@bedlover, your thinking is the same as ours. We are about 2 months of paying off our CC debt (thanks to a wedding!) and will use the CC for all expenses and pay it off monthly.
What I found very helpful is setting up a spreadsheet. We have a column for each of the different bank accounts and CC and we update it weekly with ALL transactions (income and expenditure) we have made. It makes it very easy to see where cash is going. When we first set it up, we made predictions on all regular costs (rates, electricity, gas, body corp etc) so we could also have an idea of when bills were coming and roughy how much that would be. We now have a separate bill account, and each month we transfer a set amount into that account and that way we alway have the money available to pay that bill. You can still put bills on your CC and then use that same money I pay it off your CC at the end of the month. It has been really good for us because we can also work out when we can pay big chunks off the CC depending on if we have bills due that fortnight/month.
ETA: we stuffed ourselves up at the beginning by getting engaged/buying a house/getting married without thinking about the financial implications. For a while we were living pay to pay down to the last dollar and we were stressed. To the point where Coles/Myer cards we had received for Christmas/my birthday were being used for groceries and petrol.
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07-11-2013 13:56 #11
Last edited by M'LadyEm; 07-11-2013 at 13:58.
07-11-2013 13:57 #12
Yes, and we're on a very low income too.
I use credit cards for convenience, transactions are fee-free and so the cash we do have is earning interest. Then pay them off each month before the interest free period ends.
I drive a small, older car that is super fuel efficient (live rural so car is essential). I had a car loan once and it was like bleeding money!
We are saving a home deposit s, having had a mortgage before, I know things will change when we buy. However I am willing to compromise on a lot to ensure we don't overstretch ourselves.
My best bit of budget advice - stop worrying about what everyone else has.
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07-11-2013 14:00 #13
07-11-2013 14:03 #14
07-11-2013 14:04 #15
Never owned a credit card and never will. The way I see it is if we don't have the money then we don't get the item. We always have a decent amount in savings to cover emergencies etc. We defiantly live within our means. The only debts we have are mortgages for our house and investment property. Each week I budget and put aside money for each bill (electricity, rates, rego petcare, food, presents etc) so when we receive a bill the money is already there waiting for it. I also over budget so usually once paying a bill I transfer the left over into offset on the mortgage. Once I have allocated all the money to the relevant bills everything left over is transferred to savings for emergencies, holidays and treats etc. Works really well and means no stress about how we will pay something.
07-11-2013 14:08 #16
Last year I thought I was even the beginning of this year but the truth was no I wasn't the last few months I have been living within my means and really realizing what things I need and what I don't
It's amazing what things I thought I need ed and what was worth having
I do have a very small manageable credit card debit and small car loan which will both be paid of soon so no stress there
Last edited by bunkx; 07-11-2013 at 14:11.
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07-11-2013 14:13 #17Senior Member
- Join Date
- Dec 2009
Yes we do. We both work very hard and budget and save hard but we also treat ourselves and go out for dinner at least once a month and have enough for the odd luxury
07-11-2013 14:16 #18
Yes. We refuse to buy anything on credit (although it will be different for a mortgage when we get one, who has 250k in their bank?). We save for everything, but we aren't really phased with the keeping up with the Jones stuff so many are wrapped up in. A 70k BMW or a collection of Jimmy Choo's don't make you a good person.... or a happy one. If that was the case no one with money would be unhappy.
07-11-2013 14:31 #19
We do. We don't have a credit card so buy everything with our own money. We do have a mortgage and a car loan but have never missed payments and do not struggle to pay these each month. We also have savings for emergencies/unexpected bills (eg like when hubby's car needed a new head last month) so don't have to stress or worry about where money will come from for these types of things.
07-11-2013 14:47 #20
Yes. We have credit cards but they get paid off each month. We have them for the Frequent Flyer points and also for convenience. We have a mortgage and that's it. We bought a car about a month ago and paid for it outright. DH is an awesome Chief Financial Controller of our household. I'm awful with money and budgeting but he's very good at it.
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