end of year, probably around $3-4k.
How do I decide: How much to put into Super? How much extra to put into home loan? How much extra to put to parental loan? I will probably need another car in the next 2 years. This one cost $5k upfront over 4yrs ago and has cost only tires and battery, but may start needing more repairs sooner.
Submitted September 11, 2017 at 10:12PM by danceydanceydance http://ift.tt/2gYNFKS
