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Three Ways to Stay on Top of Your Finances

When it comes to your savings, you will undoubtedly want to put a little extra aside each month to go toward the cost of any future expenses that you may need to cover. These expenses can include the cost of a deposit toward the value of a new home, or the fees associated with obtaining finance and loans from a lender.

Hire an accountant

Most people think that accountants are only suitable for businesses, but the fact is that there are many personal bookkeepers that offer their services to sole traders, freelancers and others that operate on a smaller basis. By hiring an accountant you’ll be able to see exactly how much you spend, how much you waste – and most importantly, the amount that you can afford to save each month.

Open a savings account

Most banks offer savings accounts to their customers and these types often feature greater levels of interest to those that store cash in them. Even if you aren’t able to access your cash for five years, just imagine how much you can save by putting a few hundred dollars away every month. Further to this your account will accrue interest, which will increase the more that you put in.

Moderate your expenditures

Although the majority of people in Australia will have what is called ‘disposable income’ – money that’s left over after all of their costs for the month are covered – not all will make a point of moderating how much of this they actually spend. Switching high powered bulbs out for environmentally friendly ones can be a good start, as can reducing phone bills and cutting back on internet speeds to shave a bit of cash off with each bill payment.

How to Make Sure That You Get the Best Mortgage Deal

Have you ever heard of a home owner that doesn’t mind paying excessive fees and charges relating to their mortgage? In this day and age, there’s nothing quite as important as keeping on top of your finances and signing up to the wrong deal can be one of the quickest ways to negatively impact your financial situation.

Years ago banks were extremely lenient when it came to awarding mortgages and lending large sums to cater to property needs, but over time (and after so many people ended up unable to keep up with the strict terms and conditions), they have been forced to change their policies. These days banks are expected to be as open and transparent regarding their loans as possible – but just to be safe, first time home buyers are turning to financial advisors and mortgage brokers to help them to make the most beneficial decisions.

Are all deals the same?

Although most banks in Australia are governed by the Reserve Bank, they are all still permitted to pursue business in their own way. This means that some will propose higher interest rates and others will extend lower ones. As tempting as it might be to save time by opting for the most convenient lender (perhaps a bank that you already have an account with), the fact is that you could end up paying hundreds of dollars extra every year in interest – and over the course of a couple of decades this could soon amount to thousands more than you’d have paid when going elsewhere.

Getting the best mortgage deals doesn’t have to be difficult, in fact by choosing to hire a broker’s services you could have them take care of comparisons for you and then present you with the best options at your disposal. The great thing about these experts is that they specialise in sourcing the most ideal loans for their clients – many of which will be subjected to lower interest rates that won’t be available otherwise.

They might find a cheaper deal that will require lower interest over the course of thirty years for example, or you might instead to pay off more throughout ten years, at a slightly higher rate, to get your mortgage paid back as quickly as possible. Rather than you having to approach banks and lenders individually, request further information on rates and other repayment factors yourself, a broker will be able to compile this information from a selection of financial institutes and formulate a neat chart.

This can make things easier to understand, whilst allowing you (as the borrower) to identify the best deals and special offers available. When it comes to applying to a bank for a mortgage, the last thing that any borrower will want to do is to agree to terms out of desperation, only to find themselves suffering financially in the future.

Instead of taking this route, it’s worth noting that banks actually need to take on more customers in order to guarantee their future and this in itself can provide you with some much needed bargaining power. If you aren’t presented with a deal that suits your needs, then don’t settle with it. Compare your options and approach different lenders – and only then should you consider coming to a decision.