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 futureKeeping up a regular servicing schedule with a mechanic you trust, however, is the best way to protect yourself from unexpected costs down the track.
2. Buying your phone outright
to avoid paying more in the long runIf something happens to your phone – you lose it or go for a swim while it’s still in your pocket – you’re left paying for a phone you don’t even use anymore.
3. Paying extra off your debts
to avoid paying more interestWe always encourage our loan customers to get ahead of their debt sooner – if they’re in a position to do so. Wisr’s Round Up App helps you make extra payments towards your debt by rounding up your everyday purchases and sending your digital spare change to a nominated account.
4. Buying high-quality clothes
to avoid repurchasing items more frequentlyKnowing what looks good will also stop you from meandering through the shopping centre buying stuff you probably won’t wear anyway.
5. Buying food in bulk
to avoid paying more per/100gAs with all grocery items, please make sure you’re capable of finishing the bucket of hummus before it goes out of date. Buying in bulk is pointless if you end up throwing half of it out.
Got 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