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Published 06.11.2014 | Author : admin | Category : Make Extra Money

To get the most out of your income, allocate it broadly into three categories: the first category is obligatory expenses like rent or mortgage, food, transport, rates, insurances and utilities. For a simple money management system, open separate savings accounts for specific projects or goals. Historically banks have had fairly static products with fees for each account you open – hardly a savings incentive with the mortgage, meanwhile costing you interest. Using our example, $200,000 for 25 years at 6 per cent means set repayments of $1,288 per month whereas $190,000 requires only $1,224 per month so you are actually paying off an extra $64 per month. This column by Deborah Carlyon featured on page 26 of Issue 010 of New Zealand Renovate Magazine.
If you would like to discuss options and ideas to finance your renovation, please use the enquiry form alongside to provide us with your contact details.
A conversation with peter lord - seth barnes, A conversation with peter lord if i attempted to write about him here there would not be sufficient space. Writing the plan is the key – whether the goal is health, more leisure time with your family, enhancing your career or renovating your home.

Money is usually the main focus but rather than an end in itself, we regard money as a tool in the process.
I like to see clients directing money regularly to a separate emergency fund and a separate children’s education fund. Fortunately, some banks have come up with a new product designed as a nifty financial planning tool. If you owe $200,000 on a mortgage and you have $10,000 in savings, interest will be charged on only $190,000. If you keep money short term for tax payments, or are saving for a renovation, group those accounts. It is a lot better than bundling all your financial affairs into a revolving credit facility because it helps you keep better track of your finances and there is less temptation to increase the loan at whim. Good money management is a crucial first step – starting with how we allocate our income and assets. For the fun expenses, take out a weekly fixed amount in cash and once that’s spent, wait until the following week.

So you can use your savings to help cut down on the interest you pay and the length of time your mortgage runs for. In fact, watching your accounts grow over time can make you less inclined to spend them – and you have the bonus of reducing your mortgage a little faster while keeping money aside for when you need it.
For many, a house is the major asset and conventional wisdom states that repaying the mortgage should prevail. Splitting your income across these accounts each pay day will bring a paper budget to life and continue automatically. Conversely our income has to cover all manner of everyday living expenses along with saving for future goals such as holidays. The offset loan has to be at the floating rate but you can split some onto a fixed term if you are worried about interest rates increasing.

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