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what are are the financial strategies you use to manage your money better?

What are some strategies when trying to quit or cut down? What works for you?

Re: what are are the financial strategies you use to manage

Postby AnnaB (facilitator) » Sun Apr 26, 2015 5:04 pm

thanks Lizzie, sometimes its the simple strategies that work the best. Great to hear they are working for you :D
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Re: what are are the financial strategies you use to manage

Postby Ben » Sun Jun 12, 2016 5:50 pm

Bringing this thread back to life as I think it is a good idea and there are some new members :)

My current strategy:
I get paid fortnightly on a Tuesday night. On Wednesday morning the following comes out automatically - Rent, Electricity, Gas, Phone/Internet, Daily expenses budget ($25 per day, goes to a prepaid debit card), health insurance, and savings. I then try not to use the account which my pay goes into.

My savings is invested in a "30 day Notice Saver" Account" (Rabobank), it essentially means that I can't touch that money for 30 days! It is a bit of an encouragement that if I lose any money from gambling, I have to wait until the next pay day or use my daily expenses prepaid card which then essentially limits any potential spending money on luxuries.

So, that's me, what are your strategies?
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Re: what are are the financial strategies you use to manage

Postby ang » Sun Jun 12, 2016 7:39 pm

hi ben, that sounds like a good budgeting,,well done..is that 30 day notice saver just an on-line bank? as i think that sounds like a good idea as if you cant get access to your money easily then you really cant gamble....
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Re: what are are the financial strategies you use to manage

Postby Ben » Sun Jun 12, 2016 8:21 pm

hey ang,

Sure is, comes from Rabodirect, which is an online bank. They offer 31 day, 60 day and 90 day accounts. Really is a great idea because once you transfer the money you can't access it for xx days , it's my favourite bank account :) (I'm using it to save for NZ holiday spending money)
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Re: what are are the financial strategies you use to manage

Postby pamela » Tue Jun 14, 2016 9:17 am

Hi Ben that sounds like a great idea thanks
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Re: what are are the financial strategies you use to manage

Postby Izzi » Sat Mar 11, 2017 7:09 pm

What an amazing post!

I love everyone's advice and useful tips. I really need to decrease the withdraw limit on my card that will protect me in case I have a slip up.

Currently swimming in ridiculous amounts of debt, have not been clean for that long and I am way in over my head. My registration and insurance are due in under two weeks and I have no means at all to pay for them. I guess it just means, will have to go without my car. Not wanting to risk it by driving an unregistered car.

What about credit cards that have a certain minimum limit, for example if it is a $1000 card but you only owe $500 do they let you decrease the card limit to $500?
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Re: what are are the financial strategies you use to manage

Postby annnie » Sun Mar 12, 2017 3:03 pm

HI, How about asking the bank if you can have no cash withdrawals put onto the card, I know that's not an answer to the problem at hand , but something to consider. Please make appt with a financial counsellor , it is their role to work out the best solution for your situation, you will be surprised at how they can help you, while your'e stressing over affording the bills coming up, they may see the answer that you can't at present. make arrangements under hardship, many oblige. I was told to make some payment , no matter how small, so it does'nt go to collections, that's when it becomes difficult. If you are able to somehow afford the rego ( see fianancial counsellor ) perhaps go to the lowest insurance cover. If you drive the car unregistered you are not covered by TAC etc. Survive on the most basic of food. no extras.

Hope I have helped in some way, good luck.
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Re: what are are the financial strategies you use to manage

Postby blastoise (facilitator) » Wed Mar 15, 2017 12:43 pm

Geez, I need to take a leaf out of everyone elses page here! I've just been writing all these awesome strategies down to give to other people who can't access the internet and join!

Zoe, Dittogirl, Angie, Glan - great suggestions, reasonable and achievable strategies!

Peter2 - Good to hear that one of the banks is making some positive policy change with regards to limits on withdrawal amounts. I think this is great and will be sharing it with others.

Ben - great plan! - Rabobanks Notice Saver seems to be becoming very popular. I have one myself, and think it is a great way to reduce spending and control impulses, as well as save for those things coming up that require $$$. They also offer 30, 60 or 90 day accounts. I found the link if others are interested: https://www.rabodirect.com.au/notice-saver/

Keep em coming, these are great!

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Re: what are are the financial strategies you use to manage

Postby shaun1 » Wed Apr 12, 2017 6:01 pm

My friend suggested to me that i snap my ATM card, and only use my mobile phone to do paypass through the commbank app, and if i need cash for something to go to the bank and just withdraw what i need exactly and nothing more extra.

seems like a good idea i think, alot of places take contactless payment these days
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