{"id":11,"date":"2014-12-06T00:00:11","date_gmt":"2014-12-06T00:00:11","guid":{"rendered":"http:\/\/www.abyteofcommonsense.com\/?p=11"},"modified":"2015-06-03T07:22:00","modified_gmt":"2015-06-03T07:22:00","slug":"response-to-save-a-thousand-dollars-in-your-lunch-break","status":"publish","type":"post","link":"http:\/\/www.abyteofcommonsense.com\/?p=11","title":{"rendered":"Response to: Save a Thousand Dollars in Your Lunch Break"},"content":{"rendered":"

This post is based on one on the Barefoot Investor – I’m going to talk about how I’m meeting those things, and making the most of what I can do with my money.<\/p>\n

Best Mojo Money<\/strong><\/p>\n

Barefoot suggests opening a UBank USaver Ultra account<\/a> which has an automatic sweep function to keep your savings topped up. Personally, I don’t go for the sweep function, because I’m perfectly capable of doing that for myself. In fact, I’m going to be rid of my uSaver because the interest rate is only just above that of a ING Direct Saver.<\/p>\n

Best Term Deposits<\/strong><\/p>\n

Barefoot says don’t bother with these, and I agree. I’ve been watching the rates myself, and they’re only going down. Even locking in that money for 5 years is not going to give you an advantage.<\/p>\n

Best Bank Accounts<\/strong><\/p>\n

I’ve taken Barefoot’s advice here, and moved to ING Direct\u2019s Orange Everyday<\/a> account. It offers me 2% cash back on PayWave purchases, and its going to serve me for groceries and fuel. I’ll top it up to $1000 a month, and make use of that money. I’ve linked it to a Direct Saver, where kidkid’s savings will be stored.<\/p>\n

Best Credit Cards<\/strong><\/p>\n

I don’t have a credit card, and it’s going to stay that way.<\/p>\n

Best Travel Cards<\/strong><\/p>\n

Although I own a travel card, I didn’t use it last time I traveled. In fact, I got cash out instead while I was at the airport (although I usually do this at my bank). While others might not feel safe carrying a lot of cash around, it’s no worse than in Australia.<\/p>\n

Best Home Loans<\/strong><\/p>\n

I’ve only just signed up for a home loan, and I don’t feel confident enough to trade around yet. I certainly have more than a 20% deposit for the loan Barefoot suggests (Heritage Bank<\/a> – 4.39%), but an offset account actually matters to me, since I want to keep some money out for other things. Additionally, CUA was the only bank that would offer me a loan because of the nature of my work.<\/p>\n

 <\/p>\n

So that’s 6 ways to save money just by moving around bank accounts. I’m not afraid to bank hop, and the half hour it takes me to change them (and close them), is well worth it in my mind. I’m not going to actively earn money in that half hour, so I might as well be saving.<\/strong><\/p>\n

Are you going to implement any of these strategies? Do you have the ability to shop around for a better home loan?<\/p>\n","protected":false},"excerpt":{"rendered":"

This post is based on one on the Barefoot Investor – I’m going to talk about how I’m meeting those things, and making the most…<\/p>\n

Continue readingResponse to: Save a Thousand Dollars in Your Lunch Break<\/span><\/a><\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[9],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p6nzXS-b","jetpack-related-posts":[{"id":13,"url":"http:\/\/www.abyteofcommonsense.com\/?p=13","url_meta":{"origin":11,"position":0},"title":"Saving money in time for Christmas","date":"December 4, 2014","format":false,"excerpt":"I've just bought a house, with a reasonable mortgage to boot. At the same time, Eli\u00a0and I have moved in together and I've lost some of my income. 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Day 27: Frugality won't rob you\u2026","rel":"","context":"In "Finance"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":508,"url":"http:\/\/www.abyteofcommonsense.com\/?p=508","url_meta":{"origin":11,"position":5},"title":"Review: Acorns AU Investment App","date":"June 3, 2016","format":false,"excerpt":"I've been trialing Acorns AU for around 4 months now, and have decided to close my account. With that in mind, I thought I'd better write a round up post (haha) to explain what I liked and didn't like about it. 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