In order to obtain debt relief you need to do two things at the same time. You will have to increase your income and save money at the same time. Now the economy has become such that only frugal living won’t help you save money. In order to manage the living costs, you will also have to improve the sources of your income. In addition to this, you will also have to try and lower your expenditures as much as possible. This too will help you in saving some amount of money. .... Keep Reading »

Being the first Tuesday of the month again – don’t they come around quickly! – the Reserve Bank board met again today to decide whether or not to raise the cash rate. Before the meeting, pretty much everybody in financial circles had agreed that there was no chance at all they would raise the rate (and last time everybody said that, they surprised us and did it!). Fortunately today the general punters were right, and the Reserve Bank has decided to allow the cash rate to remain unchanged at 4.75 per cent..... Keep Reading »

Here’s a topic I don’t like to think about too much, but I couldn’t resist reading a weekend article in The Daily Telegraph talking about banks and their profits – and in particular how much profit banks make on home loans. Now, I obviously know that banks aren’t so kind as to simply want to help me out with my quest to own a home and/or investment property, but I have to admit that the figures suggested by this article did make me wonder why banks have got so stingy they don’t even give out free money boxes with kids’ accounts any more! (Well, not last month when I signed up my little boy for his first bank account – I was a little disappointed!)..... Keep Reading »

A recent article in the Sydney Morning Herald points to a survey that indicates Australians ‘don’t understand home loans’ which is kind of scary considering that according to the latest census figures 32% of private dwellings are Being purchased – See: 2006 Census Quick Stats.
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Saving a little money on everyday expenses and adding it to your home loan repayments can certainly help in getting that home loan paid of a little faster. Even if you are saving for a deposit it pays to look at your everyday spending and see where there may be an extra dollar or two to put away.

In some cases it may not mean sacrificing your standard of living just spending wisely and managing what you have.

One of the first steps is to have a budget. Start with listing all your monthly income and all your monthly expenses including debt repayments or deposit savings. Also allow for saving some money each month for emergencies ie doctor bills, car repairs and unknown expenses. (more…)

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