Ad­vice pays off

Money Magazine Australia - - FROM THE EDITOR -

While de­clut­ter­ing this week I ran across the first issue of Money I ever pur­chased – April 2012. At 48, liv­ing in a ren­tal prop­erty with four chil­dren headed to­wards univer­sity and al­most noth­ing in my su­per, I was drawn to the cover story “Get rich on any wage”.

I fol­lowed the ad­vice to salary sac­ri­fice and my hus­band opened a (now de­funct) first home­owner sav­ings ac­count. I bought a sub­scrip­tion to Money, which I’ve had since, and have con­tin­ued to use the ad­vice found there to save hun­dreds of dol­lars each year by switch­ing elec­tric­ity providers, car in­surance, phone plans, etc.

Five years later, three of our chil­dren have fin­ished univer­sity with fi­nan­cial as­sis­tance from us, I have in­creased my su­per­an­nu­a­tion from $37,000 to $135,000 and this week my hus­band and I are buy­ing our first home with a de­posit of $90,000. With our cur­rent sav­ings rate it should be paid off in six years. All of this on a com­bined teacher’s and store­man’s wage.

With­out Money we wouldn’t be headed to­wards home own­er­ship and the su­per “sweet spot” of $400,000 for a cou­ple. Thanks to you our re­tire­ment is now look­ing very hope­ful. Linda, Vic

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