Tips for saving money for your home loan

17 April, 2011

What do you need, what do you want and how can you cut back to pay more towards your home loan? Here’s how to figure it out and save money in the process.

Bank and credit card fees: Look at reducing your credit card debt and bank account fees. Is it worth refinancing your debt?

Personal habits: Cutting back on alcohol, takeaway coffee and cigarettes will definitely put money in the bank.

Save money on the car: Reduce fuel bills with dockets, car pooling, effective use and using public transport. Go to CleanMPG.com to learn how to cut down your fuel bills with the new trend “hypermiling“.

Spend less on luxuries: Using daily deal websites can save you up to 80 percent on the price of cosmetic and beauty treatments and the odd dining out treat. Try Cudo.com.au, Spreets.com.au or Jumponit.com.au.

Slash your power bill: Visit ElectricityWizard.com.au to save a bundle on electricity or other comparison sites such as YouCompare.com.au.

Buy in bulk: Buying in bulk can save you money on groceries if you have the storage space and can use the food products before they go off.

Go generic: Switch to store brands on basics such as items such as bread, butter, sugar, and flour.

Bargain bins: Fruit and vegetable shops usually have specials bins for ripe produce that needs to be sold and eaten right away.

Meal plans: Plan your meals a week in advance. Take an inventory of the fridge and cupboards so you don’t double up and buy only what you need.

Shop around: Use the internet to browse supermarket catalogues. Is your current supermarket more expensive than one close by? If you can shop at the end of the working day, most supermarkets have great specials on food that would otherwise have to be thrown out, such as meat.

Related mortgage links

• Low Interest
• Best Home Loans
• Compare Home Loans
• Natural disasters create mortgage stress for Queensland
• Mortgage health: does your home loan need a check-up?

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