Do the little things really matter?

A take away coffee’s just a coffee right? Spending $3.50 to $4.00 a day on your favourite caffeine blend isn’t really a luxury is it? Well, take a look at this…

A recent article I was reading by Mortgage Choice provided tips on how to pay off your mortgage sooner. It included a range of important information from budget setting to reviewing your home loan. One example explained that by reducing your weekday coffee spend from $4 a day to $4 every second day adds up to a saving of $40 a month… and if you put that saving onto your mortgage you could take 2 years off your loan and $31,000 off your interest bill*.

The article took me back as it was actions like these that allowed me to save up a deposit to purchase my first property much faster than I otherwise would have. When I set the goal I saved for more than 6 years and worked two jobs most of that period before I bought my first property at 24, which by the way I still own.

If you’re paying off a home or investment property loan or saving for a deposit to buy your first, second or even third property, it’s often not the big but several little changes and saving habits that will make a big difference over time.

So the next time you grab a coffee and have a break, take a moment to think about your financial goals… and the little things that will help you achieve them.

*Figures based on a home loan of $300,000 at 7% over 30 years. For more information go to MortgageChoice.