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My Budget

Discussion in 'General Property Chat' started by Melbpositivegeared, 18th Mar, 2016.

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  1. Melbpositivegeared

    Melbpositivegeared Well-Known Member

    Joined:
    23rd Jan, 2016
    Posts:
    72
    Location:
    Melbourne
    I speak to a lot of property investors on a daily basis- and one thing that has come up a few times is using the service of "My Budget"

    I've heard it's great for leveraging your time and making sure your bills are never missed or overlooked. It's meant to make accounting time a hell of a lot easier.

    I've also seen some bad reviews online as well.

    Has anyone had experience with this service?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,584
    Location:
    Adelaide, SA
    It's expensive. They take your salary directly from your employer, pay themselves a cut, pay all your bills and then a bit in savings account if any left.

    Unless you're in a very desperate situation, which I doubt if you're on an investment forum (unless you have a story to tell?) then I doubt it'd be worthwhile to you.

    If you're in the process of saving up 1st deposit, you should agree with your partner on how much you should be putting away each pay and stick to it til its done.
     
  3. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,167
    Location:
    Adelaide, SA
    It's generally used for those in a poor financial position trying to get back on top of things - I'd be surprised about any serious investor using them.

    Most commonly I've seen them used by people with half a dozen credit cards, renting, a personal loan or two and ever piling debt etc.
     
  4. TMNT

    TMNT Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    1,394
    Location:
    Melbourne
    i thought my budget was a form of bankruptcy and its "generally" aimed at people who have no financial discpiline or management, and its debt consolidation.

    if you are using services like this, I think Property investment is the last thing on your mind or capabilites or priorities