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Best budgeting advice?
Thandersen
Posts: 10 Forumite
Not the traditional "spend less than you earn", thanks.
- I administrate my money the oldschool way with envelope-style for groceries, bills etc.
- I administrate my money the oldschool way with envelope-style for groceries, bills etc.
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Comments
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Well, that's exactly what budgeting is.Thandersen wrote: »Not the traditional "spend less than you earn", thanks.
So, what 'best' advice do you need if you are happy with this? How does this way work for paying bills and for other things online or over a phone? It's the 21st century nowadays.- I administrate my money the oldschool way with envelope-style for groceries, bills etc.
Personally, I hardly ever use cash and prefer getting some cashback on most of my spending and some interest on unspent money.0 -
High interest current account paying 5% interest, keep it full at £2.5k. Bills on Direct Debit.
Contactless spend on TSB contactless card with 5% cashback on first £100 spend.
0% purchases card (preferably with cashback) for just about everything else - stooz, stooz, stooz.
Don't withdraw more cash than you need, keep it in an account earning interest.
No envelopes, except the ones my statements arrive in.0 -
Thandersen wrote: »Not the traditional "spend less than you earn", thanks.
- I administrate my money the oldschool way with envelope-style for groceries, bills etc.
Problem is that you get no interest on any money sitting in envelopes, depending how much you have there that's possibly 5% you're losing out onRemember the saying: if it looks too good to be true it almost certainly is.0 -
whilst I do agree with the above posts, you might also want to consider some of the available challenges on offer at MSE:
Here are a few:
https://forums.moneysavingexpert.com/discussion/5578022
http://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=267Saved Nitty Gritty £7440.75 [149%] / £5000-[Sep] £58.44:starmod: for the 'Save 12k in 2017' #157
2017 Womble #35 £3463.27
Sept NSDs 4/15:staradminCCCChl 9/12 months:DSept PPChl#002 Pts 71 0 -
Problem is that you get no interest on any money sitting in envelopes, depending how much you have there that's possibly 5% you're losing out on
You also risk the money being stolen, if someone steals from an envelope its your problem, someone steals from your bank its your banks problem.0
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