Comments on: 7 Tips To Save You Money

By: Nick

Nick — Thu, 25 Oct 2007 16:35:10 +0000

Yeah, I have noticed that type of thing as well, but usually the discount is negligible and is more of a marketing tactic than something that actually saves you money. From my experience a lot of those discounts are only good for that day too.

By: mnc

mnc — Thu, 25 Oct 2007 15:22:24 +0000

Nick, you’re right that something as simple as collecting your change can add up to a nice little chunk of money. We have a habit of throwing all of our loose change in a jar and using that money to put towards vacations.

Regarding your comment about gas discounts, I’ve noticed that stores in our area such as Domincks, Walmart, and CostCo offer a discounted price at their gas station when you spend so much money at their store.

By: Nick

Nick — Thu, 25 Oct 2007 15:18:55 +0000

Thanks for some more great tips Derek! I am occasionally amazed by how much can be saved from throwing lose change into a jar and letting it accumulate.

By: Nick

Nick — Thu, 25 Oct 2007 15:16:39 +0000

The idea of keeping a mortgage account open after the mortgage is payed off is a new one to me, I don’t think this is common practice in the US though. In some respects, I think it might be problematic if we did this in the US though. It would make it way to easy for people to get way too much extra debt.

In regards to the gas discounts at the bottom of your shopping receipt, I usually don’t may much attention to them mainly because they are usually only good for that day and it I probably don’t have the time or need to get fuel that day. Occasionally they come in handy though.

By: mnc

mnc — Tue, 16 Oct 2007 22:47:58 +0000

@Gaida :: Thank you for the explanation on how things work in Australia. That is all new information to me but I find it to be very interesting.

@Millionster :: Lately the Meijer, Walmart and BP right near our house have all been matching prices. I typically go to the BP as I use their rewards credit card to receive the cash back. That is great that you were able to move so close to work. I’ve been doing a little more work from home to reduce my lengthy commute.

By: Millinoster

Millinoster — Tue, 16 Oct 2007 21:16:25 +0000

For me the cheapest gas was always at costco, a point proven by gasbuddy.com — but rather than looking for cheap gas — I took the next great leap and moved to within 3 minutes of my job. I’v been saving a ton on gas, skipping traffic, and always on time to work. =)

By: Gaida

Gaida — Tue, 16 Oct 2007 02:21:34 +0000

With the redraw facility (usually for payments in advance so your account is in credit) these can be used eg if you need to purchase a new car. Once you draw these funds that amount is added back onto your loan at a rate of home loans at moment approx 6%.

If you took out a personal loan for the car you would now be paying an additional loan amount, so, now you’ve got 2 large payments, instead of a much lower monthly payment if added onto your home loan.

These personal interest rates can be 17% or higher. You also save on establishment fees that would have also been charged for the new personal loan.

Now I know which rate I’d rather be paying.

If you do take out a personal loan & pay it off early, you will most probably be asked to pay out an early release fee. If you just let it sit there until the term finishes there are no extra charges. Always check with your loan provider if this applies.

The other thing you have to watch… especially for personal loan for a car is it’s usually a secured loan (on car) then they have to be noted on your insurance cover.

There is usually an additional fee of approx $150 for your premium which is not a one off charge which you would think it would be!! but charged until your loan is finalised! They’ll get you every way they can & it’s costing you money. Always look at your best options.

Remember… these answers are not volunteered unless you actually ask the questions.

By: Gaida

Gaida — Tue, 16 Oct 2007 01:54:06 +0000

Hi MNC,
In Australia eg with Westpac Bank you can keep your home loan balance at zero (O) but do not close account. (If you close your account you are usually charged a fee for the paperwork etc. & lose any of other benefits.)

The advantage of this is if you have paid your loan off early you can redraw on those funds that are in advance or transfer loan to another property - this is called Portability. Most of the time there are no fees or very low fees rather than having to pay new loan establishment fees etc.

Re discount dockets. Shopping at Woolworths or Coles supermarkets…if you spend $30 or more you receive 4 cents a litre off your petrol. This discount is usually printed at end of your grocery sales voucher. It has an expiry date & must be handed in when paying for your petrol to get discount.

As in my previous comment if you’re sitting in line burning fuel you’ve probably already wasted that discount.

By: mnc

mnc — Mon, 15 Oct 2007 20:31:08 +0000

Gaida, thanks for the comment and additional suggestions.

One question I have for you is regarding your last comment - as I am not familiar with the possibility of leaving a mortgage account open. Once the final payment has been made the installment loan is considered to be closed so I would be interested in hearing how it works where you are located.

Also, what is a discount docket?

By: Gaida

Gaida — Mon, 15 Oct 2007 19:44:55 +0000

Additional note re paying off mortgage… Do not totally close this account as you can use it, usually without fees or at least lower fees, if you decide to purchase another property.