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  • Profile photo of hwd007hwd007
    Member
    @hwd007
    Join Date: 2002
    Post Count: 247

    Best Financing Options – Money Saving Ideas etc…

    OK Can we recommend the Best Financing Options including lenders for investment loans, to Credit Cards, to house hold budgeting, cooking, clothes etc… Anything that can save money from the simple to the most advanced methods. I’m interested in hearing them all.

    If I can just save $10 a week extra by trying some of the suggestions, then that makes $10 a week to go towards my home mortgage or makes that investment property a little more affordable and positive cash flow a little more closer etc..

    I will start out by saying that the Virgin Credit Card deal looks enticing. 4.99% for 6 months then 11.99% at present with no annual fees and no joining fee and 55 days interest free. They include transferring your current card balance at the intro rate for the first 6 months. I’m thinking of going over to them after my next property settles. I don’t want to upset my bank before then . :/

    Got any smart finance ideas ? I reckon between us all we could all achieve at least a $10 per week saving just by getting a bit more savvy with all things money.

    Keep those ideas coming in !!! and we will all benefit from our shared tips.

    Have Your Say !!!

    [;)]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Watch out for getting credit cards as they appear on your CRAA. Most banks when assessing serviceability assume that 3% of the limit is outstanding each month. This can really eat into your serviceability!

    Here’s a tip. Start off with a low limit. then get credit increases as these will not appear on the CRAA. Any card held more than 5 years also will not appear.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of josie_2josie_2
    Member
    @josie_2
    Join Date: 2002
    Post Count: 15

    In terms of household savings etc.

    You should look at Anita Bell’s book – How to pay off your mortgage in 5 years.
    The book only cost about $20 but has heaps of ideas for household savings.

    I remember reading it and thinking that some were a bit drastic but overall the savings were there to be made.

    Josie[:)]

    Profile photo of hwd007hwd007
    Member
    @hwd007
    Join Date: 2002
    Post Count: 247

    Thanks people, I will keep that advice in mind.
    cheers.
    Dave

    Profile photo of LouiseLouise
    Member
    @louise
    Join Date: 2002
    Post Count: 17

    Another one I found recently was “Your Money or Your Life” by Joe Dominguez, and the follow on book “Getting a Life” by Robin someone…

    American writers, but the ideas are sound.

    Profile photo of LeighLeigh
    Member
    @leigh
    Join Date: 2003
    Post Count: 130

    Some banking ones:

    If you use an eftpos card for transactions consider getting a VISA debit card (wont let you go below $0). This way you can put all of your transactions (except ATM withdrawals on the credit function and you wont pay any transaction fees.

    The Adelaide bank offers 5% interest on their savings account with access via a cheque book or debit card.

    Close accounts you dont use, or consolidate several accounts. This could reduce monthly account fees and also government fees.

    If you’re a student St. George and Westpac both offer really good student accounts with no fees at all (to a limit).

    John Burley’s books (seven secrets of the rich – I think) gives good advice on managing your finance, including a debt terminator which shows you a very effective way to quickly reduce your debt. (It’s also a great real estate book covering, positive cashflow, wraps, no money down etc). An interesting one from left field that he mentions is that most travel insurance (personal belongings) is a waste of money because a lot of home & contents insurance policies cover you for this.

    Oh… and avoid breaking traffic rules!!


    “All the world’s a stage, and you choose the role you want to play on that stage” William Shakespear


    Profile photo of StephanieStephanie
    Member
    @stephanie
    Join Date: 2003
    Post Count: 13

    my personal $$ saving favourite from Uni was to shop an hour before closing.. especially on weekends, – cheap meat, bread etc and here in Adelaide alot of supermarkets don’t trade Sunday so you get vegies also – even if you can’t get to the markets..

    Profile photo of LeighLeigh
    Member
    @leigh
    Join Date: 2003
    Post Count: 130

    Another quick one – You can borrow most real estate books from libraries for free. I’ve borrowed a good 20-30 from my local, then bought about 5 of the ones I thought were really good. Just borrowed Real Money, Real Estate by Brad Sugars, Davaid Hows & Phil Jones – the guys from Richmastery for those who are talking about attending their seminars this year.

    Profile photo of scottscott
    Member
    @scott
    Join Date: 2003
    Post Count: 110

    Making my own lunches is saving me about $335 a month, that allows for the cost of the food that I take from home.
    I also agree totally with Stephanie shopping just before close is a beauty, there are many bargains to be had.[;)]

    Cheers,
    Scott S

    “Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
    -anon

    Profile photo of VioletaVioleta
    Member
    @violeta
    Join Date: 2002
    Post Count: 10

    Hi,

    Money saving ideas – hmmmm let me see. Difficult to really pinpoint – but will give you an overall picture of my experience.

    A bit of background – I am 37, de facto, 3 small kids, work full-time, get paid well, husband at home with 2 of the 3 kids under school age.

    Have very nice home and a few investment properties – positively geared – except for one.

    We have cheap cars – we do not believe in spending money on flashy cars – although we need to buy something semi-reasonable soon – you should see the station wagon!

    I remember when I was 24 and had bought my first house (during the times of 17.5%) – not having the money to buy things (and obviusly choosing not to)other ‘girls’ with lesser pay were buying items I couldn’t understand how they could afford- eg., designer bags, designer shoes, designer clothes, designer make-up, designer hair-dos. I used to think about this and think there was something wrong with me and couldn’t understand how they did it. Aaannnd…years later it clicked! – I know women my age still doing this and not having a place to live in or invest in and……wondering when someone will come and save them.

    The moral of all of the above – is you do not need expensive labels and other material possessions to look good – you can look great without the labels – save that extra bit and put it towards investments (property in my book).

