Budget doesn’t have to be a bad word
Budget doesn’t have to be a bad word.Whether it’s due to a recent interest rate rise by your mortgage lender, a change in circumstances, a change in your mortgage repayments from Interest Only to Principal & Interest, or even because you’re saving to get together the deposit for your first step on the property ladder… a household budget (or a change to it) doesn’t need to mean a drastic change of lifestyle or beans on toast for dinner.
Oak Financial Group has compiled our top household budget tips to help you on your way, while keeping your lifestyle in tact.
- Buy a coffee machine – no, seriously. If you consider the initial outlay against the ongoing cost of numerous takeaway coffees it can be a significant saving. A Canstar Blue study showed that the average spend on a coffee machine in Australia is $287 – think about that against how many coffees your household buys each week at an average of $4 a cup. And, you will also save on additional cost of fuel driving to get your coffee and the cake or cookies you buy while there.
- Go online – there is a lot of money to be saved in your monthly household budget by utilising online resources – music, books, magazines, newspapers. And if you really love the idea of curling up with an old fashioned book head to your local library too.
- Holiday close to home – The main points of a holiday can often be forgotten – it’s about taking a break from everyday life, it’s about discovering something new, it’s about reconnecting (with yourself, your family or friends). There are many holiday options right here in Sydney and Australia that tick all the boxes, including being budget friendly. And the short travel time means you can actually spend more time having that break rather than stuck in transit. There are a huge range of budget holiday options and they don’t have to involve camping if that’s not your thing.
- Learn to cook – while saving you money this is also an opportunity to gain a new skill. Buying fresh produce and turning it into meals opens up lots of savings – double quantities and you have prepacked lunches and meals for nights you can’t be bothered cooking. Entertaining at home with a home-cooked meal can also be much more intimate, friendly and there’s no waiters waiting for you to leave so they can seat the next group of diners.
- Go on cheap dates – use your household budgeting as an opportunity to think outside the box and rediscover the real joys of life. A bike ride, a picnic, a community event such as free movies in the park, a bush walk, a stroll along the waterfront. The options really are limitless (and cheap).
There’s no ‘one size fits all’ strategy for household budgeting or when it comes to mortgages and repayments – everyone’s circumstances and priorities are different, but if you get the right advice you can have all your options explained and you can make an informed decision that’s in the best interests of your family for today and the future.
For a limited time only, Oak Financial are offering a free assessment on your current loan repayments so you can get an idea of whether or not changes to your loans are the right option for you and will work in with your budget. Contact us to learn more or to book in your free loan assessment.
