Worthy Wednesday Savers #2

Some more helpful hints to help trim the fat and free up some extra funds  for either savings, investing or just buying something special that makes you feel special….without the guilt. 1. Make frequent repayments Save money by making fortnightly – or even weekly repayments on your home loan. Making fortnightly repayments will result in paying an extra full month's worth of money over the course of the year. The result? on a $500,000 mortgage you could pay it off 3.9yrs earlier and save $86,118 in interest over 25 years*1. 2. Selling all your unwanted goods I used to look at all these things my house had accumulated over the years and a little anxiety would rush through my body. Gumtree and eBay became my new best friends. They are simple and effective selling tools not only to declutter but to make a bit of cash on the side. As they say ‘One man's trash is another man's treasure!’ 3. Grow your own Garden Grow a herb garden or better yet start a vegie garden too. Not only will you start saving money but your food will taste so much better. 4. Reduce your Coffee intake Average price of an espresso-based drink in Australia is $3.45*2, now if you have 1 coffee a day whilst at work times that by 5 works out to be $17.25. Now on average we work 48 weeks a year (this excludes the happiest time in our lives, our annual leave), and that works out to be $828 a year on just 1 cup of coffee a day. But what if you buy 2 cups of coffee, the mid morning break and the three thirtyitis? Well…that will cost you $1, 656 a year. A simple reduction on your coffee intake can have you saving some money through out the year, or buy all the ingredients and make it yourself. Let the inner barista in you come out!  

*1 Based on an interest rate of 6% on life of loan.

Calculator; https://www.moneysmart.gov.au/tools-and-resources/calculators-and-tools/mortgage-calculator

*2 Average based on http://www.favecoffee.com.au/coffee-stats/

   

Posted 11 years ago 2 Minute(s) to read