Life begins at Halcyon

Six things about money that we should’ve learnt at school…

24 March 2017 | by Halcyon

Some people are good at saving and others are better at spending, perhaps we get better at the whole saving thing as we age, out of necessity, or just because we get used to managing money, either way, wouldn’t it be a good investment in ourselves if we learnt simple money tricks and tips at school? Here are some of the things I wish I learnt, which would’ve probably seen me become a millionaire before I turned 30…

Where should I seek advice?
Traditionally we go to a bank for money advice, which when you really think about it is a bit curious considering their profit margins, they would also be bias in what they recommend based on their own product offering. Someone who has money, or has made money would be a good starting point for seeking advice, as they could share some of their best practises as well as what they would have changed if they had their time over.

Be organised!
Simple things like paying bills on time means that you avoid paying late fees, running on time for appointments means you are less likely to speed to get there on time, therefore reducing your chances of getting a speeding fine. Buying in bulk also saves you money and means that you are buying things when they are on special rather than buying when you urgently require them.

Be careful with credit cards
Some of us get carried away with using our credit card; we over use it with an unrealistic intent of paying it back. If you are careful, you can use the banks money for free by making repayments within the interest period therefore saving you money!

Save up for the things you want
Saving up to buy something instead of borrowing money could potentially save you half the amount you pay for something… When you save money and put the money in a savings account, it accrues interest, rather than getting a loan to buy something, you are paying for the item plus interest on the loan. Don’t get caught up with the interest free promotions, as generally the interest is hidden in the sale price.

A home loan doesn’t have to be a long-term debt
I know this might shock most people, especially those who have lived a life of paying a mortgage repayment every week, fortnight or month but a home loan doesn’t need to be a 25 year commitment, if you structure your banking differently you could pay off your loan in seven years!!

Consolidate your debts, but think it through
Often we consolidate credit card debt and consumer debt into our home loan, which could potentially reduce overall repayments and reduce the amount of interest we pay. However we then make poor choices with the additional savings, if you added the additional cash into the home loan we would effectively save more interest and reduce our mortgage. Therefore freeing up equity to then re-invest and get our money working for us instead of the other way around.

Obviously everyone is different and should seek their own advice and listen to their own instincts when it comes to making smart money decisions. Happy savings!

Back to News

Pimpama

Pimpama
Halcyon Greens

Bli Bli

Bli Bli
Halcyon Lakeside

Caboolture

Caboolture
Halcyon glades

Hope Island

Hope Island
Vision By Halcyon

Bli Bli

Bli Bli
Halcyon Landing

Hope Island

Hope Island
Halcyon Waters

Caloundra

Caloundra
Halcyon Parks