Changes to spending 'can benefit borrowers and savers'

Wealth management firm Yellow Brick Road has noted that simple changes to spending habits can deliver a wide range of benefits for savers and borrowers alike.

It underlined the fact that cutting back on a takeaway coffee each day could save up to $45,000 over the life of a mortgage, the Australian Associated Press reports.

Eating out a little less could create an additional $72,000, while staying in and watching DVDs can save an estimated $38,000.

This may simply be a question of financial discipline, as figures recently released by the Australian Bureau of Statistics found that many individuals are living beyond their means.

"One of the brightest guys in history is Albert Einstein, and he said the most powerful force in the world is compounding," commented executive chairman of Yellow Brick Road Mark Bouris.

"The process works exactly the same way in terms of saving," the expert continued, adding that it is scarier, as debt looms over the person who fails.

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