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SAVING MONEY THIS FINANCIAL YEAR – MORTGAGE BROKERS PERTH

SAVING MONEY THIS FINANCIAL YEAR – MORTGAGE BROKERS PERTH

If saving money is something you would like to get better at, then Loan Monster in Fremantle have put together a few handy hints that may help you kick start your savings goal.

Take note of where your money goes:

Do you know where your money is going? A coffee here and another one there at $4.00 a pop can really add up over a week. If you are tech savvy there are many applications you can download on your phone that can help you track where your money is going which could in turn help you curb your spending.

Do a weekly budget and stick to it!

This is often easier said than done but having a budget prepared each week will help you visualise where your dollars need to be allocated. Sticking to a budget is probably the hardest thing but if it is realistic and not too rigid this shouldn’t be too hard to do. Practice makes perfect though and soon you will be in control of your spending and saving.

The $2 can savings plan:

Have you ever tried this? Using an ordinary 375ml can, drop all your $2 coins into it! The lip should be wide enough to put them in but much harder to get them out! When it is full it should contain around $500.00 to spend on a special treat or put towards something bigger!  If you want to take it to the next level, try using a 600ml bottle and you will be able to save even more!

Set up an automatic savings plan:

Setting up an automatic direct debit from your transaction account will help to kick start your savings. Start with something small, for example $20 per week, which may be small enough for you not to miss it. This way you can save without really thinking about it. It will add up quickly and then you can sit back and watch your savings grow!

Shop Online:

By doing your shopping online, for things such as your weekly food shopping or your clothes is a great way to save. You avoid the temptation to buy things you don’t necessarily need. We have all walked into the shop for bread and come out with a trolley load of items!! Shopping online keeps us on track and helps to reduce the desire to overspend.

Compare your Home Loan options:

Make sure you are getting the best out of your existing home loan. Speak to your Perth Mortgage Broker at Loan Monster to compare your options with over 25 lenders. By refinancing or simply chatting to your existing lender about a better deal for you could help save hundreds of dollars per year in interest.

Offset your mortgage:

Speak with a Perth Mortgage Broker at Loan monster about the potential of using an offset account. By offsetting your savings accounts against your home loan you may be able to only pay interest on the balance of your mortgage less the balance in your offset account. For example, your home loan is $200k and you have $10k in your offset account, you only pay the interest on the $190k balance. So, the more you have in your offset the less interest you pay, which if done correctly could cut years off your home loan.

Contact the friendly staff at Loan Monster today on (08)93364489 or go to www.loanmonster.com.au to enquire.

 

* The information contained in this website should not be taken as constituting personal advice. We recommend that you seek professional assistance before acting upon any information provided or linked on this web site