1.Budget – Plan to Save
Do you ever get to the end of the month and wonder where all the money from your last paycheck ended up? A simple but effective way to ensure your hard earned cash doesn’t simply disappear is to put together a budget. This will help you determine where all your hard earned money is going, as well as learn how much you could potentially save each month.
If you are new to saving, start with 20% of your paycheck and slowly start to increase the percentage as you adjust. If you’re still living at home with your parents with no overheads, you definitely should be saving more.
2. Don’t lose sight of your end goal
Although tightening the reins on your spending can be difficult at first, being smart with your money is an effective strategy for saving up for your first home. Start by eliminating or subsidising the luxuries in your life. You don’t have to make too many sacrifices, but do you really need to go out for dinner for the 5th time this week? You could be in your own apartment sooner if you just stick to 2 restaurant dinners.
Ask yourself if you really need that expensive cable television subscription or your weekly manicure? By switching to an alternative like Netflix and moving your manicures to fortnightly can save you some much needed $$ that can put you one step closer to owning your own home.
3. Get Creative with your money saving
Yes, saving for your home deposit can seem long and tiring, but there are plenty of ways to help speed this up. Opening a high interest savings account is just one of the ways to help you reach your goal quicker. The more money you put in your account, the more the bank will reward you. You don’t need to sacrifice your life to save for your deposit, you just need to be smart, keep an eye out for special deals that can help you live an exciting life, but still save for your first home deposit.
If you or someone you know is looking to buy an apartment, get in touch with our team today to view our current listings.