Xinja Saving Tips


#1

I’m interested to know how people (if any) are using there Xinja’s to save up on money etc or any money saving tips you swear by!
Happy Xinja-ing!
Ellie.


#2

Hey Ellie!

I started using the Xinja card specifically to get my finances in check but I’ve found myself just spreading the spend out over different cards :joy: I’m doing a bit of a blog with Xinja trying to get my overspending sorted but it’s been a challenge, check it out if you get a chance; you might learn something from my failures LOL

https://www.xinja.com.au/news/2018/zero-to-frugal-diary-of-an-overspender-pt-1/

Have you got any tips yourself?


#3

@elliekennedy @SocialXinja

My best tip is use your Xinja card as your expenditure account aka Splurge account.

If you have not read Barefoot investor - then go buy it.

The basics are -
4 accounts
1st. Pay goes into and it pays your normal bills (rent, electricity, food, etc) come out of it (60% of pay)
2nd. Used for long-term saving for house, car, etc and does not have a keycard and requires you to go into the bank to access it. (20% of pay)
3rd. Used for week to week spending on coffee, movies, etc. (10% of pay) – Xinja card this one!
4th. Used every 2-3 months for big purchases (TV, fridge, clothes, holiday, etc.) and is your reward for saving (10% of pay)

These 4 accounts changed my life - hope it helps you :smiley:


#4

This is similar to what I do. One account for any regular debits or bills to come out of, which gets topped back up every pay to the required amount. This account has a card linked as some debits require this - but it’s not for spending! Then I have one account for savings (both for specific things and a “rainy day” - I can allocate funds within the one account to different “goals” which negates the need for having to have multiple accounts). Lastly I have my “fun” or spending account which is the money I can spend on going out. This is the account I will be using the Xinja pre paid card for initially.


#5

See guys, this is why I need this forum. I have one account which I spend all my money from. It’s deceptive because I always have thousands of dollars left by payday, but its because I don’t segment my money, so I really only have like $200. Fake wealth!


#6

Hey guys, a useful strategy that was taught to me some time back was to segment my money as follows as soon as you get paid:
55% Necessities - an account for your essentials: mortgage, rent, food, etc.
10% FFA - Financial Freedom Account: this is your golden goose that does not ever get touched.
10% LTS - Long Term Savings for Spending, an account for a rainy day, vacations or big ticket purchases.
10% Play - an account for leisure and spoiling yourself.
10% Education - an account to invest in education to better yourself i.e. books, courses, etc.
5% Giving - an account to give back. i.e. Charity, community, etc.

I learned this through a mentor of mine and really does do wonders. You’ll always have money this way.