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.
Regularly servicing your car – to avoid expensive issues in the future
Buying your phone outright – to avoid paying more in the long run
Paying extra off your debts – to avoid paying more interest
We always encourage our loan customers to get ahead of their debt sooner – if they’re in a position to do so. We want to see people get out on top, so we never charge any early repayment fees. We also created an app that makes getting ahead of debt insanely easy. 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.
Buying high-quality clothes – to avoid repurchasing items more frequently
Buying food in bulk – to avoid paying more per/100g
As with all grocery items, please make sure you’re capable of finishing the bucket of hummus before it goes out of date.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