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 ang » Sun Jun 12, 2016 8:39 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 6:50 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 AnnaB (facilitator) » Sun Apr 26, 2015 6:04 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 Lizzie » Sun Apr 26, 2015 12:08 pm

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

Postby Angelina. » Tue Dec 17, 2013 11:45 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 your money better?

Postby AmandaB » Mon Dec 09, 2013 7:08 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. » Sat Sep 14, 2013 2:05 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 peter2 » Thu Sep 12, 2013 1:03 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 Glan » Mon Aug 19, 2013 4:56 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 Angie » Sat Nov 10, 2012 12:18 am

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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