Make your money work harder and smarter by using your home loan to save
By: Andrea Tucker, Director at MortgageMe
We get it. The thought of paying off a house every month for the next 20 to 30 years isn’t exactly thrilling. But if managed carefully, you can use your bond to your advantage and build a nest egg of savings for life’s little and not-so-little emergencies.
The why
It makes good financial sense to expect and prepare for financial emergencies and to get into the habit of saving every month. No amount is too small. If you’re able to able to save or invest some of your salary every month, as well as increase the payment on your home loan, you’re covering yourself for emergencies as well as saving for something specific through your investments.
The How
A good place to start is by increasing your home loan repayments above the minimum requirement. Or, i...