Whether you’re wanting to buy a home or rent one, it can be expensive. Often we can afford the monthly repayments but it is the deposit which cripples us. If this sounds like you then you need to start saving up. The good news is that saving for a home doesn’t need to be as difficult as it sounds.
Setting A Budget
Before you can start saving, you really need to know how much you need. The Mirvac Residential property search facility allows you to search out different properties. Even if you are unable to buy one of these straight away, it gives you a figure to start with. By looking at the type of property you would like to live in, you know roughly how much it is going to cost. Once you know this you have a much better chance of being able to save up what you need.
Once you know how much you need, it is time to start thinking about how much you are going to get there. The chances are that you don’t have the money at hand, so you need to make some changes to get there.
One of the easiest ways to save money is change the way you shop. Most of us are guilty of wasting money, which could be put towards deposits. Try to think more carefully about what you are buying and whether you really need it. Anything that you manage to save should be put in your housing fund.
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Cut Out Bad Habits
If you have any bad habits which are costing you money then try to save these out. The biggest one of these is smoking. If you are a smoker then you are quite literally burning money every single day. By giving this up you could be saving hundreds of dollars a day. Even switching to cheaper alternatives like electronic cigarettes can make a difference.
Get Help From Friends and Family
If you are saving up over a number of months then don’t be afraid to ask friends and family for help. If they are usually likely to buy you presents for special occasions, you could ask them for a house deposit donation instead. Failing that they could buy you vouchers for DIY and home ware stores. At least that way when you do finally get to move into your home, you’ll have some funds to help make the home perfect.
Actually Saving Money
If you are taking steps to save money, then you need to make sure this is put somewhere that can be seen. The last thing you want is save money in one respect and waste it in another. Set up a savings bank account or a jar at home to save coins. That way anything you do save can be put to one side in order to put towards your home deposit.
It is mostly about being sensible and saving money where you can. Thankfully you can cut corners without affecting like too much – which is great because you’re much more likely to stay motivated.