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  1. #11
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    I saw this on a friends FB and it looked interesting.

    http://www.livingwellspendingless.co...IwDw1Wrv2Wb.01

  2. #12
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    Quote Originally Posted by VicPark View Post
    Hmmm. I have an offset account but don't do this (live off credit card then pay credit card after interest is charged). Is the saving to your home loan worth the interest charged to your credit card??
    VicPark our credit card is always paid off before any interest is charged on it!

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    VicPark  (04-01-2014)

  4. #13
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  5. #14
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    Quote Originally Posted by Aquillah View Post
    I saw this on a friends FB and it looked interesting.

    http://www.livingwellspendingless.co...IwDw1Wrv2Wb.01
    That's a great link thanks for that :-)

  6. #15
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    Quote Originally Posted by caketin View Post
    We save money on our interest for our mortgage by having a 100% offset account attached to it. We get our monthly interest charged on our loan minus the amount in our savings. We save about $400 per month on interest! This means we live off our credit card then pay it off every month after the interest is charged.
    Us too! It also helps seeing everything we spend on one credit card statement each month.

  7. #16
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    Quote Originally Posted by VicPark View Post
    Hmmm. I have an offset account but don't do this (live off credit card then pay credit card after interest is charged). Is the saving to your home loan worth the interest charged to your credit card??
    As long as you pay the balance off completely before the monthly due date then no interest is charged. It's the best way to hold on to your money in your offset for as long as possible (thus reducing your mortgage interest). But it's only suitable if you have to discipline not to spend more than you earn.

  8. The Following 2 Users Say Thank You to lemonpancakes For This Useful Post:

    LlamaMa  (03-01-2014),VicPark  (04-01-2014)

  9. #17
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    No worries We also have Facebook freebie groups in our areas that are pretty cool. There might be stuff that comes up on there to help save money.

  10. #18
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    Quote Originally Posted by VicPark View Post
    Hmmm. I have an offset account but don't do this (live off credit card then pay credit card after interest is charged). Is the saving to your home loan worth the interest charged to your credit card??
    We don't live solely off credit card. We use it for bills, but have a regular savings account set up for groceries, which money is deposited into straight from our wage before hitting the offset. For us, we pay our credit card off straight away and avoid interest, (DF researches everything.....he found the best one for our circumstances). This works out well for us!

  11. #19
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    Quote Originally Posted by lemonpancakes View Post
    As long as you pay the balance off completely before the monthly due date then no interest is charged. It's the best way to hold on to your money in your offset for as long as possible (thus reducing your mortgage interest). But it's only suitable if you have to discipline not to spend more than you earn.
    That's what I was trying to say! Tired Mama here

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    I think a good place to start is doing a breakdown of what you spend in a week/fortnight/pay period (be honest) and just track all your spending and you may be surprised as to where money can be cut back. I know for us, going meat free a couple of nights a week makes a difference as does menu planning and doing a regular use up of what's in the fridge/freezer/pantry. Buying meat in bulk - being farmers we are able to use the whole animal and we try and waste very little (still have a ways to go because I just can't do offal) but growing food, buying what's in season and cheap rather than what you *want*.


 

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