General Information
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Saving for your own place
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Let bnext help you be a bit more creative when it comes to saving cash. Our tips will help hasten the process of getting your own place by showing you how to better bolster your savings.
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- Save the difference between your rent and your proposed mortgage repayments and put the difference in a savings account. For example, if your rent is $1,000 per month and you are planning to spend $1,900 per month on a mortgage, put the $900 difference in a high interest account.
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- Stop the daily morning and/or afternoon coffees, Red Bull and Vs. These drinks really do add up even if you buy just one drink a day at $3.50 you could save more than $1,200 a year from cutting out this little luxury.
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- Eat in more. The less you spend on food the closer you are to reaching your goal. If you buy your lunch everyday at work for 230 days this adds up to about $1,610.
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- You’ve more than likely heard this before: Pay off your debts first. Credit cards and other loans are usually charged at pretty high interest rates. If you have a credit card debt of $2,000 at the rate of about 21% and you only paid the minimum repayments each month it would take you about 19 years to pay this debt off. That’s a long time for a small debt. Pay off as much as you can each month.
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- Shop around for the best home loan to suit your needs. bnext offers a low interest rate to First Home Owners.
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