GIRLS JUST WANNA HAVE FUNDS

Reception • Sep 18, 2018

9 tips to help you achieve your savings goal

Tip #1: Work out what your goal is:


You need to determine what your end goal is, whether it be that you are looking to purchase a first home or your next property. Work out what end figure needs to be in your savings account and put it in writing.



Tip #2: Make an honest and realistic budget


Go through your everyday living expenses and work out where it is that you can cut back on unnecessary expenses. Things such as making your lunch each day instead of buying it, cutting out those subscriptions like Foxtel or Netflix, and stopping yourself from buying that new pair of shoes. This will help greatly in accelerating your savings goal.



Tip#3: Open a separate high interest savings account


Opening up a new high interest savings account, like an ING Savings Maximiser, will help earn you extra interest on top of your savings. Having this account separate to your everyday account will keep your savings away from your spending money.



Tip #4: Make your savings automatic


Set up an automatic EFT or direct debit from your everyday account on pay day to your savings account. This will make your savings a priority. When your wage hits your account, you won’t even notice that the budgeted money has been filtered into your savings account, which will help you reach your goal quicker.



Tip #5: Know where your money goes


Print out your everyday account statements for the last 90 days and use a highlighter pen to go through them thoroughly. This will help you determine where your money is being spent, how much your living expenses are and put both into perspective for you. This will also help you draft a budget.



Tip #6: Consolidate your credit card debt


Consolidate all of your credit card debt into one personal loan to help bring your repayment down into one understandable figure.



Tip #7: Cancel unnecessary credit cards


If you have any credit cards where the balance is $0, cancel them! This is going to remove temptation and stop you from spending money where it isn’t needed. This will also help ramp up your borrowing power when it comes to purchasing a property and applying for a mortgage.



Tip #8: Treat yourself at each milestone


When you create your initial goal and savings plan, be sure to set yourself some milestones. When you reach a milestone, treat yourself. It’s positive reinforcement for a job well done.



Tip #9: Be accountable


We suggest that you have a six-week follow-up with a professional, family member or friend who is helping you on your saving journey.


If you would like to speak to one of our mortgage brokers in regard to helping you arrange a budget and savings plan, please call us today on (03) 8657 8664.


Good luck and happy saving!

The Power of Pre-Approval: Your Key to Home Buying Success

05 Oct, 2023
The Power of Pre-Approval: Your Key to Home Buying Success

Navigating the World of Mortgages: What borrowing capability do you have?

01 Aug, 2023
Navigating the World of Mortgages: What borrowing capability do you have? Deciding to buy a house is an exciting milestone, and we're here to accompany you through the intricate world of mortgages. With the changes to interest rates that have happened over the last twelve months, it's essential that we are prepared and approach borrowing with a healthy attitude, as your choices now will have long-lasting implications, so let's ensure you're well-prepared for this homeowner journey. What should I consider when considering my borrowing limits? First, let's figure out how much you can borrow without sacrificing your peace of mind and daily joys. The key here is to measure your income against your expenses, including the potential mortgage repayments. A general rule of thumb: try to keep your mortgage repayments to no more than 35% of your gross monthly income. When it comes to borrowing generally, the higher your deposit and the higher your income, the more they should be willing to lend. The good news is we have more flexibility as mortgage brokers than the big banks, so we can look at your circumstances closer. Now, let's discuss some essential factors to consider when figuring out your borrowing limits. How much debt can you handle? Think about your lifestyle and what you're willing to give up versus what's non-negotiable. Be realistic about your dream home. Start with something affordable and gradually work your way up as your earnings grow and your equity increases. Think about the future. Are you planning to start a family, change jobs, or experience significant life changes? Factor those possibilities into your calculations. Keep an eye on interest rates and consider how further rises might affect your ability to make repayments. Reminder; A reminder that when purchasing a property, you will also need to factor in further expenses, such as, pay stamp duty, pest & building inspections, conveyancer fees, application fees, council rates, possible strata or body corporate costs, and utility bills to factor in. In Summary We'll help you evaluate your financial situation, research and compare over thirty lenders and loan options, and gather the necessary documentation to help you whether you are purchasing your first home or refinancing. What should I do next? Our dedicated team is committed to nurturing your financial well-being and helping you achieve a stronger and more secure future. Call our office on (03) 8657 8664 to organise a time to chat, and we also invite you to take advantage of our free resources by heading to our website. https://www.futurefinancegroup.com.au/

Refinancing: What Are Your Options As A Homeowner?

By Bree Jones • 19 Jun, 2023
At Future Finance Group, we understand that financial hardship has become a pressing concern for many homeowners across the country, including Melbourne. We want to help you explore the benefits of refinancing your mortgage. By assessing the right time to refinance and understanding the steps involved, we can guide you to potentially save money, access improved loan terms, and secure a more favourable financial future. What are the Benefits of Refinancing? During these challenging times, refinancing your mortgage can bring meaningful advantages. Firstly, it may allow you to take advantage of lower interest rates, reducing your monthly mortgage payments and offering much-needed relief. Additionally, refinancing allows switching from a variable-rate to a fixed-rate mortgage, ensuring stability and protection against future rate increases. By consolidating high-interest debts, you can streamline your finances and gain more control over your monthly obligations. Also, refinancing can unlock equity in your home, providing funds for essential expenses or other financial goals. Assessing the Right Time to Refinance Working out when to refinance can be challenging, mainly because we do not know what the future will bring. We are here to look at your personalised options and work with you to ensure your financial security. We can consider many factors, such as your credit score, home equity, and employment stability, to give you informed options. Steps Involved in Refinancing and Potential Cost Savings : We are here from the beginning to the end and strive to simplify the refinancing process for you. We'll help you evaluate your financial situation, research and compare over thirty lenders and loan options, and gather the necessary documentation. Our ultimate goal is to help you secure better terms, rates, and long-term cost savings to ease the pressure on you and your family. In Summary In these challenging times, exploring refinancing options can provide much-needed relief and open up financial opportunities for you as a homeowner. What should I do next? Our dedicated team is committed to nurturing your financial well-being and helping you achieve a stronger and more secure future. Call our office on (03) 8657 8664 to organise a time to chat, and we also invite you to take advantage of our free resources by heading to our website. https://www.futurefinancegroup.com.au/
MORE POST
Share by: