Budgeting tips for first home buyers

Buying a home is the biggest financial commitment most people will ever make and a big part of getting it right is saving for that all-important deposit.

Once you’re in the savings mindset and working towards your deposit there are a few simple tips that may help you reach your goal.

  1. Get started by budgeting small

Don’t focus too much on the final total, which can seem overwhelming. Start small by getting your budget in order.

  1. Plan & plan again

Plan around pay day: A good idea can be to plan your savings in accordance with the length of your pay period. Small goals quickly add up.

Short term goals: Starting with a short term, perhaps monthly, goal means you can adjust your budget quickly as cash flow and expenses change over time.

  1. Be realistic

Make sure your budget is honest. List your income and all expenses, including food, car and entertainment and use a budgeting calculator to keep on top of your spending.

  1. Make saving work for you

Everyone has their own way of saving. Find out what works for you.

Some suggestions could be:

  • cut back on the massages or treatments or use special offer coupons;
  • opt for movie nights at home instead of going out to the movies;
  • move overseas travel plans closer to home or look for last minute specials;
  • take your lunch to work;
  • try quitting that daily double coffee;
  • entertain at home rather than hitting the town;
  • consider a ride share to work or even cycle if you can.

All these small changes can have a positive impact on your savings.

 

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