How did it go?
I was getting interested when I read 28 July, paaaaaased already.
blossomoz

I would go further & say no credit cards. Work out a budget with someone & write down every cent that they spend & add everything at the end of the month. That way they become aware of what they can cut out/reduce. By paying cash they become more aware of what they are spending.

No friends or family should lend them money; this doesn’t help as they spend that & are in the same position again. I have seen this happen.

One can be a guarantor on a car purchase. Don’t go guarantor for anyone. My husband trusted someone & came unstuck. It can mean the end of the money & the friendship, one can lose both. Say no, it saves trouble down the track.

Sell anything on ebay that they don’t really need.
Cook meals from scratch, there are some great budget recipes sites on the net & a huge amount can be saved, or use the library for cookbooks.

I have been told more than once that I couldn’t have what we have on our income. Even the bank told me I couldn’t do what I was doing. He asked how long I had been doing it – I said 5 years so he agreed.

I live in a nice house in a nice area & we always look nice. It can be done. Make a temperature chart thing like they show when they are trying to raise money. Fill it in as they pay it off.
Look at it rather as a challenge than a terrible chore; it will make it easier. Put the chart somewhere, say inside the wardrobe door – then it isn’t there for everyone to see.

If the children are old enough it should be explained to them what has happened. I’m not suggesting that they be told how much is owed; unless they are well into their teens. Small children blab. Just say that we are going to have a game of saving money. Have a treat every now & then when X has been saved, but make it cheap; like a picnic or whatever.

Sadly they have to want to change. It isn’t what one earns, it’s about what one spends & what the money is spent on. Some people on $100,000 can’t make ends meet.
It is a big challenge but not impossible & being young they have a lot of time ahead of them. Sometimes one has to be cruel to be kind – the kids can’t have what they want & it’s good for them to learn early that money should be earned,; it doesn’t grow on trees.

I hope for their sake that they change but it starts with them, it is their choice.
blossomoz

Can someone tell me what the going rate is for property management in Mt Isa?

Is the rate the same over Q’land? I am under the impression that the fees were controlled by the state government & have recently changed, though I don’t know in what way.
thanks
blossomoz

I don’t want to blur the issue but I thought that if you bought a property & lived there then the interest & borrowing costs could no longer be tax deductable?
Regarding a Studio, we have one in Brizzie, within walking distance to CBD. It is over the despised 50 sm. Everyone poopoo’s it but it is always let; has definitely gone up in value & has a good return.
It doesn’t have a lift, spa. gym etc.Also we have just refinanced & for the first time the bank has accepted it as collateral
cheers
blossomoz

We have 2 properties insured through Terri Scheer & am about to insure Number 3. We receive a reduction on multiple properties.
Blossomoz
still learning