Whether your a first home buyer or already own a home and want to upgrade there is a need for $ to make your dreams a reality!
Today we will look at 10 ways to save money for your deposit.
- Prepare a budget. Write down all your weekly, fortnightly or monthly expenses. The money that remains after these expenses is what you can transfer to your home account.
- Set up a separate high interest savings account specifically used for your home deposit funds, consider setting it up so you won’t be able to withdraw from this account
- Set up an automatic transfer from your wage each payday…if you don’t see the funds in your account you won’t be able to spend them!
- Eliminate existing debts such as credit cards where you would be paying high interest House and land packages are a great entry into the housing market at an affordable price for a brand new home
- Record over a month exactly what you spend your money on…coffees, maybe 3 a week is $12 over a year would be $624! Or maybe its takeaway lunch at an avg of $10 for a lunch that could be a huge saving in your pocket by making your own.
- Check how much your paying on insurances, gas/energy providers and see if they can provide a better deal with a simple phone call.
- Draw up a savings goal chart/vision board to track and manage your savings. Make it attractive and enticing to help boost your goals. Stick photos of your dream house and interior ideas you love on it. Its amazing how a vision board can help keep you focused, don’t forget to put it in a central location of your home so you look and update it regularly! Check out www.pinterest.com.au for ideas on making your own vision board
- Smart savvy shopping! It’s no joke groceries are becoming a very expensive part of life, with an average family of 4 spending in excess of $200 per week! Look at ways you can reduce your shopping bill. Buy in bulk when you can, cook from scratch and meal plan. Shop at Aldi and from the weekly specials at woolies and coles
9. If your a first home buyer and building new you might be entitled to a $10k grant how awesome is that!
10. Consider a second job. Party plan like Tupperware or Bodyshop are fun ways to earn extra dollars. Or maybe your a handyman that could do a few jobs for people in your spare time. Remember it all adds up and gets you closer to your goal!
Anything is possible if you want it enough and put your mind to achieving it!