In breaking news that shocks no one, Aussies are saving less money than they were two years ago. We won’t bore you with the statistics, but trust us when we say – it’s fallen by a lot. Like people are only putting away approximately 3 per cent of their salary these days.
Why are we struggling to save money? It’s partly because of the pandemic. People spent less during lockdown because they were stuck at home, and then engaged in ‘revenge spending’ after being released. But it’s also been caused by the high inflation.
So, how can we save more in this market? Whether you need to simply survive, or are saving for a home, here’s a few options to consider:
Given the housing market recently increased and equity is up, refinancing could help you pay off some large bills. Don’t stress about hidden fees – we can help you find the best bank for this.
Make use of your Offsets and Redraws
In a recent Vlog, Lee explained when and why you can pull from your Redraw or Offsets accounts. If you’ve been working hard to pay off your mortgage and made some extra repayments when the economy was brighter, now is the time to consider withdrawing them.
Make use of government schemes and strategies
Did you know that mums on maternity leave can get a home loan based on their return-to-work income? Or that a first home buyer can have their parents act as a Guarantor on their house, potentially taking their loan to 0 per cent interest? There are plenty of circumstance specific schemes that people can use to get a leg up during this season. Give me a call and I’ll tell you what ones apply to your situation.
Have you broker talk to your lender
If you have a mortgage and you’re struggling to make repayments, get in touch so we can speak to your lender. Lenders tend to be more flexible with borrowers who get on the front foot about any financial problems they may be experiencing.
Are you ready to save money? Let’s talk! Book in a free 15 minute consultation here and let’s make it happen.