Goals for this year:
- -super* for 06/07 $1000: $900 saved, will send a cheque with my next pay. (Will bring my super balance to ~$3000)
-super for 07/08 $1000: will be paid with my scholarship payment in September
-holiday to cairns ~$700: nothing saved yet
-sept uni games $500 : nothing saved yet, possibility of fundraising to meet some of this cost
-oct trip to Melb $300: nothing saved yet
-xmas trip to Melb $400: nothing saved yet
-xmas presents $100: nothing saved yet
-pay off $1600 credit card at an average of $100/week
-earn $1000 this year on top of Youth Allowance/uni tutoring job
-> will allow me to end the year at $0 not counting HECS. Any extra will go towards an emergency fund.
The superannuation is more important than the credit card debt at the moment because if I contribute $1000 a year, I will get a $1500 low income co-contribution, so I intend to do that as long as I qualify for it. I'm planning to do some hospitality shifts over the July holidays, and I should be working fulltime in December, so I'm pretty sure I'll meet the extra $1000 goal. I also worked out that when I graduate next year I will have a $40,000 HECS debt (= 2 degrees plus one semester overseas, so not unreasonable). Of course, this isn't a big deal because it only has to be paid back by a slightly higher tax rate once I hit $36,000 income, so it's not part of my planning at the moment. In the longer term, I'm planning to go overseas for a couple months after I graduate, I'm still working out the best way to afford this and how to work it in with getting a job (find a job and put it off for a couple months, or look when I get back?). My current motivational problem is that if I just put off the 07/08 super payment till next year's scholarship payment (I get $1000 per semester), I would have that extra $1000 available this year and not have to look for extra work, but that would make it harder to save for the post graduation travel. Hopefully having the commitment up in public will help!
*Possibly unnecessary explicatory note: superannuation is retirement funds, I think like American IRAs. The Australian financial year is July 1 - June 30.