SG Reader Profile – Joy Humphries
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A few words on yourself
Originally from New Zealand, live in Australia for over 20 years. I am married with two children and one dog.
First job and what it taught you
Woolworth Supermarket, learnt to budget my money because I only earnt $2.50/hour
How do you make a living now?
Self employed for 20 years now. I do all the administrative duties. Being self employed enabled me to earn money and still be at home to raise my two children.
Give us your best how to save money tip
Tip for small business owners:
Add all your weekly deposits up then deduct the following from the total deposited for the week
1. divide by 11 – GST
2. minus 30 % ATO allowances including PAYG etc
3. minus 80% business expenses
4. minus 50% For personnal loans, mortgages, credit card bills, super and an emergency fund if you have enough.
5. From the monies left minus 20% savings and the rest is owners drawings for school fees etc, shopping, household expenses, personnel items and treats.
Which do you prefer – spending or saving?
I love to shop, not necessarily for myself, but for my children and household items. Being self employed it is easy to forget that not all the money coming in weekly is yours to spend on what you want. That is why I use the formula mentioned above. Believe me the owners drawing gets spent very easily and too quickly.
What would you do with $50K in cash if it were given to you?
Unfortunately I will have to be very very boring and use it to pay our line of credit on our house. There will be no change sob sob. But it will be a great relief to be rid of that monthly deduction.
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