We have a mortgage offset account and every cent we have goes into there. The result being I don't know how much we have in each category of spending, it's just 1 big pot of money that can be withdrawn at any time. So we save interest but I don't know what we have to spend on things. So I have been thinking about it and I was wondering if it would be better to save for each category of spending. I have about 5 savings account available that I can save for different things. I'll just have to work out a budget and figure out the amounts I need to save. So do you think that would be better to separate the money out or should I continue just putting it into the offset? The savings accounts pay 6% and the mortgage costs 8.07%. What do you think?
I have a question for you!
June 1st, 2007 at 03:48 am
June 1st, 2007 at 08:36 am 1180686982
Kitty
June 1st, 2007 at 04:26 pm 1180715163
June 1st, 2007 at 08:35 pm 1180730146
June 7th, 2007 at 04:14 am 1181189647
I'd take my own advice but we have fixed 100% of our loan until May 2009 so we lost our redraw facility until then.
June 7th, 2007 at 07:48 am 1181202481
By the way I registered my own domain name a couple of days ago www.lowincomelady.com that goes to my blogspot blog. I fixed it up a bit too, I've been working on it the last couple of days!