If, like other Australians, you have healthy debt in the form of a mortgage, either loans or quick loans, you may be wondering what is the easiest way to pay off your loan and maximize your net worth. Here are the top ten tips to make those extra dollars go further by making simple, everyday habit changes and paying off your loan effortlessly.

1. Budget and set realistic goals

Studies show that if you don’t have a clearly set goal, you’re much less likely to reach your intended destination. Setting a budget is the best way to create a clear picture of your financial goals and motivate yourself to achieve them. Take stock of your income and expenses. Set weekly, monthly, and yearly saving and spending goals and mentally commit to achieving them: Your commitment to a goal is essential to its achievement.

Remember to set realistic goals, or you could get demotivated when you find it too difficult to reach your milestones. Keep your budget in a place where you can refer to it regularly (at least once a week) to stay motivated and mark your weekly accomplishments.

2. Learn about financial management

There are many Internet communities and seminars on financial management. Joining an internet community will help keep you motivated while giving you access to lots of tips on saving, financial products, investing, taxes, and even using cash loans for well-deserved rewards or investment purposes. Meeting like-minded people in real life through seminars provides additional motivation.

3. Get tax advice

See how you can make legal deductions from your tax obligations. The Tax Office offers free brochures and information seminars on tax compliance, so be sure to make use of these.

4. Eat at home

Limit yourself to one or two take-out or restaurant meals a week. Home-cooked food is often more nutritious, and you can use leftovers to make a healthy lunch.

5. Buy clothes

Something as simple and easy as adjusting your shopping clothes can help you exponentially increase your savings balance and pay off your loans faster.
Buy online: Buying online is often much cheaper than in stores, even after shipping costs are factored in.
Buy generic products: Generic brands or house brands are often just as good as the brand name product for a fraction of the price.
Buy in bulk – Buying in bulk and freezing is another great way to maximize your savings.
· Use coupons and special offers: There are many sites that offer daily shopping and special coupons. Check your spam and you may find great savings.

6. Transportation

Transportation is a major expense, but with simple changes, you can get fitter and save big. Carpool whenever you can to split gas costs, and bike everywhere when possible.

7. Bundle your telecommunications

Major telecommunications companies offer simple package plans. Use them to get cheaper internet, mobile phone and home phone services. You can also use Google Talk or VoIP phone services like Skype to make free or cheap local and international calls.

8. Smart bank

Daily bank fees can be a thing of the past. Some of the big banks have introduced completely free accounts with unlimited withdrawals and great savings accounts with high interest rates. Shop around and see which one fits your needs and commit to making a biweekly or monthly savings deposit.

9. Rent and borrow

Rent and borrow DVDs, books, and music from the library or from friends whenever you can.

10. Cut back on the little things.

• Daily Coffee: A daily $4 coffee on weekdays costs you $1040 a year. Making a healthy cup of green tea costs about 10 cents.
• Energy and Water: Shorter showers and turning off appliances and lights can save you hundreds of dollars a year.