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

[dittogirl]

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??

[Angie]

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...?

[Zoe]

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!

[Angie]

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...

[Glan]

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.

[peter2]

Bendigo bank daily withdrawal limit can be set at $50 daily.
No other bank does n

[Angelina.]

Hi Peter,

Didn't know this...useful info!

Warm regards,

Angelina

[AmandaB]

I have asked banks to limit my withdrawal and they said they couldn't go under a thousand. Good to hear about Bendigo Bank.

[Angelina.]

Amanda- which bank was this?? Not helpful at all! Angelina

[Lizzie]

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.

Lizzie.