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    • obay
    • By obay 10th Nov 17, 3:03 PM
    • 415Posts
    • 292Thanks
    obay
    Cash flow issues? Maybe these can help you.
    • #1
    • 10th Nov 17, 3:03 PM
    Cash flow issues? Maybe these can help you. 10th Nov 17 at 3:03 PM
    Hi,

    I'm writing up a little helpful post that some might not have thought of - these are from my personal experience during the last 6 years of becoming a 'mature' adult, although it goes to say that I'm very immature, but not anymore with my money - These tips might help you, it is up to you if you use them, I do when I am short of cash.


    1) Fuel - Petrol, etc.

    Did you know, if you skip the pay at kiosk option that your money from the bank will not withdraw instantly, as you would if you would paid via card at a chip and pin device? This one took me a little while to work out as I couldn't understand why I had more money then what I thought I had.

    Basically, the rule is, if you need fuel get it and pay for it, it'll take two days to process out of your bank account (if you do it on a Friday EVENING) it won't come out until Tuesday / Wednesday depending on your bank.

    This free's up some cash for other much-needed purchases (Again, use this only when you know you're going to have some cash to cover the payment in the long term.) - DO NOT USE if there will be no money in the bank within 2 days!

    2) Paying on the Internet.

    A lot of retailers will upright openly offer you store credit, buy now pay later. You've probably got your heart set on buying this purchase. This is the best bit, DO NOT take the credit.
    You can buy the item and pay up to 5 working days later with this method.

    Majority of us have a PayPal account on here, a lot of us hook up our cards onto PayPal, what about hooking your bank account up to your PayPal account?

    PayPal gives you an option to pay with a card directly or to pay with your bank, if you select the pay with card, instantly your card is drawn the amount of the purchase - If you pay with BANK and you PAY on a Wednesday evening at 8PM You will not have to pay for your purchase until Monday morning.

    The rule of the thumb is this, It takes PayPal 2/3 working days to get the payment from your bank, in this time you have already got your purchase that you have ordered.

    If you pay on a Monday night, you won't pay for the purchase until Thursday morning. This will not only save you buying now and paying later, and potentially lengthy credit agreements, etc.

    The rule is you have to pay AFTER 6PM to get this if you pay before it only takes 1 day to process out of your bank.

    You then have 5 full day's to get the money into your account before overdraft's get written to, and you go overdrawn, etc.

    3) Flashing - (contactless)

    Again, you need to buy something urgently and you haven't got any money, don't worry at any time of the day you can purchase your item freely, it takes around a day for it to process out of your bank.

    Here's the thing, banks WILL decline at contactless terminals, but you can still get a £20 item if you have little money in the bank - This does work and this can be done regularly, just be careful and make sure the payment is covered - It's buying now and paying tomorrow. - Works effectively after 5/6PM.

    In my personal experience, I have had around £3/4 in the bank account and I have managed to get £20 or £30 worth of food or whatever, just bear in mind you have got a VERY limited time to get the money into your bank. It might sound silly, but if you've got debts or whatever, you'll want to get some food, try this - but you HAVE very LITTLE time in order to get money in the account!


    These are three things that I have done while working on a wage that was less than expected at all. I do have some more, but require time to write them up.

    Again, take these with a pinch of salt, but I can categorically say that these work and they work well -- I have been in tight situations and I have still been able to purchase some important bits...

    If you're sensible:- this can work well if you CAN most definitely get the money in the account to cover the outgoing, this will work for you. If you can't do not do this, you'll end up worse then when you 1st started. In emergencies, I have done these flawlessly.
    Last edited by obay; 10-11-2017 at 3:07 PM.
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
Page 1
    • StopIt
    • By StopIt 10th Nov 17, 3:09 PM
    • 1,371 Posts
    • 1,169 Thanks
    StopIt
    • #2
    • 10th Nov 17, 3:09 PM
    • #2
    • 10th Nov 17, 3:09 PM
    And I'd qualify by saying all of these strategies are highly risky.


    A far better bet for managing money that you know you'll have but need to pay for something in the interim is a Credit Card.


    That way, you spend £100 on an item you need, that you know you'll be covered for later, and get a set date to pay it off.


    The above strategy hinges on hoping that you'll get money before the money is claimed, risking miscalculations and overdraft fees. A small credit card, that you pay off in full at statement date is 0 risk, managed well.
    I'm a Board Guide on the Debt Free Wannabe, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
    • obay
    • By obay 10th Nov 17, 3:11 PM
    • 415 Posts
    • 292 Thanks
    obay
    • #3
    • 10th Nov 17, 3:11 PM
    • #3
    • 10th Nov 17, 3:11 PM
    And I'd qualify by saying all of these strategies are highly risky.


    A far better bet for managing money that you know you'll have but need to pay for something in the interim is a Credit Card.


    That way, you spend £100 on an item you need, that you know you'll be covered for later, and get a set date to pay it off.


