Lots of us are feeling the interest rate pinch and after such a long period of incredibly low rates on our mortgage, it’s not a nice feeling to be paying so much more that we’re used to.
Even if we are able to negotiate a better rate for you, the rate will still be significantly higher than it was a year ago.
So we need to find a way to make it manageable and the best way is to watch what you spend in other areas. To help, I’ve put together a list of money saving tips:
1. Cleaning products – make your own. Water, vinegar and bicarb soda seems to be a popular combo. Google will be your friend here for recipes.
2. Meal plan – sit down one night and plan your meals for the coming week. Make the meals interesting enough that you’re not going to die of boredom, cause anarchy in the house or throw it all in the bin and choose to eat out instead. Try to choose meals that share some of the same ingredients so that you don’t have waste. Then stick to your plan and only go to the supermarket weekly!
3. Turn off lights and appliances that aren’t in use. If you’ve got a second fridge that you don’t need, unplug it. If you have a hot water tank or pool filter or any other appliance that is old and not energy efficient, consider upgrading. Talk to your energy supplier and make sure you’re on the best rate – or shop around and find another supplier. While you’re there, shop around for phone and internet deals.
4. Consider switching hair and skin care products to a more cost effective option. Do some research and you might find something with the same or similar ingredients for less.
5. Bump out your hairdressing and beautician appointments an extra week or two.
6. Is there a new gym near you that has opening specials? Or if you see a PT, could you share the session with a mate and reduce the cost?
7. Step away from the online shopping! Especially if you use AfterPay!! Actually, do you even need any new clothes for winter or will last season’s clothes still work for you?
8. For special occasions, check out offers on Groupon etc for any local deals. They might have something to your favourite restaurant for a discounted cost. (We don’t want you to be denying yourself ALL the joys of life)
9. Pay off all debts with high interest rates – like credit cards or personal loans. HECS debts are going to be indexed at a much higher rate this year too – so throw any spare cash that way too!
10. Go through your bank account with a fine tooth comb. Pretend you’re an auditor and question everything that you don’t have an answer for. Look back at least 3 months. Twelve is ideal! It’s amazing what little holes you can find when you look at what you’re actually spending money on.
If we can help you review your home loan, we’d love to. We can make sure you’re not paying for features you’re not using and that you’re on a rate and loan product that is suited to you and your needs.