HOW TO: save for a deposit
We are all suckers for something, and spend a lot of money on certain things we “think” we need, but when trying to save money, it’s not at all sensible. Whether it’s the latest trend shoes or bags, or that frothy, aromatic gourmet coffee that’s more expensive than petrol, if sold by the litre, everyone has that inner craving that needs satisfying.
Now, when trying to save money for anything big, such as a 10 or 20 per cent deposit for your first or second home, a disciplined strategy is key.
Have a prepared budget.
It is entirely possible to set aside 10 or 15 per cent of your monthly income.
Implement a budget by listing all expenditures in a running list like a diary. You will then see where your money goes: rent, bills, food, drink, social outings, etc.
See where a small change in lifestyle can set aside a couple hundred dollars a month. Just cutting down on coffee, as mentioned earlier, can save someone $25 a week – there’s $100 a month right there!
Then think about a carton of beer, cigarettes, wine, new clothes, weekends away, eating out, etc. – think how much you can save if you cut back on every one of these things just once a month. Learn to say no, or find cheaper / no cost activates and then watch your savings grow.
Talk to a Coronis Mortgage Broker today. They can help implement a savings strategy for you, let you know of the exact amount you will need to save for a house deposit and find a home loan that’s right for you. The best bit it, it costs you NOTHING! Get your free consultation today.