“And
the fewer debts you have, the more likely your bank will look
favourably on you when the time comes to move forward with your home
loan.”
Speaking of debts, it is common for couples to own two
cars, but can you make it as a one car household? If either of you or
both of you rely on public transport to get to and from work, it might
not be as difficult as you first think. Plus, look at it as an easy and
quick way to instantly stop spending excess money, rather saving it
instead.
Cars are expensive, high on running costs, insurance,
registration, maintenance and fuel. They also tend to be a highly
depreciating asset – why would you want to increase expenses on a
depreciating asset when that money can sit in a bank account and
accumulate interest instead?
If you’re reading this thinking ‘oh
man,’ don’t loose hope! Trust that it will payoff in the long run. The
ability to save money plays an important part in your life, whether it
be for that splurge item you’ve been lusting after for a while, a trip
of a lifetime holiday or to get you into the property market. Every cent
counts!