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'out there' Money Saving / Budget tips

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Ally'smum
Here's something a bit different...

 

We have a mortgage. So we try to accumulate credit card debt, without attracting interest.

 

Get a 0% purchases card for x months. Put everything on it that you can (up to the limit). Only spend what you would usually spend. No extra spending, otherwise this is all pointless. Put the extra cash you have (from not spending cash) on your mortgage. Balance transfer it to a 0% balance transfer card at the end of the 0% purchases period (don't use it!). Balance transfer it again when the 0% period is up (still don't use the card!). Keep bouncing around on 0% transfers until you run out of banks, or pay it off. No fees are best, or low annual fees.

 

This lets us have whatever the credit card limit is interest free, and therefore not on our mortgage attracting interest. We can always pay off the credit card with our redraw if we want to for any reason.

 

I keep seeing the 'let's pay off those credit cards' thread and want to start a 'let's accumulate' one :ninja:

 

 

I used to do this but it didn't work out for me for several reasons:

 

 

1) There weren't enough banks doing the 0% interest free at the time I needed it, plus there is a time lag between applying for the card and the transfer going through (about 6 weeks) so instead of doing this every six months you need to do it every 4.5 months and therefore be watching from 3 months to find one.

 

2) It makes financial sense to reduce the interest you are paying, however, it hurt me to pay off the card when I needed to and see the home loan balance increase because I had previously been looking at a smaller number.

 

3) It became too messy/hardwork/stressful, I found the thing that helped me the most was simplifying everything. Debt-offset account = net wealth.

 

On an intellectual level it makes sense to do what you are doing but for many people it is too complicated and too open to carrying multiple balances.

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Silvers

If you are going to spend money on incidentals when out shopping eg coffee, chocolate bar, new top etc tell yourself no and instead transfer what you would have spent into your mortgage or savings account when you get home.

 

It's amazing to see how quickly it all adds up.

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SAmum76

Coins in a tin, when full pop into a high interest saver that rewards you when you make no withdrawls each month and you add $200.

 

When the high interest saver gets to X amount transfer to a term deposit with an ever higher amount.

 

I have a Visa debit card so I can use it to make online purchases and book holidays etc but only using my own cash.

 

I have 0 credit cards, 0 loans, 0 hire purchase and have paid off our home living frugally.

 

If we can't afford something we don't get it.

 

I prefer to have experiences rather than things. We holiday o/s twice a year living like this.

 

 

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Didgedoo

I'm interested in buying the Woolworths gift cards and getting 5% off through an entertainment book. What is an entertainment book?

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Ocean waves

I think the entertainment book is an app now. Books used to be available through fundraising places, hospitals, large charities, etc. if you look on the entertainment book website it should help you.

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luke's mummu

I think the entertainment book is an app now. Books used to be available through fundraising places, hospitals, large charities, etc. if you look on the entertainment book website it should help you.

 

You can still get the book thru fundraising places such as the cancer council and MS society in NSW

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ikealover

I think RACQ does a % off for Woolworths cards?????

 

What I do is buy $10 card one week when I buy my groceries. Next week/fortnight I'll buy a $20 card but use the $10 card when I pay. So now I have $20 card. Next time I'll buy a $30 card and use the $20 card to pay.

I cant remember where I read it but I find it helps.

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Eadie-Mae

We follow a somewhat "mustachian" way of life by creating a life that is purposeful and meaningful to us. This means working out the things we value. We then spend as little as possible on the things we don't value and as much as we want on the things we value.

 

we purchase exactly what we want when we want. it's just that we don't have any great wants in terms of materialistic things...we don't buy coffees or take out. or have foxtel or smartphone plans. because we don't value those things, so why spend money on them?

 

i always think to myself..what could i purchase that could be more valuable then being at home with my little girl?

 

we spend $360 a month on food, this includes 1 tin of s-26 gold forumla p/wk, huggies nappies, all laundry and toiletries. we paid cash for our car and will drive it for 10 years or more. we have no credit card debt or personal loans.

 

we have 2 investment properties + the house we live in. we travel often, locally and overseas. we go camping and hiking and swimming and have BBQ's and make cakes together. read stories together. eat dinner as a family. watch DVDs from the library while eating popcorn. read books often. grow our own fruit and veggies. life is bliss.

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Flowerbombed

Haven't read the whole thread and most people probably already do this but for me...

 

1. Wash my hair every second day (I used to wash every day... I know! Bad!) so I buy shampoo and conditioner half as often now.

2. Don't wear makeup unless I'm going to work. I only use non-animal tested makeup which is generally a bit more expensive so everytime I put it on, I'd say it's a dollar or twos worth. Makes it last longer.

3. I bank with ANZ but have a savings account with ING that doesn't have a card attached. I have an automatic transfer of $100 the day I get paid to my ING account, so no way to impulse spend it as it takes a couple of days to transfer back to my ANZ account so I usually don't bother!

4. Don't take money/card with me when I go down the street for work (usually a couple of times a day for settlements) that way I'm not tempted to grab a drink or snack.

5. Buy clothes on sale. Boxing Day 2014 I spent about $3,000.00 on clothes and haven't bought a thing since, and don't plan to this year either!

Edited by Flowerbombed

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AuntyJJJ

I don't use cash and I Audit my household every quarter

 

I saved 50,000 as a teenager working 3 jobs, bought positively geared property and now have 4-5mil in property with a very healthy equity of about 3mil

 

I pay for everything I credit cards, pay them off so they're free, and get about $1000 a year free gift vouchers through the rewards program- my sister goes around the world every year on her points.

 

To save the initial $50k I worked, didn't spend, ate rice, didn't get a car til I was 29, travelled only when paid for (jobs paid for me to go os a lot), bought cheap clothes and made my own dresses. Cash is king.

Edited by AuntyJJJ

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