Tips to maxamise your money.

[albanga]

Hey all,

I am sure there are a heap of these threads but may as well start another. I just was interested to see what tips people had for maxamising their money?

For example using a 100% offset account and having all pay go into it. Then paying everything on credit until just before the intetest free period to maximize the interest offset. You can also use a card which has reward points which can be turned into cash (before I get a barrage I know some people will say credit is bad but if used diligently then I believe this is a great method).

Other one is simple but calling all your insurers and asking for a better price. For example my car renewal just came up, called them and said it's too high so I'm leaving. Wouldn't you know, 5 minutes later and a $120 discount.

Over to you all

 

[LoneWolf]

Yup, I have been taking advantage of the 55 days interest free period for the pass 10 years, never paid a cent in interest and max out your benefits
Also, get a 21 degree mastercard for all your international travels, no annual fee, and no international transaction fee

Off set account helps

How to max out your returns? well, you would need to invest your money

 

[Jamie M]

For example using a 100% offset account and having all pay go into it. Then paying everything on credit until just before the intetest free period to maximize the interest offset. You can also use a card which has reward points which can be turned into cash (before I get a barrage I know some people will say credit is bad but if used diligently then I believe this is a great method).

Yep - this is a great little strategy and something I set up for the majority of my clients.

You can set up an auto transfer too so you don't forget to clear the card.

Cheers

Jamie

 

[Peter_Tersteeg]

Want to pay off non-deductible debt? Pay yourself first.

Essentially set up a direct debit to come out of your salary account the day after you get paid. Transfer an amount of money to your loan or offset account (depends on how you've got things structured).

The key here is move the money away from your day to day savings before you even know its there. You're less likely to miss it if you never had the chance to spend it.

 

[bigdealbaby]

Want to pay off non-deductible debt? Pay yourself first.

Essentially set up a direct debit to come out of your salary account the day after you get paid. Transfer an amount of money to your loan or offset account (depends on how you've got things structured).

The key here is move the money away from your day to day savings before you even know its there. You're less likely to miss it if you never had the chance to spend it.

So this strategy is more geared towards someone less disciplined with their saving as it isn't quite as "optimal" as the interest free CC strategy?

 

[Peter_Tersteeg]

There's no reason you can't combine it with other strategies, in fact you should. The idea of my suggestion is it enforces a minimum amount of saving.

 

[bigdealbaby]

There's no reason you can't combine it with other strategies, in fact you should. The idea of my suggestion is it enforces a minimum amount of saving.

Ok, interesting.

Forgive me for being naive but how exactly would you combine the two strategies of interest free cc and offset acccount with your strategy of giving yourself a "wage" to make it more efficient than just the CC strategy on its own.

By having your credit card limit the exact same as the allowance you give yourself?