    The above strategy hinges on hoping that you'll get money before the money is claimed, risking miscalculations and overdraft fees. A small credit card, that you pay off in full at statement date is 0 risk, managed well.
    Originally posted by StopIt
    It's true, it would be better to pay on a credit card, these are high risk, but the fact they work it can 'potentially' help someone out from my personal experience, I manage money a lot better now, but once in a while I know a trick that'll work.

    When I was doing this, I was not able to get a credit card in my name, so I had to learn to be a bit better with managing my money, at this time, I was only getting paid £4.88 an hour at work, and it did not stretch far enough.
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • StopIt
    • By StopIt 10th Nov 17, 3:16 PM
    • 1,371 Posts
    • 1,169 Thanks
    StopIt
    • #4
    • 10th Nov 17, 3:16 PM
    • #4
    • 10th Nov 17, 3:16 PM
    It's true, it would be better to pay on a credit card, these are high risk, but the fact they work it can 'potentially' help someone out from my personal experience, I manage money a lot better now, but once in a while I know a trick that'll work.

    When I was doing this, I was not able to get a credit card in my name, so I had to learn to be a bit better with managing my money, at this time, I was only getting paid £4.88 an hour at work, and it did not stretch far enough.
    Originally posted by obay

    You're describing the financial version of clever magic tricks.


    If they work, everyone is impressed, nobody knows how you done it, and you both win.


    If it doesn't work, you look like an idiot and in the case of PayPal who uses Direct Debit, you'll have a bounced payment and be left paying for that bounced payment AND an angry merchant wanting their money.


    A credit card is like Paul Daniels magic. Everyone knows how it works, nobody is really impressed any more, but it gets the job done.
    I'm a Board Guide on the Debt Free Wannabe, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
    • obay
    • By obay 10th Nov 17, 3:18 PM
    • 415 Posts
    • 292 Thanks
    obay
    • #5
    • 10th Nov 17, 3:18 PM
    • #5
    • 10th Nov 17, 3:18 PM
    You're describing the financial version of clever magic tricks.


    If they work, everyone is impressed, nobody knows how you done it, and you both win.


    If it doesn't work, you look like an idiot and in the case of PayPal who uses Direct Debit, you'll have a bounced payment and be left paying for that bounced payment AND an angry merchant wanting their money.


    A credit card is like Paul Daniels magic. Everyone knows how it works, nobody is really impressed any more, but it gets the job done.
    Originally posted by StopIt
    I can categorically say by first hand that PayPal takes 2/3 days later, the merchant is instantly paid by PayPal. (it's not an e-cheque payment - It's an 'instant' bank transfer (as what PayPal states, it's not, it takes time to process.)

    The merchant get's paid, and you have 5 days.
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • Smoke
    • By Smoke 10th Nov 17, 3:50 PM
    • 13 Posts
    • 10 Thanks
    Smoke
    • #6
    • 10th Nov 17, 3:50 PM
    • #6
    • 10th Nov 17, 3:50 PM
    Hi,

    3) Flashing - (contactless)

    Again, you need to buy something urgently and you haven't got any money, don't worry at any time of the day you can purchase your item freely, it takes around a day for it to process out of your bank.
    Originally posted by obay
    I get paid weekly so use this regularly to buy lunch etc on a Thursday. May not be healthy but ALWAYS works in McDonalds. Most of the time will work in big supermarket chains. The good thing with McD's automated kiosks though is if it declines you can walk away without having to actually having to deal with a person and "go oh I don't know why that didn't go through..."
    • Lucky Duck
    • By Lucky Duck 10th Nov 17, 4:05 PM
    • 111 Posts
    • 63 Thanks
    Lucky Duck
    • #7
    • 10th Nov 17, 4:05 PM
    • #7
    • 10th Nov 17, 4:05 PM
    Not in same league but I tend to make any large purchases straight after the billing date for the relevant credit card.

    Back in the day I always used to withdraw cash after 3pm but I don't think that works any more.
    • Andyjflet
    • By Andyjflet 10th Nov 17, 5:07 PM
    • 47 Posts
    • 27 Thanks
    Andyjflet
    • #8
    • 10th Nov 17, 5:07 PM
    • #8
    • 10th Nov 17, 5:07 PM
    I have used the Pay at Pump dodge many times in the days I didnt have a company fuel card, sometimes I had to get to work in the last few days before pay day and it was the only option, I only did it if I knew I was being paid in the next 2/3 days however.
    M&S Loan £10000 £7401
    Barclays Overdraft £2500
    Leeds Mortgage £70300 £69002
    • datlex
    • By datlex 11th Nov 17, 12:33 PM
    • 1,409 Posts
    • 1,210 Thanks
    datlex
    • #9
    • 11th Nov 17, 12:33 PM
    • #9
    • 11th Nov 17, 12:33 PM
    Sorry but this is a recipe for staying in debt.
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