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​Emergency Fund Pays Down Home Loan - February 2016

​As a way of setting up an emergency fund and helping to pay our home off quicker I set up our home loan with a redraw facility. A set amount gets taken from my pay each fortnight and paid into our home loan as an extra payment. I have built up the three months' income for in the event we are both out of work and at the same time paid extra off our mortgage. This gives me the comfort of knowing that I have money at my fingertips in an emergency and at the same time I am paying the home loan off quicker.
Contributed by Felicity Georgiou
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  • Home
  • Join the Club!
    • Twenty Reasons to Join the Cheapskates Club
  • About Us
    • Cath's Story
    • Ask Cath
    • Glossary of Cheapskating Terms
  • Forum
    • Current Forum Discussions
    • How to Use the Member Forum
  • Inspiration
    • Getting Started
    • 31 Days of MOO Index
    • Articles
    • Housekeeping Routines
    • Budget Renovations
    • Saving Stories
    • Learning Centre
  • Recipes
    • Recipe File Index
    • Meal Plans
    • Add a Recipe
    • $300 a Month Food Challenge >
      • $300 a Month Food Challenge
      • The $300 a Month Food Challenge Forum
  • Newsletters
    • Newsletters 2023
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    • Newsletters 2021
    • Newsletters 2020
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  • Saving Money
    • Latest Tips 2023
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    • Cheapskates Tip Store
    • Tip Sheets
    • Top Tip Competition
  • Contact
    • Changing Details
    • Help Files