Wednesday, July 2, 2008

Travelling in the Fall

I should probably mention how I'm affording this trip on a budget. I've been living o/s in Australia for over a year and got a large sum of money from my tax returns because i'm not an Australian resident ($1000). I'm also receiving 800$ in supperannuation money back from Australia (supperannuation is almost the same as a pension. your employer puts a certain percentage of your paycheck from their own pocket into a fund to be used when you retire or when you leave if you're not Australian). I'm also getting a $600 tax refund from the US. So overall I think I atleast have my travel expenses covered. I'll just need to save up money in a EuroTrip Fund that I've started in my ING Direct account.

So far, after one month of saving, this is what my ING account looks like:
Emergency Fund: 300.57
Computer Fund: 299.22
Ipod Fund: 10.04
EuroTrip:20.00

My EF was higher until I read an article about snowballing debt vs building up your emergency fund. I decided to withdraw 300$ to get my CC debt down to $430. I might end up doing that again just so the CC debt is completely wiped out (I'm not sure though). I'm also going to stop putting money into my EF Fund once my CC is paid off and put all my extra cash into the EuroTrip account. I hope to have $1500 by the time I leave!

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