Concerned About Property Values?

Changes in the value of the family home will always happen over time.  We are currently in a cycle where property prices have fallen across most parts of Adelaide and this has many families concerned.  If you are maintaining mortgage payments without increasing other forms of debt such as credit cards or personal loans then you should not be worried, even if the property value has fallen below how much is owing on the mortgage.  If however you are falling behind or in danger of falling behind on the mortgage then it is important that you seek advice from a qualified accountant as soon as possible.  You will need to focus on the financial issue and ignore the emotional attachment you may have to your property in making a decision on how to best resolve your situation.  It may take several years for the property market to improve and you should not try to hang on for that to happen.

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Finding it hard to make ends meet?

People who are finding that rising costs are making it hard to make ends meet need to identify all their current household expenditures.  The easiest places to look for savings are in the areas of discretionary spending, that is things that you don’t actually need to survive.  It is time to cut down or eliminate spending on things such as smoking and alcohol, gambling, pay TV, take-away foods, hobbies and the like.  While some savings can be made in non-discretionary spending such as the weekly supermarket shop and household bills such as electricity, in my experience the savings are likely to be much smaller and require more effort to sustain.

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