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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?

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

Postby dittogirl » Wed Nov 07, 2012 11:54 am

Just thought it might be good to share some of the financial strategies you use in order to manage your money....I have a few!

consolidate credit cards: if you owe money on credit cards with high interest rates, do a balance transfer to one with a low rate/0% interest for 6 months card to buy yourself some time to pay it off.

reduce limits on credit card: banks don't like doing it and make it really tricky sometimes, but you can ask for your limit to be reduced - I've now got one card with a $1000 limit because I figure I can always manage to pay that off.

Leave your credit cards at home or send them to live with a friend: simple really, but if you leave your credit card at home you can't use it. if you are dodgy with credit cards, give them to a friend. That way you have to make a conscious decision to use it AND go and get it - mine lives with a friend in another state!

Say no or opt out of those bank messages that ask you if you would like a credit limit increase...

what are some of yours??
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RE: what are are the financial strategies you use to manage your money better?

Postby Angie » Wed Nov 07, 2012 4:09 pm

what about cutting down limits on cash withdrawal for your keycard or debit card or credit card so that you can only withdraw a couple of hundred or less a day...or for internet betting you can limit that amount that you can transfer out of your accounts per 24 hour period...?
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RE: what are are the financial strategies you use to manage your money better?

Postby Zoe » Wed Nov 07, 2012 8:26 pm

I keep all of my money (except what I need to spend for the next few days) in a high interest savings account that is not linked to a card...it takes 24 hours to transfer the money back...so it keeps my money safe when I have a sudden impulse to gamble...sometimes I blow the $300 that I have in my account that's linked to my debit card but at least I don't spend all of the money I have until next pay day!
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RE: what are are the financial strategies you use to manage your money better?

Postby Angie » Fri Nov 09, 2012 11:18 pm

Good one Zoe...great suggestion! it's also a good idea to avoid withdrawing ANY cash at all I think...that really worked for my partner. Also, I pay everything with my keycard and rarely withdraw cash, which helps me save heaps...
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RE: what are are the financial strategies you use to manage your money better?

Postby Glan » Mon Aug 19, 2013 3:56 pm

I make to do list with minimum balance. Rest money deposits in account for interest. I also invest in the mutual funds and life insurance.
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RE: what are are the financial strategies you use to manage your money better?

Postby peter2 » Thu Sep 12, 2013 12:03 am

Bendigo bank daily withdrawal limit can be set at $50 daily.
No other bank does n
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RE: what are are the financial strategies you use to manage your money better?

Postby Angelina. » Sat Sep 14, 2013 1:05 am

Hi Peter,

Didn't know this...useful info!

Warm regards,

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

Postby AmandaB » Mon Dec 09, 2013 6:08 am

I have asked banks to limit my withdrawal and they said they couldn't go under a thousand. Good to hear about Bendigo Bank.
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RE: what are are the financial strategies you use to manage your money better?

Postby Angelina. » Tue Dec 17, 2013 10:45 pm

Amanda- which bank was this?? Not helpful at all! Angelina
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Re: what are are the financial strategies you use to manage

Postby Lizzie » Sun Apr 26, 2015 11:08 am

My strategies are very simple:-

No credit cards at all. I haven't had one for many years
Don't borrow money from anyone
Set my budget for what I can afford

This is a simple plan, but my headings are like this:-

Rent, Electricity, Water Rates, Land Rates, Telephone, Mobile, Food, Outings, Hair Cuts/Medication, Car Expenses, Insurances.

You can have whatever you have bills for. I also do it on excel computer program, but you can do it on paper if you don't have a computer. I also have a diary that I write in each day, I put down what I have spent on that day and where. It just gives me a better look at what life really costs. Just going to the local market to buy bread and milk is a cost.

It is a nice feeling to see what I have left over that could be spent on a holiday over time or a job that I want done around the house.

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