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How do you live?


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#31 parisdean

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Posted 03 February 2005 - 08:23 PM

Hi Manda,

I work in the finance industry so I may be able to help a little. I see people earning no money that are saving and people that are earing a fortune that are in debt. It's all about management.

Direct debits are fantastic. Take your electricity bill for example, instead of paying $200 a quater, arrange a small debit weekly that way you hardly miss it. Another great creation is automativ savings plans. Take !NG for example. They currently have a great interest rate with NO fees or charges at all. You can set up a auto savings plan so they take a specified amount per week/fortnight. Since it is a on-line account only, you don't have the ease of ATM access. Auto transfers take 24 - 48 hours to you can't spend your money before you've had time to think about it.

If you consider yourself a bit of a credit card junkie (and dont want to be), cut it up. Also, with things like credit cards, your minimum repayment is your interest. If you only ever pay the minimum, your debt will never go down. Try to pay a little extra (where possible) otherwise you are just going in circles.

Working in the finance industry has made me quite anal when it comes to money, but I'd be glad to help anyone where I can - any questions, just ask!

Sharon
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#32 melhoneybee

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Posted 06 February 2005 - 07:50 AM

we have a budget and allour pay goes into my account. I have set up direct debits for everything so all the bills are automatically paid as soon as the money hits our accounts.
We are on a good income but still find it easy to blow the budget so we now each have a set amount of play money a week, and the rest goes on bills or paying off the loan and credit card debt from the wedding last december-this should be gone by mid year.

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#33 kayla_kat

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Posted 28 March 2005 - 05:51 PM

Hey I'm a little late but we live pay to pay. It sucks we have no money left over and save NOTHING!!! My wage goes to the wedding and h2b's goes to other bills and general living.
HOWEVER we have finally got rid of one monthly bill so now have a extra $100 per month which is really helpful.
We conbind his mobile bill austar and telephone into one bill so we only get it once a month.
He also now has a new job so this has really helped and we are finally able to save something!

#34 lori_lee69

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Posted 30 March 2005 - 02:32 AM

oh wow, we totally live pay to pay.
I find I'm actually better when i dont have much money coz i'm much stricter. When i have more money, i spend a little here, a little there, and it's all gone.

We have our own seperate accounts. in mine, after i pay bills etc, and get to the evening before my next pay comes in, whatever is in my account is 'mine' thats my savings money/spending money. Its like, dead money. I wont ever touch the money for anything other than bills/train fare/groceries, unless i have been paid since. Does that make sense? Like, if i get paid $300 and at the end of the fortnight, i have $20 in the account, and the next morning, i am due to be paid $250 then i take the $20 out and use it to pay off a layby, or into savings or whatever and only use the $250 for the fortnight ahead. If i had spent it i wouldnt have it anyways.
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#35 manda22

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Posted 30 March 2005 - 08:21 AM

Thanks for all your advice guys. I'm glad to know that we're not the only ones that live pay to pay. Things are hopefully going to be a lot less stressfull soon as hubby just got a payrise of an extra $2.50 an hour + a few more hours which will mean an extra $500 a week! Mind you, this won't be spending money but rather money towards our deposit on a home and to pay off the credit card.

We haven't used the CC in months which is great but the interest we are being charged is phenominal. (sp?) We pay quite a bit more than the minimum amount due each month but it still doesn't seem to be making a dent. I was thinking along the lines of using our Tax Returns to pay it off in one lump sum but even then, we can't really predict how much we're going to get come tax time (or even if we have to pay!! Never had to before but there's a first for everything...) Hubby normally gets around $3000 back each year which will pay a huge chunk off our CC.

When I first posted the original post, I think I was overreacting a little. It's not as hard as I thought it was going to be. There are people out ther MUCH worse off than us and I don't understand how they do it. My hat goes off to them... ESPECIALLY with little ones. I can't imagine how we could afford to have kids at this stage in life!

Thanks again guys. You're all wonderful... biggrin.gif
Manda (28), Keith (31)Harley (9/7/07) ♥ Levi (28/3/09)
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