Every morning, drinking a cup of fresh coffee under the office building and sharing a good bottle of wine with the three or five friends each weekend, this so-called small fortune can indeed enhance happiness, so most of the young people in Australia are not Sorry for the one or two ten-dollar bills and several Gold Coins in the wallet.

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However, if you quit the freshly ground coffee (4 yuan a cup, seven cups a week), using the money to repay the mortgage loan means that you can save more than 70,000 yuan during the repayment period (30-year period). Yuan’s interest!

RateCity.com.au, which makes this statistic, says that few people know that if you can keep additional small payments often, these actions will have a significant effect over time.

Rate City spokesman Sally Tindall said:
“
If you can save a little more money every week, it can reduce your loan repayment period for several years, and this is actually something that most of us can easily do.
”

“Buying more coffee or a bottle of water is often an unconscious purchase. If you save your money, the result will be shocking.”

Under the assumption that based on a 30-year 30 million yuan mortgage loan with an average interest rate of 4.31%, if you can save 20 yuan per week and put the money into your mortgage, then you can spend 30 years A total of 59,482 yuan in interest expenses will be saved.

* Total loan of RMB 300,000, if the interest rate rises by 0.5%, the increase in interest within 30 years will be approximately 45,000 yuan – Editor’s Note

In addition to saving money on coffee, this report also reveals that you can save your mortgage by reducing other simple purchases.

If you do not drink bottled water and drink tap water, bottled water costs about 3 yuan/bottle, then in 30 years, the amount of bottled water that can be saved is equivalent to 62,266 yuan.

Although reducing the consumption of water and coffee may seem to be a drop in the bucket, if you go further and stop drinking a bottle of wine for 20 yuan per week and use these savings for your mortgage, you can save 59,482 yuan. Loan.

You may also consider reducing your beer by 20 yuan and 6 sticks, or reducing your breakfast by 2 yuan for 10 yuan. When you reduce a $20 per week consumption item, your loan will pay back an additional 59,482 yuan.
Experts say that once you figure out how much you can save per week, it’s best to set up an automated bank transfer function, and then forget about the money and put it into your mortgage.

“Repaying mortgages is like climbing a mountain. Some simple tips can help you get ahead.”