An effective Money Management System is often neglected as part of an effective mortgage strategy. Most people, especially after they have a mortgage and children, would like to manage their money better. Great money management can be the difference between being able to purchase an investment property or not. Or the difference between regularly investing into shares over your life time or not. Ultimately, disciplined money management will be the difference between a prosperous retirement or having to forego some of life’s luxuries during the flexibility stage of life.
With savings at the highest on record and interest rates as low as they’ve ever been, buyers are bidding with more savings in the hip pocket than ever. Having extra cash to spend could mean the difference between securing your preferred location or property or having to make undesirable compromises. David Johnston provides some insights for Domain Advice on how to set up a money management system.
Check out episode #2 of our Mortgage Strategy 101 YouTube series to learn more about a “Money Management System”