Can't wait to get into your first home?
Of course, the quicker you save enough for a deposit the less time you'll have to wait. Like any goal, saving money requires some discipline and planning, but it's the little things that end up making a big difference. With that in mind, here are ten simple steps you can take to get into your first home faster.
1. Before you spend it, budget
The first thing you should do is to sit down and work out a budget. Give yourself a savings target based on what you earn minus your expenses and entertainment costs. Ensure there’s an emergency fund as well in case there’s an unexpected car repair or medical bill. Have your regular bills directly debited from your bank account too so you’re not getting nasty surprises when you forget the mobile bill for a month.
2. What you need vs what you want
You went online to buy a new belt and ended up with a belt, three pairs of shoes and a new bag. It’s easy to go overboard when you’re shopping online and something you don’t really need feels like something you can’t do without. Give yourself a couple of simple rules: Don’t go to online stores unless there’s something you really need. And if you see something you want, keep it in the cart for 24 hours. Chances are you won’t feel like you need it when you’ve slept on it.
3. Buy more for less
Don’t buy a small bottle of olive oil, buy a couple of litres. Same with your spices, frozen veggies, dog food, flour and sugar. Where you can, buy your non perishable food items in bulk now and you’ll save more in the long run.
4. Share house now, your house sooner
Some people love living in a rental share house, while others struggle with the lack of privacy. One thing is for certain though - it’s a great way to save money. If sharing the rent and the expenses with someone is an option, the pain of it might actually give you the incentive you need to save.
5. Takeaways really add up
It’s easy to have five takeaways a week then wonder where your money went. Food is often the biggest expense after rent, but you can save a bundle when your dinner comes out of your own kitchen. Why not make a few meals on Sunday and you’ll be set for the whole week?
6. Shop around
Is your car loan the best rate you can get? What about your credit card? Is dog food on special this week? Can you find a voucher or buy something second hand? Whatever it is that you need, getting a great deal can also save you a great deal.
7. Buy a yoga mat and a set of dumbbells
Do you really need that gym membership when all you do is jump on a treadmill a couple of times a week? Why not walk or jog around the block, find an online class or buy some simple exercise equipment? You’ll stay in great shape and so will your bank balance.
8. Is FOMO your phobia?
The new model is out and you have to have it. Well, you think you do. FOMO is a powerful driver but if you wait a couple of months, chances are you’ll get that new thing for less. And do you really need three cameras on your mobile phone? Ok, maybe you do.
9. You can spend a lot on lattes
A couple of take away coffees a day is $10 which is $50 a week and over $200 a month. It’s the little things that can chip away at your savings, so next time, make a coffee at work or at home and pocket the difference.
10. Hail a bus, not a cab
It’s so easy to get an Uber or a cab when you’re running late or can’t be bothered waiting for a train or bus. Public transport can take longer, but it’s a great time to catch up on reading or a podcast.
Hopefully these ten tips will help you get on the road to home ownership!
Have that home deposit saved and ready to look for your new home?
Our team of Agents are always available for a no-obligation chat to find out what your real estate goals are.