How financially literate ARE you?

Last year, I was the proudest little wife in the history of ever when my amazing husband won a scholarship to do his Masters in the United Kingdom this year.

We rode that high together through the dinners and congratulatory messages from everyone, including a lovely reception held at the British High Commission here. It was such an amazing time!

A month before he was due to leave, we started sorting ourselves out for the impending year we'd be apart.

Now, I'm a geek. But I'm not that financially literate. Aside from a few basic Business classes in high school and the number crunching for Navigation during flight training at university, I'm not exactly cut out for balancing a balance sheet. I mean, I understand the concept, but I'd never actually ACTIVELY practiced using a budget when I started working.

Also, Lel (my ABSOLUTE fave thrift shop here in town) and my own version of retail therapy here in Honiara didn't exactly have me starring as 'Best Budgeter of the Year'.

So you can imagine how we started off when we decided to 'Sort our finances' before Ernest left for London.

Getting our collective bank accounts in order (*please insert sarcastic laughter here*) before E left, was one of the most adultiest adulting I've ever done, since I turned 21.

Banking

We first had to get our standings orders in order (because, haha - they so weren't in any order at all, when we had two steady incomes). We just pulled figures outta our a-double snakes 'coz one got paid this week and the other, the next, so who cared right? Wrong.

So now we had to figure out how to last us long enough to move off two incomes to one, while he transitioned onto his scholarship.

*New* Expense - RENT

Between that - and moving house (hello newest expense, 'rent') - and keeping ahead of bills... I realised how extremely thin our knowledge of being financially literate was.

Just a word to the wise for aspiring Chevener's that aren't born with money coming outta their ears - you gotta drop between SBD 5-7k to secure your accommodation in the UK, BEFORE your scholarship money reimburses you on your cash card, that activates three days before you travel. I'm juss sayin'... If you can drop that and survive until your next fortnight unscathed, power to you, baby!

If not, another quick heads up.

Save.

Budget.

Live within your means.

Before making life altering decisions together.

My rule of thumb is to live off 60% of my salary, and put 40% away - 20% in an emergency fund we BOTH gotta sign off on; 10% to tithe; and 10% for my own rainy day.

So if, for example, I earn $1,500 a fortnight, that's:

- $900 to live off, and

- $600 to savings ($300 to the joint account; $150 to tithe; and $150 to me).

See how I actually went through this thought process here.

What are your Budgeting tips?

(all credits to the IG account that shared it - that I will find)

If COVID-19 and being apart from Ernest has taught me anything about budgeting (at least), it's that we can only keep being better.

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