Monday, 16 June 2008

Starter Emergency Fund Sorted

I received my annual bonus late last week, so was able to complete funding my starter emergency fund to the $2000 I was working towards. Yay!

As a very pleasant extra I also receive the Superannuation Guarantee on the bonus payment, so got a nice boost into my retirement savings this month, on top of my regular monthly salary contribution, plus the 3% I'm contributing myself pre-tax.

For the non Aussies, the Superannuation Guarantee is our version of a retirement fund, the big difference to say an American 401K is it’s mandatory for employers to contribute on your behalf. Employers must pay a minimum of 9% of your pretax salary into your superannuation (retirement) account. As my bonus is considered part of my package, it counts toward that 9% total for the year. Sweet!

As for the rest of the bonus, I've:

  • set aside $1000 to go into my First Home Savers Account once it starts here in October,
  • paid a decent chunk off my focus card,
  • paid a double payment on my personal loan,
  • boosted my goal account to $1000 (I really need a new bed and mattress),
  • bought a new outfit for work (from Target, 30% off),
  • put $500 aside to start my 40th birthday 'UK tour' fund for June/July 2009.

July’s Ugly Truth is shaping up to be a very good news story!

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  1. I'm glad to hear that you used your bonus for good savings...rather than booze!

  2. thats great to get to $2000, and to get the bonus.

  3. LOL Saving Diva, you make it sound like Debt Dieter is a big 'ol lush!

    Yay for you DD, those payments sound great. I had no idea about the First Home Savers Account. What a great idea. The UK Tour sounds like great fun - are you going with friends?

  4. @ savingdiva, I guess I discreetly left out the bit about buying my own bodyweight in Vodka with it(not). *lol*

    While I obviously used most of it for paying down debt, I did think it was important to have some 'reward' money from it, I worked really hard last year so earnt every cent of it. :-)

  5. @ louise - Thanks, it's really come in handy, I finally feel like I'm making a dent in things properly now.

    @ uglydebty - The first Home accounts are good but I'm wavering as if I start one up I can't touch it for 5 years, but what if I have enough for a deposit before then?

    As for the UK, my best friend moved there late last year, and I miss him a lot!

  6. Maybe I don't think the worst of you....maybe that's what I do with my bonuses ;) booze and strippers...

  7. That's brilliant! Well done you! I wish my company did bonus!!