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SLOW-MO GR: Managing Money (19th to 23rd of October)

Money, money, money…
Some people are rolling in it. Others don't even want to think about it.

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Earning money is a part of growing up, but it can be pretty overwhelming. A lot of us are also struggling with our finances right now due to living through one of the worst recessions in years.

 

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Whether we have a lot of it, or a little of it, it can be hard to stay on top of our cash. How do we build a budget that can cover all our needs? How can we avoid the temptation to splurge when we're trying to save up? Where can we get financial support and advice?

It's enough to make anyone's head swim!

 

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So join us for an upcoming Slow-Mo GR where we'll be sharing our strategies for managing money! We'll be posting questions from Monday, the 19th of October through to Friday, the 23rd of October. Smiley Happy

If at all you find this conversation distressing or you feel like you need to talk to someone about an issue then it's time to get some help! You can call Lifeline on 13 11 14 or Kids Helpline on 1800 55 1800 or use their webchat and email services found on their respective sites. The links can be found here. If you are new here then welcome! Have a quick peek at our community guidelines. You can find them here!

Re: SLOW-MO GR: Managing Money (19th to 23rd of October)

I'd just like to remind everyone that we have a helpful section of articles on the ReachOut website about managing work and money that are totally relevant to this topic. Smiley Happy

Re: SLOW-MO GR: Managing Money (19th to 23rd of October)

Welcome to the GR everyone!

Here's our first question:
Do you think it's hard to manage money? Do you struggle with it?

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Re: SLOW-MO GR: Managing Money (19th to 23rd of October)

I'm really lucky that I'm still living with my parents, so I don't have to worry about paying for housing. However, I've got uni fees to cover, so it's still very important to save on my money. Personally, I've become quite stingy recently, but resisting the urge to impulse buy something I really want is still a challenge Smiley Very Happy Of course I occasionally buy things to reward my self, but I need to make sure I don't overdo it. So yes, managing money is definitely a struggle, but I'm very grateful for my current circumstances!

Re: SLOW-MO GR: Managing Money (19th to 23rd of October)

Hey guys, welcome to the second day of the GR! Here's today's question: 

 

What are your top tips for budgeting and saving money?

 

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Re: SLOW-MO GR: Managing Money (19th to 23rd of October)

Re: SLOW-MO GR: Managing Money (19th to 23rd of October)

The way that works for me, personally, is having separate bank accounts for different expenses. I have a bills account, savings account, and a splurge account! I have 3 separate cards as well with their purpose written on them on a bright red sticker so I remember what's what  Smiley Very Happy I also think it's important to understand that spending a little money to do/buy things that you enjoy is completely okay and even essential! Heart

Re: SLOW-MO GR: Managing Money (19th to 23rd of October)

Ooooooh this is a good one! I live in a share house with 3 other people. So, saving and making sure I can cover rent, utilities, and any shared cleaning supplies is really important. I always make sure these are paid first/money left aside in its own account, away from my normal everyday and savings accounts.

 

I find this helps manages it a bit better by sectioning it and putting a limit of how much money I would like to spend weekly, and how much I would like to go into my savings. 

Re: SLOW-MO GR: Managing Money (19th to 23rd of October)

I totally do this as well.

 

I also like to use a budgeting app. They work like wonder because you can log them instantly and it churns out a graph and so visually i know how much money i'm using. i've noticed i've cut down progressively over the months Smiley Happy

Re: SLOW-MO GR: Managing Money (19th to 23rd of October)

@wanderingwasp I love the idea of a budgeting app! I'll have to try it out, what are your favourite ones? Smiley Very Happy