29 May 2006

Tips to save money to cut your mortgage

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.

1 Plan a budget and stick to it.

2 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.

3 Take the time to prepare a grocery list and stick to it. Don’t shop more than once a week. In-between items such as milk and break usually cost more as other ‘specials’ are purchased at the same time.

4 Find out the trading hours at your supermarket and shop in the last hour. You will find markdowns on bread, cooked chickens, fresh meats etc.

5 Put change into a jar at the end of each day and use this money for small expenses.

6 Take a packed lunch to work to save $80-$120 per month.

7 Stop smoking.

8 Limit take-away dinners.

9 Use libraries and second hand book stores.

10 Avoid late fees – pay bills on time.

11 Make the most of your hair cuts.

12 Don’t pay a professional if you can swap services with a neighbour. He may fix your car while you fix his blocked sink!

13 Don’t be tempted by the catalogues from your letterbox – throw them away.

14 Don’t spend a windfall – take your tax refund and pay it off your mortgage.

15 Cut up your credit cards or at least pay them in full each month.

16 Hold a garage sale.

17 Rent a movie instead of going to the cinema.

18 Drink more water and stop buying soft drink.

19 Cut commuting costs by walking, cycling or catching a train.

20 Buy only what your need – don’t be tempted by sales.

21 Grocery shop with a full stomach.

22 Compare prices when buying goods.

23 Shop with cash and ask for a discount.

24 Cut the amount of times you go out in half.

25 Take advantage of off-peak electricity times.

26 Meet friends for breakfast or lunch instead of dinner which is more expensive.

27 Review insurance policies to see where savings can be made on premiums.

28 Get the most effective mobile phone plan.

29 Combine multiple bank accounts to save on fees.

30 Stop buying that latte or cappuccino.

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