Car Loans Australia :: Articles

Car Loans Australia Articles

18 fundamental money rules to live by

1. Your housing debt (mortgage repayments) should not exceed 28 percent of your gross income. Your total debt repayments should be under 36 percent.

2. Invest for your future. Use your super and max out your benefit limits if possible. If you can get increased employer contributions or tax benefits by making additional contributions, make sure that you are taking advantage of them!

3. Have a diversified investment portfolio. An old rule of thumb is to deduct your age from the number 100 ... and the result is the percentage you should have in growth-types of investments.

4. You don't want more than 5-10 percent of your portfolio in any one stock.

5. If you don't understand an investment, don't buy it. Know what you are getting into and how you are investing.

6. If you are not saving 10 percent of your income, you are not saving enough. If you are looking towards retirement, women need to save at least 12 percent and men need to save 10 percent towards retirement.

7. Have liquid money. You want to have 6-12 months of money readily accessible in a money market account as your emergency fund.

8. Buy insurance with the highest excesses so that you are paying less in premiums. But, make sure you have sufficient liquid money to afford the deductible if something happens.

9. Generally it is better to buy a car than to lease. But, don't buy a brand new car. Millionaires usually own and drive used cars.

10. Have you ever been pushed to buy an extended warranty on a product you purchased? Generally, not the best idea-usually a waste of money.

11. Keep good records. Keep your cost basis information, your taxes, know where your money is and where your accounts are.

12. Eliminate bad debt. If you have credit card debt you are generally living beyond your means. There is good debt and bad debt. Get rid of bad debt.

13. Know what you are spending. Have a budget and stick with it.

14. Put your possessions into good condition before you retire or go through a life change.

15. Stay in good health. Health insurance is the number one reason people do not retire.

16. Make sure your income exceeds what you have as expenses every month. And you should insure your income because almost everything else is dependent on it.

17. Don't let investments automatically roll over. Make sure you are making the most on your money and have a plan. It's not just always the best rate in the short term (or long term).

18. Don't have a number of different superannuation accounts. Consolidate. If you have old personal or employer super plans, roll over into a personal super plan in your own name.


Finance Articles

Infestation of sweet deals
They look like an easy solution to your credit card debt ... but balance transfers come with complex arrangements that can add to your woes. read more

Five Worst Credit Card Mistakes
Here are five of the worst mistakes most credit card holders make. If you can avoid these mistakes, you will benefit greatly. read more

Mortgages, personal loans and credit cards - what the banks don't want you to know about debt.
Have you ever wondered why its so easy to get into debt, when you don't want to. And then wondered why its so hard to save a $1,000, when... read more


Finance News

Personal Loans to help Australians in need: FSO
Oct 29 :: As Australia prepares to clean up following devastating fires and floods, Financial Services Online CEO, Andrew Clark, has announced a package... read more

Small business loans to help Aussie businesses through tough times
Nov 27 :: Financial Services Online has today announced a new credit facility for Australian business customers who are seeking loans for amounts of... read more

Police issue warning about bank scam
Nov 20 :: Melbourne police are warning people about a scam in which fraudsters pose as bankers and ask for money.They say they cold call customers... read more


Need Help Finding a Loan?
Get a free car loan eligibility assessment and compare offers tailored specifically to your circumstances.
Loan Amount:
Postcode:
All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase
Personal Loan:
A Personal Loan is a means of obtaining finance from a financial institution or financial product provider and the lending criteria usually depends on criteria such as personal income and expenses, assets and liabilities, employment status and previo