No matter how the financial pinch is hurting you, a pinch is a pinch and the Marquette Turner team know that you’d rather not face it. Or at the very least, minimising the pain can only help. Thus, we’ve put together 7 ways to help save your home, or even your sanity. They may be simple and seem obvious, but surely by putting just one suggestion into action will ease the pressure. We hope they help.
1) ASK YOUR BOSS FOR A PAY RISE. Repayments have gone up more than twice as much as wages have gone up. And what’s the biggest problem facing many bosses these days? They can’t find good staff. If you are a good employee, ask for a pay increase to match your repayment increase. Don’t know how to ask? Then leave this article on your boss’s desk.
2) RENT THOSE EMPTY BEDROOMS. Even if you don’t like the idea of strangers sharing your home we’re sure that it’s far better an option that the idea of strangers buying your home when the bank kicks you out? As well as a mortgage crisis today, there’s also a rental crisis. Thousands of people are desperate to find somewhere to rent. Many are hard workers who want little more than a clean bed. If you’ve got a clean empty bedroom, it’s worth at least $450 a month, even more if it’s got its own bathroom. We keep hearing about a housing shortage in Australia; but we never hear about the six million empty bedrooms across the nation. We’ve got more than enough room for all of us, it’s just that we’ve built bigger houses than we need which means we’ve got bigger payments than we want. Don’t struggle, rent out an empty bedroom. Go on, place the advertisement and watch how many nice people turn up. You’ll be surprised how easy it is.
3) RENT YOUR HOME. If you want to cut your payments in half, move out and rent your home to someone else. Where are you going to go? Home to Mum and Dad. Stay with friends. Rent in a cheaper area. Rent a smaller place. Any one of these suggestions, if you can manage them, is surely better than losing your home. And, besides, it may only be for a few months.
4) DOWNSIZE. The high cost and the stress of snobbery isn’t worth it. Sell your home and move to a more sensible option. Before you say, “I’d never live there,” go and have a look at it. You can buy a great 4-bedroom home in a quiet street in a wonderful community for less than $300,000. What would you prefer? That people think you’re rich, but you are really stressed out and battling to survive? Or, that people think you are battling, but you have low debt and you are ever-so-happy? The price of pretending to be prosperous is very high – both financially and emotionally.
5) DRIVE A HOLDEN. Well, not literally, perhaps a Ford. Or even a Toyota. The point is this: Do you really need that expensive European job with the big repayment? No doubt you may deserve a fantastic car because it makes you feel good after all the work you do. But do you deserve the agony? We’re talking about saving your home/sanity here. And if that means back-trading your car for a cheaper model, don’t think about it, do it. And, tell me, do you really need two (or three) cars? Come on, seriously. Is there no public transport in your area? Would it hurt to walk to the bus stop or the train station?
6) STOP WASTING MONEY. If you don’t think you’re wasting money, take a closer look at your expenses. It’s amazing how people justify the wastage of money these days. For example, they spend ten or twenty dollars a day on coffees and lunches. That’s up to $5,000 a year. They could eliminate most of it by taking their lunch to work. Sure, brown paper bags are not exactly the current fashion accessory. Pack your lunch and save your home.
7) GET A SECOND JOB. Already got a second job? Well, get a third one. Do anything (legal) that will bring in some extra dollars. Mow lawns in the area. Start a rubbish removal service. Clean windows. Drive a hire car (it’s better than a cab). Become a waiter. Walk the neighbours dog. Deliver junk mail (and get fit at the same time). Hard work never really killed anyone, did it? Kill that mortgage before it kills you.
Surely one of these suggestions could make your pockets feel a little less empty. Maybe they’ll even inspire you to find other ways to help save! Good luck.