Saving $50 a week, can save you $126,000 in interest over the 30 years loan term
Cash Flow Management is really a vital part of smart investment. A small sample of wonderful power of the utilisation of cash flows is depicted in the report from The Daily Telegraph’ March publication. Banks usually try to hide the cash flow management tips and techniques from the borrowers, reason is obvious, if borrowers saves money on interest – banks lose money as business. Keep in mind banks operates as a business and always want to make money from its source of business which happens to be the borrowers. Banks try to hide from its borrowers that if borrowers change the loan repayment term from Monthly to Fortnightly the borrowers can save up to 2 – 3 years of their loan term(conservatively) and from fortnight to weekly save up to 4 - 5 years of their loan term on a 30-year loan period. Primary fundamental of business is to make money from its clients to earn business, unfortunately banks are not different, but they do it with borrower’s trust misuse. Borrowers feel they are under warm arms of banks, but reality is banks are always trying to snatch last cents from borrowers. The report from Daily Telegraph March publication suggests that if a client saves just $50 a week and paying on his $500,000 home loan will save him around $126,000 in interest over the period of 30-year term. The question is, are we aware of this, if YES than are we saving for this if NO shall be save thousands of dollars over time with minor adjustment to our finances. $50 dollar a week doesn’t sounds like a lot of saving when it comes to home loan but can have a massive impact to our loan life term. Being smart with cash flow management is not the skill to get by birth, it is just by self-learning or through expert advices working for your personal interests/benefits and not for the banks. Thus, it becomes a vital need to get your finances renewed by an expert financial management professional on time to time basis to educate yourself to save your valuable hard-earned money. Use money saves money for things that value to your life than to pay to banks for their leisure’s. People tend to think the only way to make money if from their 9 -5 jobs. But smart people also make money by saving from what they already have. Just by restructuring of personal finance can make wonders to individual’s life without much of hard efforts. Not knowing doesn’t make us foolish but it is not smartness if we don’t pursue the right financial strategy at the right time even after having the adequate knowledge.
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Newspaper - Daily Telegraph March 5, 2018
