The Flux Fam shared their tried and tested money tips on saving, paying down debt, and savvy spending.
We all have lofty aspirations when it comes to money, but turning them into action is a whole other game.
Here, 5 members of the Flux fam reveal what’s really stuck, from their fave budgeting apps to setting weekly spend limits.
On saving:
“I made a new years resolution to save more, and the way I’ve started this year is by tracking my expenses on a Google sheet. It’s hard work but has really opened my eyes to the amount of money I’ve been spending on unnecessary stuff.
From subscriptions to BNPL to eating out, when I see the costs are close to the thousands, it’s allowed me to take a step back and really focus on where I can save money and cut back while not hampering my way of life.”
“I started maintaining a budget to see my financial position. From a night out to big purchases, it’s made it easier to monitor my finances. I use PocketSmith which enables forward projections up to 10 years.”
On paying down debt:
“We bought some shares about 4 years ago. We had saved up in our offset account, and had the option to pay down the mortgage or invest. As interest rates were low, we invested. Now interest rates are high, even with the shares down a bit, they are worth more than 3 times what we paid. We are selling them to help pay our mortgage now that rates are so high.”
I have used “interest free” purchases for big items but have always paid them off before the interest kicks in. That’s why I always make sure I negotiate the longest interest free terms before signing up and my rule is only to have one thing on an interest-free loan at a time so that I'm not over-committed in payments and I can pay my loan off in time.
On savvy spending:
“I try to pay in cash and stay away from buy now pay later. I feel that buy now pay later is a trap, especially for young people as it has happened to my daughter. She has a full-time position straight out of high school and was earning quite a bit more than she was used to from her previous casual/after school job so she over committed herself on the buy now pay later scheme for Christmas spending. It wouldn’t have been a problem for her but she broke her wrist over the new year break and lost her full-time dental job. As she couldn’t perform it in plaster, she struggled to make the payments as the income she anticipated coming in was now no longer.”
“I try not to make snap decisions by taking out a loan or credit card and process the impact it’s going to have and weigh up if it’s sustainable.”
“Have a “spend with no care” amount that you can blow every week, say $20. That way you can tap your card for a coffee without worrying. But don’t go over that budget.”
Shout out to the Flux Fam for sharing their stories with the community. Gatekeeping money tips is kinda mid - we’re here for learning financy shiz together.
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