Milestone Lending Solutions

With a smart strategy, you can reduce your home loan

You cant ignore your debts, and if they are building up, you may need to take action to reduce them. The good news is that there is always something you can do, and once you have a plan you’ll realise that your goal of being debt-free is definitely achievable.

To get you on your way, take a look at our brochure, Be Debt Free. It may seem daunting, but with the right help, you really can get on top of your debts and start living the life you want.

Steps to reduce your loans

Understand your spending habits – It’s important to know where you’re spending your money. Using a budgeting and cashflow software app or program to track your spending. ASIC’s Smart Money website has a free budgeting tool you can use. Milestone also recommends Money Brilliant software to our clients. Click here for more information.

Some of your everyday habits could be costing you money. Even some very small changes could get you closer to your goal of being debt free.

Look at the products and services you currently have and try to get the best deal. Use your friends and the internet to help compare options

Try not to impulse buy. Take time to thin about whether you really need something. Ask the salesperson for their best price or offer to pay cash to get a better deal.

Stop buying things on credit. If you dont have the cash, dont buy it.

Dont worry about ‘keeping up with the Jones’. Appreciate and value what you have.

Live within your means and save at every chance you get. Saving ‘invisibly’ by having some of your salary directed automatically to a savings account means you wont miss it.

Reduce your spending on things like takeaway coffee, work lunches, cigarettes, alcohol and takeaway dinners. For example, taking your lunch to work a couple of days a week could save you $20 per week or $1,000 per year.

While you’re learning to be more disciplined, dont be too hard on yourself. It’s good for your confidence to set realistic goals and experience ongoing success. This will motivate you to continue making the daily decisions that will keep you on budget.