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Money-saving tips!
Kelda:
I thought of another one today - which I never actually reall thourght of a rela money daver until now.
I hardley ever by a newspaper.
In my daily commute to work I pick a free metro on the way in and a free Daily Record PM on the way home. I then read the news on the internet at lunch.
Never buy a tv guide either - as its akll right there on my cable box.
So thats gotta save a few $$$ or £££ over the course of a year!
Wishes:
Kelda, I think I do understand your explanation of the mortgage. I think mortgages can be made this way here also although that is not what I did. It's scary since buying property is the biggest investment people make and I find home ownership not that rewarding anyway.
The no newspaper and TV guide idea is a good one. I don't buy them either. I even stopped buying some of the decorating magazines I used to as I just found them piling up around the house and not really worth it.
Kerry:
Tip #1
I realise it's not possible for everyone, but I can't recommend highly enough that one should endeavour to find employment where there is a good superannuation (retirement) plan.
I have been with my present employer for 27 years and for all of that time, I have contributed 9% of my salary to my retirement plan each week. My employer (the New South Wales government) matches my 9% with a further 6% of their own. This means that I have been saving the equivalent of 15% of my salary for the past 27 years.
It will give me a great deal of clout in the real estate market, when I retire next year. I will be able to purchase my retirement home for cash, with no mortgage necessary.
Tip #2
Four important tips re mortgages:
1. Save as much deposit as possible
2. Borrow as little as possible
3. Pay more quickly and more often than your bank recommends
4. Do without other things and give priority to paying off your mortgage first
Tip #3
Get yourself a credit card with an extended interest-free period on it. My credit card has a 50 day interest-free period, when one is not charged interest. I put absolutely all my purchases on my credit card (not little things) and then pay up the credit card in full on day 49, just before it's due. I do this by making an on-line transfer from my high interest paying account, where my salary and the bulk of my savings is deposited, and where it's been attracting lots of interest in my favour, prior to the monthly transfer.
Tip #4
I agree with David about small change. However, unlike David, I do not roll it up and take it to the bank on a regular basis. Rather, I prefer to use my small change for small purchases. I am not at all shy about handing over a fistfull of small change for minor purchases (up to a couple of dollars). I do this specifically in order not to break a note. I find that once one breaks a note, it is soon fritted away. So, keep your notes intact in your wallet, and use coin for small purchases.
Tip #5
Rent is dead money. You may as well flush it down the toilet! Do without in order to save a deposit on purchasing your own home.
Great idea for a thread! :D
Kelda:
Great ideas Kerry.
I'm normally pretty good with my money but this month I have decided to get smart.
I ahve a great penison with my work, so no worries there but I also increased my mortgage payments which should hopefully save me about £9000 over the course of the mortgage and have also started 2 savings accounts - once for holiday savings and one a general run of the mill savings account.
Wishes:
Kerry, How wonderful that you will be able to purchase your retirement home for cash.
But I don't even want to get started on a retirement plan with my employer. A 401K retirement plan is offered but it would be all my own money. No matching from my employer so I do not do it.
I bought a house almost 6 years ago. While I do not really enjoy owning a house I know that the equity from this place will help with my retirement. House prices are falling here but I have never refinanced, so I'm not worried about it.
I have no debt except my mortgage (thank goodness!) I have found the house has taken money but it has also appreciated a great deal. I made no cosmetic improvements except the kitchen linoleum. (I could not live with the orange)
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