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Saving for First Home Deposit

Published: June 10th, 2014

Saving for First Home Deposit.

There are many ways to save for your first home deposit. We’ve put together some ideas for you to help you get there!

Get Rid of Your Debt:

The first and best thing you can do to save is to get rid of as much of your debt as you can as quickly as possible. The stress on your potential savings from debt is more than you realise. Add up the account fees, transfer fees, not to mention the dreaded interest repayments on your debts…. Debt is the biggest thing holding us back from reaching our dreams and life goals. The quicker you get rid of your debt the better you’ll be.

Change Your Lifestyle:

Cut back on booze, take-away coffee, junk food and expensive snacks. You might lose some weight and save some more $$$.

Take public transport to work and save on fuel and other on-road costs.

Check your iTunes account for any subscription renewals or apps you don’t need. Stop buying music. Don’t go clothes shopping for 3-months, take your lunch to work every day, choose a cheaper brand of soap or toothpaste.

Everyone’s lifestyle is different, but you have to find ways to cut back on things you dont really need. Just $20- $50 per week can save you a lot of money over 18-months to 2-years.

Keep Your Eye on The Money:

Treat your money like you would your lover. Give it lots of attention and focus.

You need to give your savings lots of love and attention to keep your eyes on the goal. Forgetting about where your outward cash flows are going can be a big mistake. Give your money the attention it deserves, or it may go away without warning.

Establish Clear Goals:

Establish an absolute minimum weekly savings amount. You have to tell yourself, “under no circumstances can this level ever fall”.

You have to work out what percent you are going to put away into your savings pool every pay day, and stick to it week-in week-out. Put an exact dollar figure down and don’t ever move from it. To do this, you have to anticipate any shock bills that might come your way. If you happen to be very good with your spending habits, you’ll have extra cash to stow away every month.

Find a Second and Third Source of Income: 

Find a casual job at the local pub or supermarket, something easy and simple for a few hours here or there on weeknights or weekends. Or  sell stuff online! EBay is your friend. Sell your old junk online and put it towards your savings goal.

Open up a high-interest savings account. Most banks provide strong introductory, usually for 6-months. These are much higher than regular accounts. You can also shop around your savings pool as time goes by to new introductory accounts when your current interest rate falls away.

Create Projections:

Take some time to plan ahead and make projections about your future income and how much of this you are going to be able to save.

Using programs like Microsoft Money or other amateur accounting software can help you. There are also many smartphone apps and savings tools provided by financial institutions you can use to put together future savings projections, these are usually based on your current income levels and potential income from other sources over time.

Keep Calm and Hold the Line: 

Put your money away and don’t even touch it! Not even in an emergency. There has to be zero tolerance to touching your savings pool.

You’ve got to be fully committed to your savings goal. Yes, its going to be very tempting to take that money and spend it on something, but you have to remember what you’re trying to achieve and how important it is for your future. It will be tough, maybe tougher than anything you’ve done before, but it will be all worth it in the end.

Good luck!

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