Balance as at 2nd January - $919.16
Amount added to account over December - $310.39
This month I added in:
- $10 saved with a F&V points bonus
- $76.90 cashed in from coins I've collected over the past year
- $127.50 from swimming lessons as they were closed for a few weeks over Christmas, and we'd normally pay these monthly
- $92.50 from preschool fees, as the centre is shut over the school holidays
- $3.49 interest
So over the 6 months since I began my windfall account, I think almost $920 is fabulous! I didn't expect to add so much over December, but they're mostly all regular expenses. We haven't missed the money.
What have I decided to do with the money? I've put it in the mortgage. I felt guilty, as I'd save a LOT more interest on the mortgage. In fact, by depositing it in the mortgage (which I can always redraw!), we save 5 months off the term of our loan, and save paying the bank around an extra $3,000 in interest. So I'm effectively quadrupling my money!
Not sure if I'm going to continue with the windfall account. It makes sense to - it will pay for any back to school expenses, or most of Christmas! I'm certainly going to put more effort to continue saving coins - so I'm going to empty my wallet of coins once or twice a week.
Wow - it's amazing how much the little things add up. Well done - and what fabulous willpower not to go out and spend it on shoes!
ReplyDeleteI think I'll open one this year. I waste so much money on little things that I wouldn't even miss it.
ReplyDelete