Day 8 - 12:

Day 8: Check your emergency fund

They keep going on and on about having 3 months emergency cash. 3 months salary isn't very much. That is probably about what I currently have in savings. But the money isn't for an emergency. It's for renovations and a holidays. I'm not letting it sit around for the day that I might get fired. It's not that hard to check how much emergency cash you can pull together at the last minute.

Day 9: Maximum mileage from your cash holdings

Like most people, my money sits in savings. I'm not really the type to invest my money. The only other investment option I can think of is superannuation. But what's the point if I can't touch it for another 40 years? Plus I'm not sure what investments are covered under my no trading clause.

Day 10: Financial goals
Short term goals - save for holidays and live a comfortable lifestyle.
Intermediate term goals - buy a home in Sydney, pay off HECS debt and invest more into retirement plan
Long term goals - pay off my mortgage

I gave estimating the cost of my goals a go, but it is quite difficult. It was easier to quantify short term goals such as saving for a holiday.

Day 11: Invest in mid-term goals
I see the intelligence in this, but I don't think I'm in a position to actually do it. It's not something you do in a day either. But I will eventually contribute more to my superannuation which will contribute to my retirement plan.

Day 12: Allocate capital like a pro
Debt or Equity? It's a question that is one important financial decision. I see myself as having a lot of debt. Home loan and HECS (although some people don't consider it a debt, I still have to pay it off) repayments are where a lot of my capital goes. Apart from compulsory super contributions I am not investing in equity at all. Although pay off my mortgage could be seen as increasing my equity. So should I consider investing my money in equity? It would be nice to see my capital grow, but I'm such a play it safe person that unpredictable returns on investments make me uneasy. But paying off debt, I know the amount I owe will decrease. I am a risk-adverse investor, so I would only invest in ventures that might not have a very high return anyway. But that is a question for further down the track.