As announced, the Reserve bank has kept interest rates on hold for another month, which is great news. However as I have mentioned previously, it’s wise to be prepared for when rates rise, as they undoubtedly will. The key to putting yourself in the best position possible for this is to start repaying that little bit extra off your Mortgage Broker Perth home loan or investment property today.
Here’s how to get ahead…
Start by understanding where your Mortgage Broker Perth money goes
It can be easy to lose track of how you’re spending money, especially due to cashless payments and credit cards. However, many online banking systems include tools to categorise debits and make a budget – take advantage of them.
Find savings in the essentials
Some costs can’t be avoided – but many everyday expenses can be reduced in these ways.
Implement tactics like meal planning, grocery lists and buying in bulk to save money on food. Set aside a budget for eating out and stick to it.
Shop around to reduce your regular bills – you may get better value if you switch, or tell current providers you intend to switch. Seek discounts for taking out multiple policies with one insurer.
Use the car less: take public transport; carpool with colleagues; or try walking or riding.
Make sure you’re paying off debts or credit cards completely each month or as much as possible, to avoid the expense of paying interest.
Eliminate costs and stop overspending
Look for opportunities to eliminate costs where possible. Cancel unused services and subscriptions. Update your internet or mobile plans etc.
If you spend excessively on things like buying clothes, eating out, entertainment or hobbies, set yourself a weekly or monthly spending limit and don’t exceed it.
A survey of more than 1000 Australians showed that 73% of us have a problem with overspending, especially with Christmas and birthdays. To reduce gift expenses make a list and a budget. Buy only planned items within your allocated budget – then stop!
Another way Aussies overspend is on holidays and research has shown up to a third of us spend more than planned. Set a budget and stick to it.
Remember, every dollar saved is money you could be putting towards your home loan today and that means you’ll be well prepared and ahead of the curve when rates rise. Visit Mortgage Broker Perth Today or Call (08) 6279 1459 with any question you may have.
Go to it Champions.
Mortgage Broker in Maylands, Australia
Address: 212 Whatley Cres, Maylands WA 6051
Phone: (08) 6279 1459