Money Management

[duncan_m]

From: Duncan M


I was doing some banking this morning, on the Internet via Commonwealth Bank's service. Setting up additional BPay's, transferring funds, setting up regular account transfers etc

It occurred to me that given the tools available today for people to use to manage their money.. things like Personal Accounting Software, Excel, Internet Banking, Phone Banking, BPay now more then ever we should have a generation of people who are more effective than ever at budgeting, bill paying etc.. Funny how the opposite is the reality..

I was also curious to know what things other people do to manage their money..

Some of the things that work well for my wife and I are:

- Weekly BPays for Gas, Water, Mobile, Phones, Electricity, based on last years bills / 52

- Weekly transfers to Bank Accounts for things we cant BPay, Car Maintenance, Car Rego, Accountant Fees etc.. so the money is their waiting when the Bill comes in.. We have around 15 CBA Streamline Accounts for this.

- A budget!


Just wondering what tools and methods other people use for day to day management of their money?

Regards,

Duncan.

 

[Donna L]

Reply: 1
From: Donna L


In my younger days I put everything in one
account but kept a ledger book with each
column being allocated an amount for
various things i.e. utilities, school fees,
groceries etc and as a bill came in I
would deduct it from that column etc. This
worked very well. Now life seems a bit
more complicated with IPs tax-deductible
bills, non tax-deductible etc. So now I
have one slush fund which is a 100%
offset account against my evil home loan.
All income goes into this. Then I have a
"tax-deductible" LOC and a
"non-tax-deductible" LOC for personal
stuff and just pay the appropriate bills
from each account. I use MYOB to keep
track of all expenses. My only concern
with BPAYing weekly is that sometimes
you would be ahead on those accounts
and I never believe in giving people my
money before they are entitled to it. I
would also worry about the costs of BPAY
which from memory is about 25 cents
each. I pay everything by credit card and
make one BPAY to that at the end of each
month. I pay as many bills as possible
with each call. I.e. Council rates for IPS
usually all come due at the same date so
I make one call and make three or four
rate payments at the same time. Total
cost 20 cents.

That's my 20c worth.

Donna L

 

[Sim]

Reply: 1.1
From: Sim' Hampel


If you are paying for your electronic banking (eg BPay) then you should find a new bank... electronic banking should be free of charges. *sigh*.

 

[Donna L]

Reply: 1.1.1
From: Donna L


At my bank it is unless you go over a
certain number of transactions in a
month. This is determined by the type of
account you have - sometimes you are
interested in some features more than
others.

Donna L

 

[WebBoard]

Reply: 1.1.2
From: E T


Interesting Topic
I know someone who in the last month
had paid about 10 invoices electronically
but although the money left his account
it did not get to the other companies
account. The bank did not return the money
from where it ended up (somewhere lost in cyberspace was the first excuse )for a couple of weeks as they had to do a trace on
it.This person had to borrow funds from
family to keep his business from being
bankrupted by this bank created cash crisis.
All care ,no responsibility or more likely
the banks real attitude is no care,no responsibility

 

[Crystal]

Reply: 1.1.2.1
From: Crystal .


Hi Duncan,
I just cancelled my Streamline account with the Commonwealth Bank in protest of their new $5 per month account keeping fee.
If you have a home or investment loan with them, you may be exempt from this new fee.
All my banking is now with the credit union who do not charge any fees!
Kind Regards,
Crystal

 

[WebBoard]

Reply: 1.1.2.1.1
From: Day Dreamer


Hi Crystal,
Can you name the credit union as I am looking for a fee-free credit union as well ?
Wai

 

[y_c]

Reply: 1.1.2.1.2
From: Wy Cee


I'm also closing my ComBank accounts as they're real ripoff merchants. Have opened Cash Management Trust with Adelaide Bank which give me great rate too!

 

[Mr. Fabulous]

Reply: 1.1.2.1.2.1
From: Mark Laszczuk


Wai Tai, if you're in Vic., try Bendigo Bank Ultimate Account. Six free ATM withdrawals a month and six free over the counter transactions too. Internet/phone banking free full stop.

Mark
'no hat, some cattle'
P.S. This account was opened up in protest to CBA also. Dunc, looks like you'll be kissing $90 a month goodbye, jus for the privilege of having CBA accounts...lucky you.

 

[Crystal]

Reply: 1.1.2.1.1.1
From: Crystal .


Hi Wai Tai,
I'm with the TAB Staff and Agents Credit Union but unfortunately members must either work for or be associated with the TAB, or have family members who do.
What about an ING Direct Savings Maximiser account? According to their website...
High interest on your full balance
No bank fees
No minimum balance
No minimum deposit
No fixed term
Interest calculated daily
Security for your savings
24 hour, 7 day customer service.
Their website is...
http://www.ingdirect.com.au
Hope this helps,
Crystal

 

[duncan_m]

Reply: 1.1.2.1.2.1.1
From: Duncan M


This message is in MIME format. Since your mail reader does not understand
this format, some or all of this message may not be legible.

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I pay no fees with the Commonwealth.. if your total relationshiop exceeds
$25K, they waive all fees, except for Foreign ATM fees.

Regards,

Duncan.

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<TITLE>RE: Money Management</TITLE>



I pay no fees with the Commonwealth.. if your total =relationshiop exceeds $25K, they waive all fees, except for Foreign ATM =fees.

Regards,


Duncan.




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[henryye]

Reply: 2
From: Henry Ye


Hi Duncan,

I find that using QuikBudget software running on a Palm Pilot works
really well. You can make own budgets and categories and transact on
them, and you can import the transactions into Excel for end of year
analysis etc.

btw, if you are on the top tax bracket, your palm pilot can be purchased
for pretty much free. ie you can do a double tax deduction, once through
salary sacrifice, and again through depreciation.... so you only pay
about 4%, this also works for laptops, and is perfectly legal. (some
thing i learned from a seminar by Roy MacDonald).

Henry.

-----Original Message-----
From: propertyforum Listmanager
[mailto:[email protected]]
Sent: Sunday, 24 February 2002 6:29 PM
Subject: Money Management


From: "Duncan M" <[email protected]>

I was doing some banking this morning, on the Internet via Commonwealth
Bank's service. Setting up additional BPay's, transferring funds,
setting up regular account transfers etc

It occurred to me that given the tools available today for people to use
to manage their money.. things like Personal Accounting Software, Excel,
Internet Banking, Phone Banking, BPay now more then ever we should have
a generation of people who are more effective than ever at budgeting,
bill paying etc.. Funny how the opposite is the reality..

I was also curious to know what things other people do to manage their
money..

Some of the things that work well for my wife and I are:

- Weekly BPays for Gas, Water, Mobile, Phones, Electricity, based on
last years bills / 52

- Weekly transfers to Bank Accounts for things we cant BPay, Car
Maintenance, Car Rego, Accountant Fees etc.. so the money is their
waiting when the Bill comes in.. We have around 15 CBA Streamline
Accounts for this.

- A budget!


Just wondering what tools and methods other people use for day to day
management of their money?

Regards,

Duncan.



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