Highfields' Own - - Real Estate -

Sav­ing for the de­posit on a first home can be ex­cit­ing, but it can also end up be­ing te­dious and drawn out.

You may want to speed up the process in or­der to save money in the long run and get into your new home quicker, says Loan Mar­ket.

This does call for some sac­ri­fices, how­ever dras­tic mea­sures won’t be sus­tain­able.

Be­fore cre­at­ing a bud­get, you’ll need to iden­tify what you are cur­rently spend­ing money on.

You can use an app (such as Spend­ing Tracker) or a sim­ple note­book and pen to record pur­chases and in­come.

This is of­ten an eye-open­ing ac­tiv­ity and will make it easier to de­cide what to cut back on.

Free bud­get plan­ners on­line (Pock­et­book is a great one to use) help users man­age money and keep on top of per­sonal fi­nances.

If it’s un­likely you’ll be con­sid­ered for a raise at work, you’ll need to think about other ways to in­crease in­come.

Do you have items you no longer use that you can sell?

Tal­ents you can utilise, like teach­ing a mu­si­cal in­stru­ment, tu­tor­ing or even dog walk­ing?

Airbnb is a great op­tion if you have a spare room you can rent out in your cur­rent home.

If you don’t use the car much, con­sider a peer-to-peer shar­ing scheme such as Car Next Door to make ex­tra cash by rent­ing out your ve­hi­cle.

Speak­ing of ve­hi­cles, most house­holds have more than one car, but is this vi­tal?

Sell­ing a car will give you more money to put away, as well as sav­ing the costs of reg­is­tra­tion and ser­vic­ing.

If you are plan­ning to buy a home with some­one else, you can mo­ti­vate each other to save.

Com­pare notes and have a friendly com­pe­ti­tion to see who can save more quickly.

While sav­ing for a de­posit can be chal­leng­ing, it doesn’t need to be stress­ful.

The money-sav­ing tips you learn along the way will al­ways come in handy, even when you’re sit­ting com­fort­ably in your new home.


Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.