I hate to bring up the topic of Christmas so early but when it comes to avoiding the potential financial aftermath of yet another overly expensive festive season, it’s never too early to start preparing.
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With Spring now upon us, you’ve probably got a list of jobs that need to be done around the house. But with Christmas coming up, there’s no better time to give your finances a good spruce up too. Here are 6 simple ways to clean up your finances so you’re in tip top shape for the year ahead.
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Good news for borrowers as competition between banks appears quite strong at the moment. Most of the major banks have cut their one, two and three year fixed rates despite no significant decline in swap rates which underpin lending rates.
Should I fix or float?
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Wait for it… the secret to paying off your mortgage faster is literally to pay off your mortgage faster.
Confused? Don’t be. It’s simple. Make more repayments more frequently and save thousands of dollars in interest, then use those thousands of dollars of saved interest to repay your loan principal even further. Do this and you’ll shave years off your loan. Let me know show you how.
What is financial freedom? Financial freedom can be described as having enough wealth or passive income to cover your day to day expenses and lifestyle without having to actively participate in work. Where financial freedom differs from one person to the next is what that “lifestyle” looks like.
Save, save, save – there’s no tricks here, it’s as simple as spending less than you earn and putting that money aside where you can’t touch it. How? Increase your income – second job, get promoted, move jobs, get flatmates. Reduce your expenses – get a cheaper flat, live at home, get rid of short term debt, review your variable expenses – ie the non-essential cost to live eg eating out, entertainment. If you can save $200/week, that’s over $50k in 5 years and 10% deposit on a $500k home.
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