11378 replies to this topic

[Liberty]

Yeah I do it daily, generally to the nearest $50 / $100

 

Interesting. I will start doing this. Might help out with my saving to be honest. Good tip. Loving all the financial things in today's GT sesh. Thanks Riceman.

[Zac]

I have done it twice today! I was planning on doing it to the nearest dollar or so and doing it after any transaction.. see how that goes to start with.

Its not bad... like today I just added about $8 to the savings account that way... so keeping that up, you could see close to $200 in there by the end of the month, which is good for not actually trying to put a lump sum of money aside... its all about cutting corners

[Shaz]

I TOLD YOU CUBTS I WASNT CRAZY! 

[Zac]

I TOLD YOU CUBTS I WASNT CRAZY! 

You're crazy, I don't recall you ever saying you weren't...

 

Crazy rich that is...

[B4TT]

Are we rounding to the nearest $1000 or $100?

I am going to start out with something I can manage and go with the nearest $1 haha.

[Shaz]

Its also a good way to keep track of your purchases, and money on hand.

[B4TT]

Yeah I do it daily, generally to the nearest $50 / $100

Hahaha, I would be broke by the end of the day if I tried to round to those sums.

[Scuba-Roo]

im stupid, can someone explain how that works?

could google it but meh

[Shaz]

Yeah, I try and do as large as possible, but there is times where you're transferring even cents just to even it out. 

 

I generally round to the nearest $10 as a rule of thumb.

[Zac]

I am going to start out with something I can manage and go with the nearest $1 haha.

 

Try the nearest $10... rounding to the neared $1 means you'd only be dropping >$1 into the savings account, which wouldn't add up to that much... but thats just my opinion

 

Its also a good way to keep track of your purchases, and money on hand.

 

Thats right Shaz... thats one reason why I do it. I used to keep my bank receipts from the ATM everytime I got cash out, but checking my balance online anytime is more convenient and more accurate when I'm doing the transfers

[B4TT]

Its also a good way to keep track of your purchases, and money on hand.

Well hopefully my spreadsheet will be too, It has a page for each month which breaks down each purchase and the amount etc, then I have a main page that links to the values from that page that gives a summary of what is going on and side by side comparisons of previous months income/expenditure. Still got a few things to improve/add but will just do it over time .

[Shaz]

im stupid, can someone explain how that works?

could google it but meh

 

You try and keep your account balances as even as possible. 

 

So say you have $311.55 in your account, you transfer $1.55 to a savings account and keep $310 in your main one, then you go buy a pack of smokes for $17.55. Your balance following that would be $292.45, in which case you'd transfer 2.45 to your savings account, etc etc. 

 

Repeat twice daily for a month and you generally have a hefty savings balance with fuckall effort.

[B4TT]

Try the nearest $10... rounding to the neared $1 means you'd only be dropping >$1 into the savings account, which wouldn't add up to that much... but thats just my opinion

I hear you, but I need to start small and work my way up If I go guns blazing and try to save 90% of my money each month.. it won't last the month.

[Zac]

im stupid, can someone explain how that works?

could google it but meh

SO say you check your online banking account and you find that you have $536.70 in your daily account.

 

What you do is you transfer $6.70 into your savings account, so you have $530 in your daily account. Nice round number.

 

Next time you do another purchase, or check your online account, you might have $513.40 in there.

 

Then you transfer $3.40 to your savings, and you'll have $510 left in your daily, but your savings would now be $10.10

 

It is just all these little amounts you transfer out to keep nice numbers in your daily account. They all add up

Well hopefully my spreadsheet will be too, It has a page for each month which breaks down each purchase and the amount etc, then I have a main page that links to the values from that page that gives a summary of what is going on and side by side comparisons of previous months income/expenditure. Still got a few things to improve/add but will just do it over time .

I did that, it works... but make sure you keep ontop of it... it is good to check against your online bank transactions to make sure you are keeping track of everything.

 

You are lucky that you don't have quarterly bills coming out I guess, because that throws out your monthly sheets

[Shaz]

Couple that with a high interest savings account, that you get bonus interest to make no withdrawals, and a block on taking cash out and it increases even faster.

[Adam]

Just got my forking road rage on hard. fork you Sydney drivers and your forking need to be that one car spot closer ahead.

[Zac]

I hear you, but I need to start small and work my way up If I go guns blazing and try to save 90% of my money each month.. it won't last the month.

Haha, nobody said you have to save 90% each month... LOL!
 

Like Shaz and I mentioned, just shave off the change at the end of your balance, to the nearest $10... so each day you should only be adding about $10 into your savings account at the most

[B4TT]

You are lucky that you don't have quarterly bills coming out I guess, because that throws out your monthly sheets

I made provisions for unexpected/non usual bills/purchases, so you put them in and the spreadsheet updates the figures accordingly

[Zac]

I made provisions for unexpected/non usual bills/purchases, so you put them in and the spreadsheet updates the figures accordingly

Nice nice... I set aside am amount each month for unexpected and schedules bills too, so if my council rate is $300 per quarter, I set aside $100 each month so I will always have money for that bill when it is due...

Couple that with a high interest savings account, that you get bonus interest to make no withdrawals, and a block on taking cash out and it increases even faster.

Ahhh ShazBank... great minds think alike...

[skillionaire]

I made provisions for unexpected/non usual bills/purchases, so you put them in and the spreadsheet updates the figures accordingly

 

Also, AMS, you get in for free with me. We are also VIP's at the post game, which I am only attending if we win.

 

Can I stay at your place on Friday as well?