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Community Manager
Posts: 4,977
Registered: ‎20-08-2015

Re: GR Managing your money

What are some of the things that help you manage your money better?

 

Well the first thing was realising that i wasn't managing my money very well at all (that took me like 10 years). 

 

The next step was using a budget, thinking about my goals in life and also realising that i was probably going to get old one day and that i needed money to do some of the stuff i wanted to do before then. 

 

Also i found some cool tricks along the way, like saving a little bit every week and more recently using apps to help me with that. My favourite one being an app which takes a bit of money out of every transaction i make. So like if i buy a coffee for 4.50 , it rounds that up to 5 and saves the 50 cent difference for me... if that makes sense 

Mod
Posts: 12,847
Registered: ‎08-04-2013

Re: GR Managing your money

@nc_reachout13 I didn't see a big moon, but it certainly was bright! Smiley Very Happy
Builder
Posts: 43
Registered: ‎28-08-2016

Re: GR Managing your money

I generally estimate by the month, and factor in what my lowest amount I could earn would be over 4 weeks. Use that, then minus food, petrol, bills, the occasional meet up with  a friend, then estimate how much I can save as a minimum every week Smiley Happy

Builder
Posts: 43
Registered: ‎28-08-2016

Re: GR Managing your money

ahhh @N1ghtW1ng you're so lucky!! 

Builder
Posts: 578
Registered: ‎07-10-2016

Re: GR Managing your money

I've heard that app is great and you get surprised by the amount that has been saved up over time! (I might use it when I actually spend money)
Builder
Posts: 578
Registered: ‎07-10-2016

Re: GR Managing your money

I think this is a great place for our next question:

 

What is a budget? Do they work for you?

Mod
Posts: 289
Registered: ‎19-09-2016

Re: GR Managing your money

What app is this @Ben-RO? Sounds awesome.

One of the best things I did was a program SaversPlus program when I completed my diploma. I completed an online budgeting course that was really helped me learn how to budget properly. I was only saving 12.50 per week and at the end of 12 months I had $500 and I was matched another $500 which helped my start up costs for university considerably.

I now use an excel document where I log all my income and deductions. I find it helps me because I can see it all in black and white and what is left over after saving is some little play money for something fun.

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Community Manager
Posts: 4,977
Registered: ‎20-08-2015

Re: GR Managing your money

What is a budget? Do they work for you?

Budgets do and they don't work for me.... every year or so and i do something like this and look at how i am doing... then that's generally enough for me to think about it all and work out if i am spending beyond my means or not! 

 

 

Builder
Posts: 43
Registered: ‎28-08-2016

Re: GR Managing your money

Great question @Alison5! To me, a budget represents a good goal to work towards, whether it be for a holiday, a new car, a house etc. it gives a great reason to strive towards achieving a goal, no matter how fast it takes you to get there! Personally, I find budgets work the best for me because they allow me to track my expenses 

Builder
Posts: 1,861
Registered: ‎01-12-2014

Re: GR Managing your money

What is a budget? Do they work for you?

A budget is sort of a plan on where each bit of your money will go, like allocating every dollar to a certain category and then using that as a guide on how you'll spend. And then tracking your actual spending against the budget to check how you're doing, if the budget needs to evolve or if you need to change your spending habits to meet the financial goals you want to meet.

 

I haven't figured out how to make one work for me, cause as I mentioned with the previous question the whole "tracking how you're going" part just seems to be a lot of effort. Perhaps I need to find an app that can scan receipts, OCR them, and chuck it into a table. I've heard of using barcode scanners but ain't nobody got time for scanning things at the store then again when they get home.

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