This Movember I’ve decided to donate my face to raising awareness about men’s health. My commitment is the growth of a moustache for the entire month of Movember, which I know will generate conversation, controversy and laughter.
I am doing this because close to 3,300 men die of prostate cancer in Australia each year and one in eight men will experience depression in their lifetime.
Through the Movember Foundation and its men’s health partners, PCFA and beyondblue: the national depression initiative, Movember is funding world class research, educational and support programs which would otherwise not be possible.
Strategies to reduce your mortgage
It’s completely possible to shave off a few years off your home loan debt, and even though repaying the full amount seems far away, you’ll be glad when you get to the end of it sooner than you planned.
According to Cannex, you can pay out your 25-year mortgage in 13 years instead.
How? By maintaining your repayments last year before the interest rates started to tumble. The rates fell from 9.62 percent to 5.76 percent and when you look at the math, the minimum monthly repayments on a $300,000 loan fell from $2646 to $1797 per month. So hold off those holiday plans with the extra $848 and keep putting the money into your mortgage.
Choosing to make weekly or fortnightly payments also makes a difference because instead of 12 monthly mortgage payments a year, you’ll end up paying closer to 13 months. Over a period of 12 years, you’ll be freeing yourself from one year of repayments or more.
The other thing to keep in mind of course is to avoid overspending in other areas. So while an extra $50 a week going toward your home loan debt will help you repay your loan faster, there really isn’t any point in doing so if you end up having to pull out your credit card at the supermarket to cover the midweek groceries. Especially since credit card interest rates are much higher.If your credit card does get out of hand however, it might be worth incorporating your credit card debt into your home loan. While doing that temporarily increases your home loan debt, you’ll end up saving a fortune in credit card interest and be able to pour that money into your mortgage instead.
Think twice before you consider refinancing in the first five years of your loan. Lower interest rates dangled in front of you may be sexy, but exits are a costly exercise if you make the switch in those early days. So wait it out, there are always good refinancing deals to be had.
Strategies to get in control of your debts
Do you remember when it was difficult to get a credit card? Well, these days it’s not too hard at all. All the major retail stores have them and with on-the-spot financing, making it easier than ever to load up your wallet with plastic. And if that’s not enough, you needn’t look further than your mailbox to find credit applications or even pre-approved credit cards and loans. All this readily available credit makes spending more money than you have all that much easier.
Here are a few useful steps to follow to get out of the black hole of credit card debt a little bit faster:
Don’t feel alone in your quest for freedom from debt. There are many, many more out there like you. Even though someone is driving a nice car and lives in a nice house, that doesn’t mean they had the money to buy it. It just means they have further to go than you before they are free.
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