Read our 30 tips to save money and use your savings toward paying off your mortgage sooner! A few small changes could see you becoming mortgage free earlier than your planned. It is important to remember to put your savings straight back onto your mortgage to maximise the benefits.
- Plan a budget and stick to it.
- Buy in bulk whenever you can. Organise a shopping group with friends to shop at the Growers” Market for fruit and vegetables. Economy sized products are usually cheaper per kilo.
- Put change into a jar at the end of each day and use this money for small expenses.
- Take a packed lunch to work to save $80-$120 per month.
- Limit take-away dinners.
- Use libraries and second hand book stores.
- Avoid late fees – pay bills on time.
- Don’t pay a professional if you can swap services with a neighbour. He may fix your car while you fix his blocked sink!
- Don’t be tempted by the catalogues from your letterbox – throw them away.
- Don’t spend a windfall – take your tax refund and pay it off your mortgage.
- Cut up your credit cards or at least pay them in full each month.
- Rent a movie instead of going to the cinema.
- Cut commuting costs by walking, cycling or catching a train.
- Buy only what your need – don’t be tempted by sales.
- Compare prices when buying goods.
- Take advantage of off-peak electricity times.
- Review insurance policies to see where savings can be made on premiums.
- Get the most effective mobile phone plan.
- Combine multiple bank accounts to save on fees.