Buying a first home is often one of the largest financial decisions most Australian’s will make. Needless to say, saving a deposit for such an investment should certainly be of high priority for first homebuyers looking to enter the property market in the near future.
Saving a home loan deposit often poses a significant challenge for potential buyers when juggling it with the cost of living while still trying to maintain an enjoyable lifestyle.When working out your savings plan remember to be realistic about your goals.
In order to make your budget work, it is important to allow for treats every now and again and to reward yourself when you hit key milestones. This will help keep your savings momentum going! There are many different ways that you could boost your savings, and reach that dream of purchasing your own home sooner. Here are a few simple savings tips that you could consider when saving your home loan deposit.
1: Save a percentage of each pay check: Try saving 10% of each pay
2: Eliminate a few little luxuries: Try cutting back on eating or putting your TV subscription on hold temporarily
3: Find a high interest savings account or term deposit: Investing your money into a high interest savings account
4: Pay off your debt: Free up some of your cash by paying down any outstanding debts.
5: Rent a room: If you are currently renting, why not consider asking a friend to move into your spare room to help you pay the rent