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Right there with you. One trick I've been using as of lately is pre-paying my rent by paying for 2 months each month. That way the money isn't available for me

Right there with you. One trick I've been using as of lately is pre-paying my rent by paying for 2 months each month. That way the money isn't available for me to spend uselessly. I'm still spending it, but on a bill that I'd hav to pay anyways. I'm up to 3 months of pre-paid rent and feels good to know that if something happened to my job, at least I won't lose my apartment.

marketgod 8y ago
This is good but you are better putting this in a GIC instead and then pay rent from there. Ladder GIC's or a HISA account. If you pre-pay rent, which is good to have it paid and not worry about, you aren't earning interest with that money which can add up, suppose you get to saving 12-months rent in advance.
- drakonka 8y ago
  I'm not sure what GIC and HISA are, but it sounds like they may be US-specific? I'm in Europe, not sure what the equivalent is here if any.
  - marketgod 8y ago
    GIC is a guaranteed investment certificate. HISA is a high interest savings account. They may be named alternatively in Europe. I am not familiar with EU banking. You might have to research it further with your bank for GIC and look for online only banks for the HISA option.
- throwaway413 8y ago
  Good point, very true. The issue I struggle with is discipline - if I have any way to access the funds, I will end up spending them, doesn't matter how many accounts I have to transfer through. Hence why I went with the pre-pay rent route - it's technically already "spent" and I can't simply take it back or acccess if after that. The goal is to recalibrate my spending habits after paying double rent for some time, and then begin to reallocate that monthly budget to better investments as you have mentioned.
  - marketgod 8y ago
    Get a savings only account at a bank far from you. Throw the bank card out. Set automatic withdrawal to that account. This way you have to go to the physical bank to withdraw money. This may work for you. Good luck, it is really a challenge.
    - throwaway413 8y ago
      That’s a solid idea, thanks for the tips!

marketgod 8y ago

This is good but you are better putting this in a GIC instead and then pay rent from there. Ladder GIC's or a HISA account. If you pre-pay rent, which is good to have it paid and not worry about, you aren't earning interest with that money which can add up, suppose you get to saving 12-months rent in advance.

drakonka 8y ago
I'm not sure what GIC and HISA are, but it sounds like they may be US-specific? I'm in Europe, not sure what the equivalent is here if any.
- marketgod 8y ago
  GIC is a guaranteed investment certificate. HISA is a high interest savings account. They may be named alternatively in Europe. I am not familiar with EU banking. You might have to research it further with your bank for GIC and look for online only banks for the HISA option.
throwaway413 8y ago
Good point, very true. The issue I struggle with is discipline - if I have any way to access the funds, I will end up spending them, doesn't matter how many accounts I have to transfer through. Hence why I went with the pre-pay rent route - it's technically already "spent" and I can't simply take it back or acccess if after that. The goal is to recalibrate my spending habits after paying double rent for some time, and then begin to reallocate that monthly budget to better investments as you have mentioned.
- marketgod 8y ago
  Get a savings only account at a bank far from you. Throw the bank card out. Set automatic withdrawal to that account. This way you have to go to the physical bank to withdraw money. This may work for you. Good luck, it is really a challenge.
  - throwaway413 8y ago
    That’s a solid idea, thanks for the tips!