Save save save !

Work out a budget – then have the bank transfer a certain amount of your income to a savings account on a weekly basis that you can’t touch and this amount is obtaining an interest rate of approx. 4%

the option is to transfer automatically some of your funds/savings into a Savings Maximiser like ING that will earn you about 5.25%. This will help contribute to your savings for the deposit on your property.

Kind regards,
George.

I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how

Hi Emcdonald,

Get yourself the biggest, widest money box you can find….a 44 gallon drum (all dolled up) will do nicely [lmao] (just kidding) just any old BIG sealed container …and drop all your “gold” coins into it!!!!

I tried that once for fun, thinking it would be interesting to see how much I could come up with; I started it on New Year’s Day and by the time 1st December came round (to my amazement as the coins hardly filled to quarter of the way) I had managed to save just over $1800; not bad for just emptying out my purse of its change each night!!!

I was so pleased, the next year, I decided to do it again, only this time, along with the gold coins, I was decided to fold up notes, whatever I felt I could spare at the time…..so occasionally I’d fold and slip in a $5 dollar note, other times, I’d (begrudgingly)[glum2] put in a $20. Come December again, and hey presto shocked2] $2500…I was stoked!!!!

Try not to see saving as a “chore”. After all, who said saving can’t be fun????!![juggle]

Jo

emcdonald,

Ask your accountant/pay officer at work, to deduct $150/$200 per week from your pay (or whatever you can afford), and put it into a savings account for you.

I also used to make savings by still having HECS deducted, even after I had paid the debt off. Then at tax time, I’d just have a lump sum.

I too am a spender (but I like to think of myself as a “good” spender, rather than a “terrible” one- hehe), and hence I like compulsory savings. It’s one of the reasons I first liked real estate- compulsory savings of paying it off. I still use RE as a form of compulsory savings, but it’s getting the deposit to begin is hard.

I pretty much used tax returns as deposits.

kay henry

Hi there emcdonald, we have an amount go each month from our pay to an A/C that has only fees when you withdraw from it and bonus interest (probably 0.0000025% added to nothing) for having a balance over $500(I think).

For our first house we used a combination of the first home owners grant, refunds at tax time, $15000 personal loan and $4000 from the inlaws. We wanted to have 20% to avoid mortgage insurance.

I thought it a bit dodgy to use the P loan but it worked.

[pimp]

Matt

Sorry hagget- I didn’t see your post about selling off the car- mine was kind of redundant after that

emcdonald, yes, RE agents require a car, don’t they? And a good car too. You can’t be showing people property in a datsun 120Y Maybe your agency will pay you to have their logo painted on to your car? Like a roving advertisement for them- dunno… it wouldn’t be usual, but it could be worth something to them.

If you get any pay rises, you can also make sure you put that money straight into your savings.

As a RE agent, wouldn’t you be selling houses and then get a big lump sum when each place is sold? You could just keep a few of those and voila! Massive deposit!

kay henry

You won’t need time to read “Richest man in babylon” …it will follow you until you’ve finished. You will take it to the toilet, read in ads and at the stop lights!…..Classic story.
Read it 3 times and couldn’t put it down each time.

Kay, spekaing of logos on cars, I saw a business program where an ad company organised for your car to be painted with a businesses logo and paid you for the ad space. Good idea.

[medieval]

[medieval]

Matt

Well, plenty of sound advise, but Kay. What is wrong with a Datsun 120Y ?

Shawn