That first home feeling
First home buyers have it way tougher than they did 30 years ago. Property prices in Australia have soared in comparison to the median wage, and houses are only getting more expensive. That being said, a home deposit can be easier to save than you think. Explore these 5 simple hacks to help you save for a place of your own and get that first home feeling.
5 ways to get that first home feeling
1. Make your own avo on toast
A squeeze of lemon juice. A crumble of feta. Salt, pepper and chilli flakes to taste. A teaspoon of chopped coriander – or mint, if you hate coriander.
If there’s truth in the stereotype that young people love smashed avocado, it’s because it’s delicious. But there’s a big difference between spending $3.50 at the supermarket and $23.50 at your favourite café. Save on your avo and eat it, too, by having brunch with your partner or friends at home. Remember, 20 bucks a week adds up to over grand a year, and that can go a long way towards having a kitchen that you own.
2. Set yourself goals
Does the thought of putting all your expenses into a spreadsheet make you twitch? Don’t worry, budgeting isn’t as painful as a lot of people think. When you keep your eyes on the prize, it can actually be pretty exciting.
Online banking makes it easy to see exactly how much you spend on what. Write out a list of your priorities, and chip away at the big expenses at the bottom. You’ll barely even notice that they’re gone, except for the growing numbers in your account.
3. Cut back on the darts
If you’re a smoker, you’re in luck – you have a gold mine right in front of you. If you’ve been thinking about quitting but haven’t taken the plunge, check out your bank statements and add up how much you actually spend on smokes. Odds are it will be way more than you expected. Or have a look at QUIT’s cost calculator to work out how much you can save. If you smoke the national average of thirteen cigarettes a day, it’s $4000 a year! That could be almost half a deposit right there. Quitting is a great way to save up for a home, because you’ll also feel amazing about yourself.
4. Drink at home – but not in a lonely hermit sort of way
Nothing can gouge out your savings more than those $13 pints at the pub. In Melbourne, a glass of wine at a bar can cost more than a bottle of the same wine at the shop. Instead of going out for drinks, catch up with your friends at their place. You’ll be more relaxed anyway, and you’ll save heaps. Before you know it, you’ll be able to entertain in a home you actually own.
5. Chat to a pro
Your financial situation is different from anyone else’s. That means your recipe for success will be unique too. The easiest way to get on track to save is to get personalised advise from a coach you can trust.
Ready for a financial fitness check? Our finance people from Mortgage Domayne can give you the lowdown on where you stand without boring you to tears. No hoops, no stress – just simple steps to help you get your home deposit together. Contact us today and you’ll have that first home feeling in no time.