Moorooka Finance Watch
If you’re living in Moorooka and looking for a financial broker, we at Turbo Finance are here to help you out.
Given the demographics of people living in Moorooka, we’ve developed a series of tips to help you to lower your monthly expenses and to refinance your loans.
Read on to find out more!
When looking at the demographics of Moorooka, it’s plain to see that the majority of homes are rented, and the average household income is slightly less than the nation-wide average. 31.8 % of homes in Moorooka are under a home loan mortgage, while 26.3 % are owned outright. The average individual income for someone in Moorooka is $661 per week, or for a household, it’s $1302 per week. Disposable income therefore is quite low, and having a budget, reducing monthly expenses, and knowing when to refinance are key to making ends meet.
Tips on cutting back expenses and refinancing
- Treat your savings account like a bill. Make sure you’re adding to your savings if you’re financially able. If you’re treating it like a bill, where you’ll be penalised if you don’t add a certain amount by a certain time, you’ll have more money accrued.
- Use cash over credit cards. It is so much harder to hand over $50 in cash for a belt you don’t need than it is to hand over the plastic. If you only use cash, you’ll be able to see how much you have left per week. Wouldn’t you rather be able to put petrol in the car to get to work?
- Cleanse your life of money-costing bad habits. These could include things like reducing power and water bills by turning lights and taps off, reducing the use of air conditioning when possible and opening windows, or closing them when the air conditioner is on. It may also include giving up things like smoking, takeaway, and shopping splurges.
- Have a support network – include the family. Make sure you’re including your family in your decisions so that you have a sounding board and people to motivate you.
- Pay off debt on a weekly or monthly basis when you can. Not only are you getting rid of your debt and making sure you’ll have more money in the near future, you’ll also feel good about your spending.
- Keep your receipts. Know where your money is going and how much you’re spending. Cut back on non-essential items, and keep a track of any up and coming bills or necessary items you need to spend money on.
- Check your spending at the end of the week. Make sure you’re sticking to your budget.
- Stop withdrawing money from your savings. If your savings are constantly being squandered, you’ll never save anything.
- Create a rainy day or emergency fund. In case the washer, dryer, TV or car break down, you’ll have some money put aside to help you afford it. Your budget will thank you!
- Contact Turbo Finance and discuss refinancing loans where you think you’re paying too much interest. We can help you find the best interest rate to help you cut back on your monthly spending.