52 Week Money Challenge

[deathwisher]

Wouldn't it be easier if the bank does an automatic withdraw every time you get paid?

That's how I keep money out of my useable savings account. Then it just feels like you get paid less and there for use less.

[*MAD DOG*]

Originally Posted by deathwisher

Wouldn't it be easier if the bank does an automatic withdraw every time you get paid?

That's how I keep money out of my useable savings account. Then it just feels like you get paid less and there for use less.

No because I hate direct debits and minimise them to as little as possible. I only have 4 at the moment, two separate mortgages, car loan and internet.

However I have also nominated at work for them to take $50 extra a week out in tax. Therefore i'm overpaying my tax and I get it back when I do my tax return. $50 x 52 = $2,600

[goliath1812]

Originally Posted by *MAD DOG*

However I have also nominated at work for them to take $50 extra a week out in tax. Therefore i'm overpaying my tax and I get it back when I do my tax return. $50 x 52 = $2,600

Sorry for bringing up an old quote, but I just saw this. Wouldn't it be more beneficial to take that extra $50 a week, and have it put into an interest bearing savings account, instead of overpaying towards taxes? That way at the end of the year, you'll still have that $2600, but it will be in your own account (not waiting for your refund), and you'll have extra interest on top of it.

Paying extra every week to taxes is essentially giving the government an interest free loan for a year.

[*MAD DOG*]

Originally Posted by goliath1812

Sorry for bringing up an old quote, but I just saw this. Wouldn't it be more beneficial to take that extra $50 a week, and have it put into an interest bearing savings account, instead of overpaying towards taxes? That way at the end of the year, you'll still have that $2600, but it will be in your own account (not waiting for your refund), and you'll have extra interest on top of it.

Paying extra every week to taxes is essentially giving the government an interest free loan for a year.

Yes. Yes it would. But I would more than likely spend it if I had access to it. So to stop me from spending it I send it to the government and get it back in a lump sum when I do my taxes.