Where can l put money to save ?

[random]

Might sound like a dumb question but if you knew how l spend and waste money and then throw my business into the mix. Needing cash flow and tie me over money until the next pays and stuff which can be unpredictable and often a mth or more apart , bills.

l just need somewhere l can put away some money when l get it , that l can't get my mitts on .
l've tried having a sep sav accounts and not having it on my net banking so that l don't see it , with a target so that it's locked in.
l've tried having 5 or 6 accounts and stashes for savings that l supposedly add to.

Nothing works, l always get to it and spend it .
l need to save !

 

[Brady]

It's your money that you want access to in time of need but don't want to spend it. Not going to happen.

You need to assess your goals and change your spending habits.

 

[Kinnon Bell]

Maybe an account that you have to sign for it person to withdraw the money. Might help having to visit a branch as by the time you do temptation has passed.

Extra step is for 2 people to sign but that would be a joint account so would complicate it further it terms of ownership etc

If it's mainly bills you're wanting to set aside the money for then pay the bill in instalments - ie bpay $20 a week or whatever is needed so by the time it's due it's already paid. A lot harder to get that money back at the drop of a hat too.

 

[BayView]

Might sound like a dumb question but if you knew how l spend and waste money and then throw my business into the mix. Needing cash flow and tie me over money until the next pays and stuff which can be unpredictable and often a mth or more apart , bills.

l just need somewhere l can put away some money when l get it , that l can't get my mitts on .
l've tried having a sep sav accounts and not having it on my net banking so that l don't see it , with a target so that it's locked in.
l've tried having 5 or 6 accounts and stashes for savings that l supposedly add to.

Nothing works, l always get to it and spend it .
l need to save !

Real easy; buy a property with a fixed rate loan.

Possibly not the best option, but you said you wanted to make sure you couldn't access the money after you've saved it, and try not making the payment each week. The Bank will have a few words to say about your habit then.

On another tack; we have all our household bills (and most of my business bills) which are constant such as rates, electricity, gas, water, insurance, and so forth - set up in the various bank accounts with weekly etc direct debits.

We have a pretty good idea of what the average amount each bill will be for the year, and have divided the amounts into weekly installments for the direct debits.

No large bills this way.

I would have thought that from hanging around here on SS for a while that by now you would have been able to develop the right spending habits and money management mindset?

Transfer all your money into my overdraft each week, and let me know what bills you get each week and I'll let you have that amount back.

Need copies of the invoices of course.

 

[Ace in the Hole]

The recurring pattern is not going to change unless you change.

I'd suggest reading - The Richest Man in Babylon.
It's only a short book, but should change your ways instantly and permanently if you understand it and you really want to succeed financially.

 

[Macca]

Maybe have an account with a different financial institution, set up a regular deposit to that account and then leave it off your favourites list.

Make it so that the log in details are somewhere else eg: If you spend when at work then leave the log in details at home, if you spend when at home then leave the log in details at work.

Just make it so that it is not easy to access the funds, which gives you time to reconsider before spending the money

 

[Terry_w]

Into an account in someone else;'s name - with a written loan agreement.

 

[serendip]

I used to be a terrible saver, terrible!! Despite my best endeavours, would constantly get caught out by a bill such as car rego which I'd forgotten about and BAM, i was behind again.

Last year I started using YNAB - You Need a Budget http://www.youneedabudget.com/, on a friend's recommendation. It costs about $60US to set up and there's a free trial available so you can see if it will work for you. it has really helped me changed my spending habits. It took a few months of tweaking to get it right but within 3 months my spending habits were transformed. there are tutorials which take you through the functions. The idea is that you give every dollar a job to do and track every dollar you spend. There's an app to make the tracking simple. You import all your bank transactions so between the 2 you should know where every dollar is going. Now it's set up it takes a few minutes a day about about 30 minutes a month to import CC / bank transactions and allocate them.

You obviously have to want to make the change but you posting this question indicates there's at least some willingness to do so.

There are other alternatives which do the same thing in the market.

 

[DaveM]

Do you have a trusted family member? If so, open a new savings account (in your name), put money into that, leave eftpos card with the family member, and have the family member change internet password so you cant log in on a whim and pull money out.

Obviously you need to ensure the person is trustworthy and wont use the money themselves.

 

[Rixter]

Nothing works, l always get to it and spend it .
l need to save !

The cash or rather lack of it, is NOT the issue here.

Your bank balance is merely the score board or result of your other underlying issues.

It is your mindset that is the problem.

You need to address it as your number one priority because until you do everything else you try will not make a difference. They're merely a short term band aid solution.

Nothing will fully change until you change your thinking first.

I hope this provides some food for thought.

 

[Ace in the Hole]

Yep.

When you get your mindset right, it's really, really hard, not to save.

 

[Scott No Mates]

Some banks offer a home saver account - locked in until you buy a property.

Other option might be a Christmas savings account where your money is locked until Christmas.

 

[mflying]

as others said..try n change yourself.

read some important investing books like Richest man in Bayblon.
put money in to physical bank account n store away pins n cards
have a bigger dream n chase them.

 

[j_p]

Working on your mindset should be the goal.

Looks like you might need a solution for the period in between. You have asked where to put money to "Save" it do you mean save for a large purchase or just to have cash flow for bills etc? You mentioned you can have trouble with bills and delays between unpredictable payments for jobs.

If you are looking for guaranteed cash flow to pay bills and not necessarily a profit maybe look and something like an annuity. You can place your capital into one that pays you monthly over a year or longer period and you can't access it in between. You will probably still spend all the money each month and not have capital left at the end of the year but you know you have some money coming each month to live on.

Otherwise the type of accounts Scott No Mates has suggested will work to save for a specific thing.

Or a combination of the two.

 

[The Falcon]

The recurring pattern is not going to change unless you change.

I'd suggest reading - The Richest Man in Babylon.
It's only a short book, but should change your ways instantly and permanently if you understand it and you really want to succeed financially.

Absolute classic book, one that will be just as valuable in 2126 as it was in 1926

 

[random]

l do love property because they're the only things l haven't spent yet

 

[spludgey]

Two words: Self control

If that's not an option, put it into your super, quite hard to get it out of there.

 

[datto]

what are you wasting money on?

I don't think there is a simple answer.

Practice to have a strong will and surround yourself with like minded people eg Join a religious group (just be careful they don't try to get your money lol)

 

[Angel]

Gee Datto, what's up? I was expecting you to offer to set up a trust account for him. "Join a religious group" - what were you thinking?

 

[Scott No Mates]

Gee Datto, what's up? I was expecting you to offer to set up a trust account for him. "Join a religious group" - what were you thinking?

Provided the religious group offers a tax deductible charity there?d be no issue.

Maybe I should set one up myself.

Har? har? Krishna. Krishna Krishna Krishna har