TOP TIPS

Central and North Burnett Times - - WEEKEND -

Use ev­ery dol­lar twice. The hum­ble lit­tle mort­gage off­set ac­count lets you de­ploy money for its in­tended pur­pose – your Holy Sh*t or six-month emer­gency cash stash, sav­ings for your next hol­i­day or for school fees – and to save you lovely loan in­ter­est. Just be care­ful you have a real off­set and not one of the many fakes.

Get the bank to ‘pay’ your mort­gage in­ter­est. In­voke my off­set-on-steroids strat­egy: park your salary in a clearly des­ig­nated off­set ac­count and live off a credit card with a long in­ter­est-free pe­riod. Only when the bill is due, move the money from your off­set onto the credit card. But heed my warn­ing to make sure this works.

Up stumps but still stump up. Bet­ter still, ditch that ex­pen­sive big bank loan for the one of the best value ones (note, the cheap­est could end up re­ally cost­ing you), charg­ing just 3 per cent. The free app that ac­com­pa­nies my book au­to­mat­i­cally cal­cu­lates your sav­ings if you move your loan then clev­erly keep your re­pay­ments the same.

Make your re­pay­ments fort­nightly. If you sim­ply halve your min­i­mum monthly re­pay­ment and pay this amount fort­nightly, you’ll get a whole month ahead each year with very lit­tle pain to your pocket. Trust me – it’s a quirk of our Gre­go­rian cal­en­dar.

– Ex­tract from How to Get Mort­gage-Free

Like Me

MONEY SAVER: Sun­shine Coast res­i­dent Ni­cole Ped­er­senMcKin­non with her chil­dren at their home and, in­set, with fi­nan­cial an­a­lyst and TV pre­sen­ter Paul Clitheroe. LEFT: A fam­ily in­ter­viewed by Ni­cole for her book.

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