I have been using the Woolworths credit card for 3 months now. We charge everything to it, our money sits in the offset account and then we pay if off in full each month. It also earns us some free groceries. After giving it a fair trial we’ve decided we don’t feel comfortable having the credit card again, despite it’s benefits. We have spent slightly more than we planned to each month and the amount is saves in offset is not really that much. We are just both more comfortable not using credit. So it’s on the way out!
Last week I started participating in a deferred salary scheme at work. I save 20% of my income for four years and then I can take one year off work while it is paid back to me. I decided to join because I think it’s a win/win in our current job climate. If I do get laid off later in the year there will be several thousand dollars in savings already put away for me. If I end up keeping my job, it means that I get a whole year off in 2017. It’s really just an enforced savings plan for us. It does mean that there is not as much to throw at the mortgage but I’m sure we can pull the belt in a little tighter.
Once I finish this post I’ll be working on preparing the spare room, hallway and toilet for painting over the weekend. They are small rooms and will be quick to knock over. Then I have a whole heap of financial paperwork to sort out. I have done nothing but sleep for the last week and I got behind with tracking everything since that call to see Dad, so I need to catch up! Thats my weekend planned 
I didn’t even know Woolworths was still around! I remember we had one here back when I was VERY young.. lol! Interesting, wondering if its the same! Having an entire year off would be incredible! Awesome that you save so much of your income!
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Louise Reply:
February 23rd, 2013 at 9:27 am
oh there is a Woolies (or 2) in just about every town in Australia, it and Coles are the two main supermarkets giants here, then there is ALDI & IGA also.
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I agree with you about the credit cards. We opened up 5 separate lines of credit purely because we needed better credit scores to try again with a refinance. Well, I think the ploy was successful …..our credit scores went up and our refi is in escrow. However, like you, I simply do not feel comfortable any more with credit card balances. I HATE it LOL We have gone for so many years without using credit cards that now the act of charging anything immediately instills anxiety and brings back the memories of our younger days when we couldn’t handle credit and ran up huge bills. We are not comfortable with credit cards …. much prefer budgeting and paying in cash.
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Louise Reply:
February 25th, 2013 at 5:45 pm
yes thats how I feel exactly Quest! it’s just always niggling away in the background – cash is definitely preferable for peace of mind.
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Yeh I thought Woolies went bankrupt, then I remembered you’re from Oz, i’m from the UK which is where the confusion came in. Keep up the good work, the emergency fund is coming on leaps and bounds!
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If I took a year off work I would not want to go back.
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Louise Reply:
March 23rd, 2013 at 10:54 am
would be great if I don’t have too!
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That’s a neat deal with the year off from work. I can’t see my company doing that though, LOL. I think I wouldn’t like living that year on 80% of my salary though, but maybe it would be do-able without car/commute costs involved. Would your company have to hire someone to replace your position the year you were off? That’s the only way I could see it working where I work…otherwise no one would get their paychecks and no bills would get paid
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Louise Reply:
March 23rd, 2013 at 10:53 am
yep, they would have to hire someone to replace me, but they can afford that because they won’t have to pay my wages. I’d love to use that year to travel and just take a break
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