No one likes to part with money, especially when there’s a cheaper option on the table. But often, forking out a higher amount upfront can pay dividends down the track.
1. Regularly servicing your car
to avoid expensive issues in the future2. Buying your phone outright
to avoid paying more in the long run3. Paying extra off your debts
to avoid paying more interest4. Buying high-quality clothes
to avoid repurchasing items more frequently5. Buying food in bulk
to avoid paying more per/100gGot a debt you'd like to get on top of sooner?
Check out Wisr App and start putting your digital spare change to work.
Disclaimer: This article contains general information only, and is not general advice or personal advice. Wisr Services does not recommend any product or service discussed in this article. You must get your own financial, taxation, or legal advice, and understand any risks before considering whether a product or service discussed in this article may be appropriate for you. We have taken reasonable efforts to ensure that the information is accurate at the time of publishing, but the information is subject to change. We may not update the article to reflect any change.
*Calculations based on a $10,000 loan at an interest rate of 23% over a 5-year loan term, paying monthly instalments with no fees. Total repayments would amount to $16,914 if only the minimum repayment of $282 per month was made. If an additional $100 per month was contributed to the monthly repayment, the total loan cost would be reduced to $14,569. Calculated using the MoneySmart Personal Loan Calculator, https://moneysmart.gov.au/loans/personal-loan-calculator