Saving money by paying on card

Big_Nige

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.

malivinroy

Great ideas everyone. Let more ideas come out.

Dave_Harris_2

Very interesting idea..

mondello

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.

starry_shaw

Great ideal! As a bad money spender, maybe I need to follow it.

ian9999

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

kerrirobberts

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.

SupermumTGF

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

On Friday I will have been doing this for a whole year and for me its worked out very well.

HeadAboveWater

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.

kerrirobberts wrote: »

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!!!!!