Pink Finance
Some Useful Tips to Save Money
Saving for your deposit
Aim as a target to save 10% of the price of the property you would like to purchase.
An internet savings account can often have a better rate of interest and bonus interest for funds that are not withdrawn.
Pink Finance can determine how much your monthly repayments will be on your mortgage. If your rent is less than this, save the balance and you will not only test yourself to see if the monthly repayment is comfortable for you – it will help increase your savings.
Get your employer to direct a portion of your salary into a separate savings account each month. This way you won’t even notice the money you have saved.
Try and reduce your personal debt as much as possible as these repayments will then be able to contribute to your savings.
Be realistic. Set yourself an attainable goal and time frame to save for your deposit.
Tips for your home loan
Always borrow within your means. Don’t simply take what the maximum capacity may be.
Try to throw any spare dollars into your loan. You’ll be amazed what a difference it can make as well as handy for that rainy day.
Ensure all commitments to debt are met before you go spending elsewhere. There are some things you can do without.
Consider the option of fixing all or a portion of your loan. It could help you organise to budget easier.
Always have your loan reviewed. There may be a better option to consider to help you pay it off quicker.
Think ahead to your renovation or your holiday so that you make appropriate allowances to have them become a reality.
Budget for ongoing expenses by accelerating your repayments and redraw when these bills are due. This may be better than opening up a savings account but you must be disciplined to use this strategy.
Credit Cards
Always pay on time if you can to avoid unnecessary fees.
Always pay more than the minimum amount requested. This will reduce the amount of interest you are charged each month. Better still; pay the full amount due to avoid all interest.
Don’t go over the limit on your credit card. You will more than likely be charged additional fees.
Avoid cash advances. There are almost certainly additional fees and a higher calculated rate of interest.
If using a credit card overseas, use your card scheme to convert the local currency to Australian dollars. The rate will usually be better than that offered at the point of sale.
Check your statements each month and report any unauthorised or unknown transactions immediately.
Choose a debt card instead of a credit card. This way funds will be debited directly from your available cash in your bank account and avoid any interest altogether.
If you are having trouble managing your debts, contact Pink Finance to work out a way to help you.
If you are unsure about any fees and charges call your branch to clarify what these are.
Do not have a credit card if you don’t have the available funds to pay your debt each month.
What are you planning for next?
Let us help you kick your next goal and secure your financial future. Get in touch today.
