You will be pleased to know that even small changes to your daily spending routine can amount to huge savings on your home loan.
In the first instance, think about cutting back on your daily caffeine fix. Let’s say you buy two coffees each weekday. If a single coffee is $4, that equates to $160 a month. Even if you just cut out one coffee a day and contributed the extra $80 a month to your mortgage, you could shave almost three years off the life of your loan and save yourself $28,000 in interest.*
The second budgeting tactic could be to start making your own lunch. As appealing as a chicken caesar salad may be, why not put your Masterchef hat on and make your lunch yourself?
The third budgeting tactic to try is becoming a VIP member whenever and wherever possible. Whether this means you will get $5 off per ticket on your monthly trip to the movies, every little bit helps.
Fourthly, it may be worth considering bundling your household expenses. There is no need to completely cut off your internet or Foxtel to save money each month, when you can simply bundle them together, along with your home phone bill and save a small fortune.
Finally, one of the best and most successful budgeting tactics is asking for discounts. For example, try asking for a discount on your gym membership - you may be pleasantly surprised. At the end of the day - you don’t ask, you don’t get!
For further information, and to put yourself in the best position with valuable information and guidance, contact a trusted consultant from Mortgage Choice on 07 3286 7711.