Saving Money - Ideas?

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Forums › Finance and wealth management › Saving Money - Ideas?

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Dynamic

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#929558 8-Nov-2013 16:13

We had one of those that opened with a promise to save us $20/month on toll calls. We were surprised, mostly because our toll bill is only typically a few dollars a month at the most. Needless to say, he couldn't deliver on the promise.

...Probably should have tried to hold him to it...

We had a salesman from a power company door knock and promise us the earth. He was kind enough to write it down for us. When we stuck to our guns to hold the power company to the promises of their authorised agent. They came back with a $300 cash settlement for us to go away.

Not bad for 3 5 minute phone calls from the Mrs. Her brownie points definitely got a boost that day.

“Don't believe anything you read on the net. Except this. Well, including this, I suppose.” Douglas Adams

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PocketSmith for budgeting and personal finance management. A great Kiwi company.

Dynamic

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#929793 8-Nov-2013 23:28

TinyTim:

You haven't said if you have a mortgage or not, but if you do, sell your investment property and pay off your mortgage.

I disagree with this blanket statement, or at least would seek knowledgeable/professional advice. Capital gain is currently exceeding interest costs and with luck if you have had the rental for a few years it will be cash positive or close to it.

“Don't believe anything you read on the net. Except this. Well, including this, I suppose.” Douglas Adams

Referral links to services I use, really like, and may be rewarded if you sign up:
PocketSmith for budgeting and personal finance management. A great Kiwi company.

TinyTim

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#929822 9-Nov-2013 07:21

Dynamic:
TinyTim:

You haven't said if you have a mortgage or not, but if you do, sell your investment property and pay off your mortgage.

I disagree with this blanket statement, or at least would seek knowledgeable/professional advice. Capital gain is currently exceeding interest costs and with luck if you have had the rental for a few years it will be cash positive or close to it.

Yes. Someone in this situation needs to do the sums. It would depend on the relative sizes of the debt, appetite for risk (e.g. what would happen with the introduction of blanket CG tax), whether or not you/he is going to sell the rental (capital gain means nothing if you're not going to sell), effects on cash flow.

BinaryLimited

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#929826 9-Nov-2013 07:32

TinyTim:
BinaryLimited: Hi Everyone

Currently on a mission to re-evaluate all of my expense.
I'm interested to hear how you guys are saving money.

Looking at the following things :

Insurance ( health, life, car, home, income protection )
Internet - Considering Orcon
Gas & Electricity
Investment property expenses.
Groceries
lifestyle

I am open to more ideas and new service providers.

You haven't said if you have a mortgage or not, but if you do, sell your investment property and pay off your mortgage.

Would never sell the investment properties...atleast for another 5-10-15-20yrs.
These are longterm investments.

The property market in Nz is great,such a huge demand. Earlier this year property prices were insane,$200k-$300k+ above cv at auction. The market has been quiet recently to the new changes but it will pickup again in may/June.
Finding the right time is key to selling (summer,winter,market etc).

Binary Limited - Safe. Secure. Simple. ™
www.binarylimited.co.nz

EhsanV

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#930560 11-Nov-2013 09:59

Don't ....

. use the money you don't have
. to buy things you don't need
. to impress people you don't like

cheers

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