How to Save Money

Saving more money is a common goal, but many people find it challenging to achieve their savings target. By setting realistic saving goals and developing good money habits, anyone can learn how to save more money.

Track what you spend

Most successful savings strategies starts with your being aware of all of your incomings and outgoings. A budget is the best way to monitor what you’re spending your money on. You can create a simple budget by downloading one of the many simple spreadsheets or word-processing templates from the Internet. Alternatively, there are apps designed to help you track your spending. Try to update and review your budget at least once every fortnight.

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How to Pay Off a Loan Faster

Loans can be excellent tools for achieving your purchase or investment goals more quickly. However, every loan comes with accumulated interest payable by the borrower. As such, the sooner the borrower repays a loan, the more they will save on the costs of the loan. You can pay off a loan faster if you save more, pay more often, and budget effectively. Here are some tips:

Lump sums and windfalls

Use any lump sums or windfalls to repay your loan. Instead of spending the proceeds from a lottery win, your tax return, or selling your car, use the extra money to pay off your loans and save on interest.

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How to Plan for Retirement

It is never too early to start thinking about retirement. By planning early and having a well-defined retirement plan, you’ll have adequate income to maintain your lifestyle and fully enjoy your retirement years. Retirement planning can be a complicated process that involves financial management and a clear savings and investment plan, so here are some steps to help guide you through.

Step 1: Find out how much you need for retirement

A starting point is to determine how much you’ll need for your retirement years. How much you need will vary depending on your preferred retirement lifestyle, but the ASFA Retirement Standard serves as a useful benchmark or guide.

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Is it an end to the US mortgage problem?

Every year, we hear different versions of how people get in the web of mortgages and eventually, have to lose their dear possessions.  We have some good news for you: the old basic, trap-less mortgage is back.

Richard Cordray of the USA Today has stated that the Consumer Financial Protection Bureau issued the new rules to ensure transparent borrowing experience to consumers. Now, no more going from desk to desk at your bank for the remedy to your mortgage issues; it has all been eliminated. Continue reading


How to Pay Off a Mortgage Faster

A mortgage is a non-deductible expense that takes up a considerable proportion of the typical household budget. As such, it’s a type of debt that should be paid off as soon as possible. Homeowners can reduce the term of a 30-year mortgage by decades and save hundreds of thousands of dollars by managing their expenses and making more repayments. In the end, paying off a mortgage faster frees you to do more things with your money.

1. Use a budget

A budget sets a solid foundation for making extra repayments and managing expenses. Create a realistic budget, record your expenditure, and regularly review the budget. Check your weekly expenses to identify where you can save more money to divert to your mortgage.

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What is money management?

Managing your finances is money management, that’s true, but is it as simple as it sounds, and if it is, then how should you go about it?

Concept of Money Management

The key to managing money is controlling expenses, according to News.com.au. We normally do not realize how much money we spend until we exhaust the complete paycheck, by the end of the month. Why does that happen? It happens simply because we do not segregate needs and wants and over-splurge. Continue reading


How to Create a Savings Plan – A Step-by-Step Guide

Financial advisors often recommend that their clients create personalised savings plans, and for good reason. A savings plan can help you to focus on your goals and motivate you to achieve them by encouraging you to manage your expenses more successfully. These step-by-step instructions outline the essential steps for creating a savings plan, whether you’re saving for a major item such as a deposit for a new house or a smaller expense such as an overseas holiday.

1. Identify the goal

Start by identifying what you want to buy or achieve. For example, you may want to grow your retirement funds, pay off your credit cards, or buy a new car. List all your goals and categorise them as ‘short term’ or ‘long term’. Define these goals in detail so you can accurately work out how much you’ll need.

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