Many people refinance their homes or investment properties to reduce their monthly home loan repayments. What other aspects of your finances can you review to help save money?
Review the frequency of your home loan repayments
If you are paid weekly or fortnightly, see if you can change the frequency of your home loan repayments to fit in. The interest on your home loan is calculated daily and making a payment two weeks earlier each month saves you money in the long term. In the short term, it will help make ongoing budgeting easier.
Consolidate debt
If you’re paying high interest rates on your credit and store cards – each of which will probably have an annual charge – think about consolidating all your debts in one loan with a debt consolidation loan. You may very well be able to access a lower overall interest rate, reducing your monthly outgoings and you will also avoid paying duplicate fees. Plus, a single monthly debt repayment is easier to manage than having to pay multiple credit card bills.
Cars
Cars are often the biggest family expense after home loan repayments. But as family needs change over time, and the price of petrol rises, we can find we have more expensive cars than we need. Could you downsize your car/s, not only reducing monthly repayments, but also potentially saving in maintenance, insurance and fuel costs? Have you thought about buying a scooter for short, local trips? Are you getting the best deal for the money you spend on your car insurance and repairs?
Insurance
There are three ways you may be able to save money on your insurance premiums. First, shop around when your renewals fall due rather than simply continue with your existing provider.
Also, you may be able to reduce monthly premiums raising the excess payable, or improving the security of your home.
Finally, some insurers provide discounted rates for bundling together policies such as home, contents, car, health or life insurance. If in doublt, speak to a financial advisor from Intellichoice - they will be able to assist you in finding an insurance policy that suits your needs and budget.
Clear out the shed
Do you have items of value gathering dust in your shed or garage? Whether you hold an old-fashioned garage sale or go onto e-bay, perhaps now is a good time to get money for the belongings you’ll never use.
Financial planning
If you’d like personal advice with regards to your financial future, speak to one of our qualified financial planners at Intellichoice. A financial planner can help you to set goals and implement a plan to help you reach them. Speak to our financial planner now on 1300 55 10 45 for an obligation free appointment.
