Being interviewed by Rachel Hills for Cosmopolitan was a catalyst point in shifting my mindset towards my car and finally seeing Stormy the Holden Astra CDTi move on to a new home. With an offer on the car – from a Father and Son from Cairns willing to fly down to the Sunshine Coast – a week after the interview took place no less.
The process also took me that step further towards being debt free emotionally and financially in my year of being 32. In essence, I simply seek the stability and security that has remained out of my grasp for the past 6 years.
Having the new house in Sydney (with a modest mortgage of just under $300,000), a new car (purchased as a hire/purchase), new job and growing jewellery label meant that I was on top of the world one minute, before it all came crashing down less than a month later when both my partner (at the time and of 8 years) were made redundant within a week of each other.
Six years on and following a relocation to QLD and looking for a new start, I find myself at home on the Sunshine Coast ready to make peace with my past. (BTW anyone interested in a part-time marketing manager or consultant?)
- Renting isn’t a dirty word – however chose what you rent carefully. Rent a property before you buy in the area. But don’t rent items you can easily save for such as Laptops, Clothes, Handbags, Shoes or Cars.
- Save for your house deposit, rather than seeking a 100% mortgage. And purchase the property when you know you are financially secure. $10,000+ of my superannuation went into a house, due to financial hardship to meet the repayments.
- Invest in a wardrobe that will last longer than a season.
- Invest in moments that exist longer than for a reason.
- Give up living on credit.
- Have a budget and stick to it.
- Have a second stream of income, if possible.
- Save for the rainy day, as it comes around a lot more often then you expect it too.
- Live the life that you choose and within your means. We can’t have it all at 26, 32 or even 42!
Do you have any additional tips or have your own journey to share?