What’s Your Property Resolution for 2018? Fast Repay Home Loan

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The most effective ways to save money

• www.fastrepayhomeloan.com.au

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The most effective ways to save money

• Set saving goals
• Eliminate your debt
• Spend with purpose
• Change your daily habit and save

• Save on clothes
• Find saving on food, groceries, electricity and
  water
• Reduce your bank fees
• Use multiple saving accounts
• Monitor your saving goals

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Set saving goals

• Create a list of goals what you want to save for
• Saving goals depend on the price of your goals,
  how much spare cash you have at the end of each
  month and how soon you want to reach these goals
• The goal should require self discipline and a
  little sacrifice when it comes to spending, but
  you shouldnt overreach
• Calculate your monthly income, social security
  benefits or any other money you receive

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Eliminate your debt

• If you are carrying a large debt, start
  eliminating it
• Look at the debt with higher interest and strive
  to get rid of them first
• Add up how much you spend servicing your debt
  each month
• After you finished paying interest on your debt
  then you can put money easily on your savings

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Change your daily habit and save

• Small changes can make a big difference to your
  savings
• Cut down on your daily habits like drinking
  coffee, smoking and alcohol intakes, this will
  save your money and benefit you with good health
• Instead of paying for gym, walk to work
• Have lunch and dinner at home instead of going
  out (try to)
• Instead of using book store, consider using
  library

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Spend with purpose

• Track your spending and income so you know how
  much cash you are losing and earning each month
• Earning simple interest on your saving account is
  fine but save money that really work for you by
  investing in instrument with higher compound
  interest
• Reduce entertainment and food bills and move to a
  less expensive room if you are paying rent are
  always a way to cut back on costs
• If you are locked into any type of loan with
  interest that is too high, search for lower
  refinance rate that may unlock your money in
  monthly budget

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Save on clothes

• Clothing items last a long time, so you do not
  need to buy clothes all the time or buy every new
  thing you see in stores.
• If you are buying clothes, check if you can wash
  them to avoid dry cleaning bills
• Take advantages of stock clearance sales or end
  of season sales to pay less
• While buying something, make sure it is durable
  to avoid tearing and slitting in a short period
  of time

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Find saving on food, groceries, electricity and
water

• Buy non-perishable food items in large quantities
  to save money
• Check prices, discounts, coupons and special
  offers online before buying goods
• Buy on local shops to ensure you dont spend more
  than enough on the items you need.
• Always turn off lights, electronics and
  appliances when you dont need them

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Reduce your bank fees

• Many bank charge fees for maintaining checking or
  saving accounts, so compare different bank
  charges and choose one with lower fees when you
  decide to open one
• Avoid using ATMs that arent affiliated with your
  bank, if you dont then you will have to pay
  extra charge for the service from the ATM
  provider and your bank
• Opt for email and text alerts because they are
  free

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Use multiple saving accounts

• The best way to ensure that you build wealth and
  avoid debt is to diligently plan and save as much
  as possible
• The reason to open a couple of saving accounts is
  to track exactly how much you have saved toward
  each individual saving goals
• Consider keeping an emergency fund in an account
  that is easily accessible
• Compare interest rates and fees on all accounts
  before you make your final decision

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Monitor your saving goals

• Keep track of your progress on savings each month
• If you fall off track, dont give up! Get back on
  track
• This not only help you stick to your personal
  saving plan but also help you to identify and fix
  the problematic expenses quickly

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Conclusion

• In the end, if you are able to spend less than
  you planned on a given category, it creates a
  great opportunity to save and help you eliminate
  your debt.
• Want to save more money in an effective manner or
  thinking on ways to do financial planning?
  Contact Fast Repay Home Loan at 1300 707 955 or
  fill up our online form to get a free
  consultation.