If you're reading this, you are probably already converted.

We've all heard them. You know, the people that weigh up the mortgage features and tax implications of having a mortgage. Is paying off my mortgage the best strategy? they ask.

Unfortunately, our friends that ask this question forgot to ask something else.

These friends missed something important. Something that is only slightly related to money.

The important question is: "What would you choose to do if you had NO mortgage.

You can bet, the answer won't have much to do with tax.

So, I know you're convinced anyway, so what can you do to get rid of the damn thing?

The mortgage got you the house, and that is what it was for, but... I hope you're not too attached to that mortgage.

It has now fulfilled its purpose. Your mortgage has lived its life. It's time for it to leave.

Unfortunately, like an old car in need of an awful lot, it may need a bit of a push.

To start, you've got to pay more. Let's face it, if you borrowed 200 grand (or whatever figure it was), that's what you need to pay back, so start putting any windfall money into the loan. Money like a bonus. A tax refund, maybe even sell that exercise bike that was only used twice, and dump the money into the loan.

Next, increase your standard payment by a few dollars (and do that again in 6 months time).

And last, twist its arm so it costs you less. What is your interest rate? Is it the best deal? If your rate is a bit on the poor and ordinary side of good, maybe there is a better deal that could push it closer to fantastic. Ask a broker and see what it costs to shift the loan and how much you'll save. Make sure you take into account the costs of switching. It's not so good saving $500 if it will cost you $1,000 to do it.

Make sure you don't drop the repayments though. If you do get a cheaper deal, make sure you keep paying at least what you were before. Don't swap your interest saving for coffee. We want that loan gone!

With these steps done, look at the next biggest expense in your weekly budget and try to shave 10% straight off the top and dump it into your home loan.

As you can see, getting started is easy. Simple even.

Down with the mortgage!

Graham

I've put together 6 free tips to help you get started, plus 5 free personal finance coaching articles. If you think this might be useful, just go to http://www.payoffyourmortgagefast.com , look for the free tips link and register.

• Larger deposit or equity in housing loans;
• More margin of income over costs by borrowers; and
• Stability and reliability of the borrower’s income source.

Lots of people just shop on interest rate, but this can be short sighted. While interest rate is important, it is by no means the only important factor, and sometimes not even the most important.

To find the right home loan, you just need good advice. Where to get it?

You can get good advice from either a knowledgeable banker or a knowledgeable broker. Even though I am a finance broker these days, I do not believe that one is necessarily better than the other, because what you need to look for is:

·         enough experience with home loans to fully understand the options you have, and

·         Asking enough questions about you and your plans (and listening to the answers) to be able to apply their knowledge of home loans to your situation.  

If you know your bank manager well, that person may be a good place to start. A good broker though, can choose between different lenders and sometimes this can be an advantage.

1. Accepting a lower paying job or reducing working hours.
2. Using the time for something you’ve always wanted to do. I know someone, we’ll call him Tim, who chose a part time job so he could follow his passion and coach Rugby.
3. Drop an income. If you are a family with children, the option for one parent to be home with the children is a wonderful thing. Not for everyone, but many would deeply appreciate this option.
4. Move to somewhere less hectic with a slower pace of life and more fun. A typical sea-change. Not earning as much perhaps, but the morning surf before work is harder to do in the CBD.
5. Just have less risk. Not having a big mortgage commitment may mean you need a lot less cash to make ends meet if things get tough. A job loss is much less likely to cost the house.

• Read the 6 quick steps at the link above, and start them now.
• Think about ways to generate more money to dump into that loan!
• Reserve your copy of the book by emailing - 'Reserve me a copy of Pay Off You Mortgage Fast book' to contact us and we will reserve you a copy.

For most of us, particularly with families, our grocery spending forms a very large part of the weekly budget. If you look at the 80:20 rule, 80% of your expense comes from 20% of your spending categories.

All this means is that you have to save some money in your big expense areas to have much chance saving money overall. This almost always includes groceries.

Start with a target amount of savings, say 10%-15% of your typical weekly grocery allowance.

Now I have 7 tips to help you achieve your new goal:

1. Only shop weekly or fortnightly except for milk and bread. Shopping on demand is often a recipe for spending  more.

2. Resolve to always shop with a list. These can seem cumbersome but if you use a list and then only buy what's on the list, you protect yourself from impulse buying and can save heaps.

Put a notebook somewhere at home and write on it each time you run out of something or notice you're getting low. If you decide a particular meal would be nice next week, check the ingredients now and put the ones you have to purchase on your list.

3. Never shop on an empty stomach. It's surprising how much more tempting some purchases are when you are hungry.

4. Consider if your personality copes with shopping with children. If you are unable to resist the "I wants" then do a deal with a friend and mind each other's kids when you shop. This alone can save considerable amounts of money and often means the children eat less junk food.

5. Cook more meals yourself and eat less pre-packaged food. This strategy has the double effect it's good for the budget but it's also usually good for your health.

6. Eat more fruit and vegetables. Like tip 5, this can be good for you as well as saving money.

7. Buy specials and freeze/store. e.g. if you know you normally buy 500g (1lb) of butter each week, and the butter is half price one week, buy 2 or 3 and store. You won't have to pay the higher price for another 2 weeks.

Welcome to manageyourfinance.com.au

For the past few decades I have been observing the spending habits of the average person.

Most people would not be surprised to find that the average person seems to live Pay Day to Pay Day, and that to pay a bill received this week, they require the income received this week. This means that these people essentially have no buffer of cash to protect them against a job loss, or unforeseen event. This habit (yes it is a habit) of living Pay Day to Pay Day creates a dire risk if something goes wrong. You and your family deserve better, and breaking the habit does not need to be difficult.

I have been researching bankruptcy and it is shocking to note that the biggest cause of Bankruptcy in the US is serious health issues and the double hit of a lost job and large unfunded treatment costs.

Manageyourfinance.com.au says you can take action to protect yourself and your family from these risks.  Take control of your finances. If you are feeling at a loss as to how to do this, I suggest you pick up the book, ‘Recession Proof Yourself’ and give its proposal a try.

Based on tried, centuries old, techniques, this easy to read book will help you get your finances under control. Why not give it a try? It has the potential to change your life.