After 50 lessons over the last 2 years, welcome to my first “share”. I hope 2012 has started well for you and that you think these posts are worth sharing. If not, let me know what I can do to make them more valuable for you. x
And so… at this time of year I remember my Dad saying that a sale isn’t a saving unless you were already going to buy it. Taking that one step further, when you’re looking longingly at another piece of “stuff”, look at the price and imagine that amount of money being deposited into your account or coming off the credit card or personal loan. Indeed there are amortisation calculators that will show you what you can save with a lump sum payment. For example, a one off payment of $200 off your 30 year $250K home loan, 6 months into it, saves you $1,500. That’s a 650% return on your money! So check out a few different sites to compare. One I used was http://www.yourmortgage.com.au/calculators/repay_advanced/ and to check it I used http://www.hsh.com/calc-amort.html Sorry I couldn’t find an official site that showed one off payments. Would love to know if you do. Until next..stay healthy, happy & wealthy! xx
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