Stupidly Simple Money Tips

Sometime last year I realised I could create multiple accounts within CBA and set up regular transfers to go into different accounts. As a result, I've got about 3 accounts saving up for various things such as holidays and big ticket items without trying too hard.

This was amazingly simple and I feel a bit stupid about not having done it before.

Do you guys have any simple tips like this?

 

I do the same thing. Separating funds before they are noticed is great, especially for people that like to spend. Helps me feel good about spending on holidays.

 

just not all in the same bank , sometimes one offers different incentives ... say a holding account for big $$ spends you know are coming ( building renos etc. )

one for slow irregular saving ( say accumulating share divs .. which will be reinvested eventually )

you get the picture

 

1. Setup utility, rates, body corporate etc bills to be paid on the last possible day via internet banking. No point paying these early. Pay via cc if you earn points and there are no cc surcharges.
2. Any accounts such as car or home insurance that allow you to pay by the month rather than upfront do this - again money in your account is better used as an offset and also paying with marginally cheaper dollars (due to inflation).
3. Any purchase over a $1,000 I always ask for a discount - you'd be surprised how often companies are prepared to offer a few $$$ off without any serious arm twisting.
4. Know your prices - go online, price check. Use the Bunnings / Office works price match option.
5. If buying online use cash rewards etc etc for discounts. It might only be 1% on ebay transactions but it adds up. Buy online and collect instore for the discount.
6. Consider buying second hand or near new.

and my number #1 tip.

7. Ask yourself - do you really need this? I've got three pairs of shoes in the cupboard, brand new, brought on sale but never worn from not following my own tip.

 

Live below your means but within your needs.

My income has increased 25% over the past couple of years but my level of spending stayed the same thanks to lowflation and looking for bargains. In less than 5 years I am able to fully pay out my home loan.

 

This is golden.

Don’t buy something you don’t need, even if it’s on sale! It’s easy to justify a purchase by using the “but it’s on sale” excuse which I hear a lot.

 

I set up automatic transfers into my savings accounts to ensure i put away enough for interest... but I really should set up to automatically transfer more...