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

Great topic! Thanks for the tag. 

 

Like @featuringme I am lucky enough to still be living at home and so I don't have to cover costs like rent, water, electricity, and internet, which allows me to save most of what I get paid. So my first tip would be to stay at home for as long as possible if you can (as long as your circumstances allow it and your home is a safe space). So in that respect, I am not finding it too hard to manage money at the moment!

 

In terms of budgeting and saving money, there are lots of different resources that are out there and it is important to find something that works for you. There are loads of different budgeting apps and planners, and lots of banks offer their own features. For example, some banks allow you to automatically split your pay each month into specific accounts for food, entertainment, house savings, holiday savings etc. or rounding up purchases and putting the extra $2-3 into your savings. These are things you could also do manually if your bank doesn't offer them. 

 

If I'm allowed, I'd like to suggest a podcast called "She's On The Money." They have a lot of different episodes covering everything from setting a budget, to saving for a big purchase, to superannuation, and investing, so there is something for everyone no matter what stage of money managing you're at. 

 

I think that it doesn't matter if you can save $10 at a time or $100 dollars at a time, because every little bit adds up! I hope that people can get some great tips from this thread

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

Wow so many great suggestions! I didn't even know that budgeting apps existed Smiley LOL I might get a journal and start writing down my weekly spendings so I manage my money better.

Also love the idea of separate bank accounts, also something I'm seriously considering to do!

 

I think people have already given tons of great tips for budgeting and saving money, not sure if I can think of anything tbh. Just something I personally do, I always try to go for cheaper options if it is possible. I think there is this long-standing myth where more expensive items are considered better quality, but buying cheaper things does not mean you are sacrificing quality. Whenever I shop at Woolies or Coles, I always keep an eye out for deals and usually buy their homebrand products. I also study the unit prices for products to see which option is cheaper Smiley Wink

 

Another tip for uni students - capitalise on your uni discounts! Unis usually have select shops nearby that offer student discounts for a variety of products, so that's another useful way to budget. My uni also offers a few free conselling services, so if you feel the need to reach out but have a limited budget, check if your uni provides some free help Smiley Happy

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

After having a gap year when I graduated high school with the intention to work and save I realised how little I knew about saving and earning money! Another year on from this having nearly lived a full year out of home I feel a lot more equipped to give advice on this topic. 

 

Here are some things that really helped me:

 

1. PRIORITISE- decide where you most like to spend your "spending money". Would you rather eat out? buy a new shirt? or add to a travel fund? Sometimes it's easier to pick one at a time to work towards. 

2. When you get you payslip, take out an allocated amount for spending in CASH. Allow yourself to spend this amount, but only this amount, on extras throughout the week/fortnight. Eg- I would take out $150 from my full time earnings each week and that money was spent on time with friends, clothes, morning coffees. The non-essentials. The cash element helps curb the temptation to go over this limit.

3. LEARN. Do some research about money. I am not a finance person but learning about passive income and compounding interest has helped me in being able to maximise the money that I am saving without much extra work at all.

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

Wow! what a great topic with so many awesome tips already submitted! I've never considered a budgeting app but that's such a great idea. My only two cents (pun intended) that I have found to work for me is having separate accounts for different expenses. I have one for my complete savings which incurs interest plus an everyday account for things like bills, leisure and buying food etc. I do plan on opening another account for bills to be deducted separately so I can really pin point where I can cut back my costs Smiley Happy

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

What a helpful thread!

A few people have mentioned having the different accounts for different things, I definitely have found this useful too, and feel like I weirdly have more money now?! 

I'm going to check out that podcast @Turtle22 and keen to hear peoples recommendations for budgeting apps Smiley Very Happy

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

Hi everyone! 

 

I am going to posting todays next question Smiley Happy 

 

What are some ways we can earn some extra cash?

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

If you like doing art, then maybe you can start posting your work online and seeing if you can get some people to commission some art from you. This is definitely very popular on Instagram, especially for cartoon and anime artists.

 

There are also print-on-demand-sites where you upload designs you've made, and then the company sells products with your design on it! A lot of these sites are totally free, and they cover the cost of making the products as well. RedBubble, Teespring, Society6 - these are just a few of the sites I can think of, and there are tons more. These sites are very competitive since there are a lot of people who upload designs, so it's not a guarantee way of making money unfortunately. The good thing about these sites, however, is that you don't need to be extremely talented in art. I've seen designs that just consist of a sentence typed into a photoediting program, and booming in sales!

 

If you think you would be interested in providing some tutoring services, then maybe you could become a private tutor! TutorFinder is a website where you can advertise your services, and you don't need any qualifications to register. Highschooltutors is another good website where you don't need any qualifications to register. Finally, LearnMate is a tutoring company that you can register with online, provided that your application is approved (again, no tutoring qualifications necessary!). There are probably a few more options available, these are just the ones I can think of rn.

 

If you've ever felt like starting a YouTube channel, it can be another way to make some extra money. You'll need to reach a certain amount of subscribers before your videos can be monetized, but I think it would be a rly fun way to make some extra cash Smiley Very Happy

 

A final way I can think of is selling old items. Ebay is very popular for selling preloved items, or you could do a garage sale. This is a loooong post, so shout out to everyone who manages to read the entire thing Smiley LOL

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

Love these ideas @featuringme! I had never heard of the websites where you can sell designs, that sounds amazing. 

 

I am a big fan of arts and crafts. A few years ago I was really struggling to find enough work to support myself, so I started making jewelry. For a long time it helped me get through and was a great way to make some extra money. I was speaking to someone this week who did something simialr, but had a succulent store and sold succulents out of cool cups and all sorts of quirky items he found in vinnies. If you love art, etsy can also be a great place to sell your work. 


Another one I have seen is people with a skill offering classes/events on facebook or other social platforms. Eg: If you are awesome at photography, painting or yoga, then holding classes for those wanting to learn. I've even seen guided hikes and cooking classes near where I live. 

 

Can't wait to hear others thoughts on how to earn extra cash Smiley Happy

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

Oops, looks like we didn't post yesterday's question! Smiley Embarassed

Here are yesterday's and today's questions:
Where can we get support if we're struggling with managing our money?

What would you say to someone who is struggling with their finances right now?


giphy

 

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

Sorry that I am replying late, I still want to share it in case anyone need it. My way of managing money is similar with @Bubbles99 's. Putting money into three bank account is a very good way to manage money. You can put the money in an account with highest interest if you want to save it. And you can use your money in the savings account to buy some financial products.