    I mentioned the word saving – the only way I can save is if I am forced to – ie., by having debt to pay off – in our case – debt incurred by purchasing properties. I find it difficult to put money away – if ever there is spare money (rare)we put it on the mortgage and then withdraw if we need it for anything major – eg. deposit for property, renovation on own home, etc.

    I hope my two bobs worth helps someone.

    Have a lovely day!
    VB

    Profile photo of FlugesFluges
    Member
    @fluges
    Join Date: 2002
    Post Count: 1

    quote:


    Best Financing Options – Money Saving Ideas etc…

    OK Can we recommend the Best Financing Options including lenders for investment loans, to Credit Cards, to house hold budgeting, cooking, clothes etc… Anything that can save money from the simple to the most advanced methods. I’m interested in hearing them all.

    If I can just save $10 a week extra by trying some of the suggestions, then that makes $10 a week to go towards my home mortgage or makes that investment property a little more affordable and positive cash flow a little more closer etc..

    I will start out by saying that the Virgin Credit Card deal looks enticing. 4.99% for 6 months then 11.99% at present with no annual fees and no joining fee and 55 days interest free. They include transferring your current card balance at the intro rate for the first 6 months. I’m thinking of going over to them after my next property settles. I don’t want to upset my bank before then . :/

    Got any smart finance ideas ? I reckon between us all we could all achieve at least a $10 per week saving just by getting a bit more savvy with all things money.

    Keep those ideas coming in !!! and we will all benefit from our shared tips.

    Have Your Say !!!

    [;)]


    Profile photo of hwd007hwd007
    Member
    @hwd007
    Join Date: 2002
    Post Count: 247

    I just had deja vu !

    Anyway I admit I try to buy the roast chickens when they are on sale at Coles. Often after a certain hour of the night. My cat gets most of the good parts, white meat etc.. I get the wings and legs and skin and stuffing.

    Also buy the large sizes, cause the small ones get shrivelled up and tough, as they are all cooked together.

    Profile photo of peterppeterp
    Member
    @peterp
    Join Date: 2003
    Post Count: 307

    Don’t go shopping on a full stomach.

    More ideas at http://www.alphalink.com.au/~parkerp/essay22.htm

    Peter

    Profile photo of peterppeterp
    Member
    @peterp
    Join Date: 2003
    Post Count: 307

    That should of course read ‘Don’t go shopping on an *empty* stomach’!

    Profile photo of RyderRyder
    Member
    @ryder
    Join Date: 2003
    Post Count: 8

    Look at

    http://www.simplesavingsecrets.com.au/

    The problem is you have to pay to belong – 1 year membership is $27 !!
    They do have some free stuff though.

    I have to admit that I don’t belong to it so can’t personally recommend it – I just came across it the other day.

    Profile photo of LuckyPhilLuckyPhil
    Member
    @luckyphil
    Join Date: 2003
    Post Count: 3

    A very simple, yet amazingly powerful tip I heard once was to adopt a “no coin transaction” principle.

    How it works, is that you never make a transaction using coins, always notes, regardless of what it is. Any change you get, you put in your piggybank. Even if you need coin for a parking meter, never use coin from your pocket, buy something from a shop using a note, then use change from that.

    Depending on how many transactions you do in a day, you can find yourself collecting coin at a rate of $10 to $50 a week without missing it.

    I empty my change into my bedside drawer, and after three months, I found I had accumulated over $200 which I didn’t expect.

    Profile photo of picja1picja1
    Member
    @picja1
    Join Date: 2003
    Post Count: 144

    Lending Tip;
    1) A lot of lenders, charge ongoing fees, approx$5 -$8 per month. For Example CBA,NAB,ANZ. This actually means your interest rate of 6.57% is now 6.77%(approx). Hence, the new laws in comparitive interest rates.

    If, you refinanced or took out a loan with no ongoing fees, this would save you considerably over the 25 year term, which most loans are based on.

    I know this is only a saving of $8 per month, not $10 per week, however it is a saving of $2400 over 25 years, based on $8p/m ongoing fee.

    2) When purchasing property, approaching the vendor for a gift. What is a gift?? Well, when you negotiate a price, Listing price is $100,000, you negotiate to buy the property at $90,000. The difference being $10000. This $10000 can be used as a non-refundable gift from the vendor to the buyer. Saving you $10000 (or what ever the differnce may be).

    This approach only works when a) the vendor is happy to comply b) You use the right lenders (not all accept this procedure and a lot are changing their policy on this procedure, so be quick if you want to use this saving method)

    3) Rather than use a real estate (sorry agents)in the purchase of an property, go to the Local Council. Do a $10-$20 search on the property. You will recieve Owners details. Approach owner on a private purchase, potentially saving you and him/her 2.5% of the purchase price.
    Saving $2500 min on a purchase price of $100,000.

    I know these approaches are not saving you $10 per week as requested, however, if applied, all approach’s together on a property of $100,000 you would/could save $14,900min.

    Profile photo of paulthemagnetpaulthemagnet
    Member
    @paulthemagnet
    Join Date: 2003
    Post Count: 27

    All bits and pieces of saving counts. The best one I have to say is to amalgamate all your car, credit card, perosnal loan into a housing loan. This way you pay the minimal interest. Then get a credit card with minimum limit (i think it is $500) and top it up with your monthly budgeted amount. This way you only use your money in CR card. In the same time you might be gathering flyer points, top up interest etc,

    Anyone try this. You will be surprised how much you save in a monthly basis.

    Ta, Paul

    Profile photo of JustinJustin
    Member
    @justin
    Join Date: 2003
    Post Count: 18

    Hi Guys,
    I know a great way to save the dollars…

    go and live with your parents….
    They’d love to have you around, and no mortgage, bills etc etc
    hahahaha!

    just kidding [:D]

    Justin x

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