Saving money by paying on card

2

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  • Big_Nige
    Big_Nige Posts: 144
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    onlyroz wrote: »
    You could also try slow stoozing - so get a credit card with 0% on purchases, and use this to buy everything. You then put an equivalent amount into a savings account - and pay off the card at the end of the 0% period.

    I do this using my M & S card (0% for 15 months) & have a cashback card (paid in full every month) as a back up.
    Every day above ground is a good day.
  • Great ideas everyone. Let more ideas come out.
  • Very interesting idea..
  • mondello
    mondello Posts: 225
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    Big_Nige wrote: »
    I do this using my M & S card (0% for 15 months) & have a cashback card (paid in full every month) as a back up.


    I do this with Tesco CC, my spendning is reduced and the points all add up.
  • Great ideal! As a bad money spender, maybe I need to follow it.
  • This is a really good idea

    I used to draw money out of the cash point each week, and I never knew where I spent the £50 per week

    So what I have done is created another account is MS money called wallet, and in here I track everything to the nearest penny.

    It really focuses the mind on how I spend money, and makes me question every decision and thus I am able to save more money now
    Mortgage Was £153,000 - Now at £135,391 - 199 remaining payments, target 173 - Now Saving instead of Overpaying to build a one off overpayment once fixed deal ends, as savings paying 3.65% than mortgage rate. - Emergency Fund £4,935 / £6,800 73.0% - Age for early Retirement 66 Currently, but aiming for earlier, number of months to go 147
  • I'm completely the opposite with money. If I have cold hard cash I don't want to spend it as I can see how much I'm frittering away. However, I will happily swipe, swipe, swipe the plastic without knowing how much is left on it.
    SPC = £15.54 #1413
    £2 challenge = £22
    DEBT =
    [STRIKE]£5030[/STRIKE] £4488.50 (10%)

  • SupermumTGF
    SupermumTGF Posts: 28 Forumite
    I tend to do that aswell, as when I have cash I spend like crazy. However with a debit card I am more likely to consider whether the purchase is necessary!

    Good tip to share
  • Ches
    Ches Posts: 1,120 Forumite
    On Friday I will have been doing this for a whole year and for me its worked out very well.
    Mortgage and Debt free but need to increase savings pot. :think:
  • HeadAboveWater
    HeadAboveWater Posts: 3,941
    First Post First Anniversary Combo Breaker Debt-free and Proud!
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    strangely enough, I've found the opposite works better: paying in cash instead of card!

    say I went to do a supermarket shop with £20 in my purse. filling the basket, I just figured it wouldn't matter if I went over the £20 coz I'd have my debit card with me anyway 'just in case'. plus it's all too easy to buy a clothes or skin care or 'stuff' round the town at lunchtime when I've got my card with me :P

    here's how I've got myself outta debt and I'll make up figures to give an idea:
    monthly wages = £1000
    outgoings (ie. rent, phone, car, bills, etc.) = £600
    what's left = £400
    no of weeks in a month = 4
    money 'available' per week = £100
    lift the £100 cash out a Friday for example, that's to last the week, food, coffees, cinema, whatever, and LEAVE THE DEBIT CARD AT HOME!!!!! lol :) I've found it soooooooooo much easier to keep a track of spending that way, plus work out above figures so you've an extra few pounds in the bank so you're always saving a wee bit too.

    I'm completely the opposite with money. If I have cold hard cash I don't want to spend it as I can see how much I'm frittering away. However, I will happily swipe, swipe, swipe the plastic without knowing how much is left on it.

    EXACTLY!!!!!
    Wealth is what you're left with when all your money runs out
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