Fifty dollars
What does fifty dollars buy? Well, look, not
a lot these days. Maybe a night out at the
movies for a couple or a takeout dinner.
But with one smart strategy you can turn
fifty bucks into something much bigger.
Paying an extra fifty dollars off your home
loan each week can make a massive
difference to your financial wellbeing. It’ll
cut years and years off your loan; it’ll save
you tens of thousands of dollars in interest.
For example - a couple with a four hundred thousand dollar home
loan could save almost fifty thousand dollars in interest and be
mortgage free almost four years earlier, just with that fifty bucks.
Now sure, if your budget can’t bare an extra fifty dollars a week
that’s absolutely fine, but please remember any small additional
payment you can make into your mortgage will help pay your loan
off sooner – and save you heaps.
Source: ASIC media release: 15-001MR ASIC’s MoneySmart New Year financial resolutions
– make 2015 your best year yet, 5 January 2015