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How to Save for a Deposit, from Tenant to Homeowner

How to Save for a Deposit, from Tenant to Homeowner
April 11, 2019 Sally King

Saving for a deposit has become more challenging with the increasing cost of living expenses and housing prices. Once your rent and all the utilities have been paid, not to mention food shopping bought and cars filled with petrol, there isn’t usually much left over, but there are changes you can make to help you reach your savings goal.

Prepare a budget

Although not exactly exciting, writing a budget is a worthwhile exercise. Set aside a couple of hours, get comfortable and make a plan. One way to really see where your money is going is to record expenditure over a month, and be sure you jot down everything, no matter how big or small.

Cut out unnecessary spending

After a month of tracking your spending, it’s time to decide what you can cut back on, or even totally cut out. Grabbing a coffee from your favourite barista every morning equates to approximately $1170 a year, committing to having a coffee from home just 2 mornings a week will save you $460 a year. Don’t give up everything, you still want to live your life so making multiple smaller changes instead of drastic ones that impact your current lifestyle is the better option.

Compare and save

When food shopping or even making larger purchases, look for who is offering the best price or which store has a sale. Review all subscriptions, memberships and insurances that you pay. Ensuring that all your insurance policies are with one provider is usually cheaper and also regularly check that your mobile phone/internet providers have you on the right plan for your needs, it only takes a quick phone call.

Set up Automatic Transfer

Setting up a recurring automatic transfer is a great tip. Having the amount of money you have decided to save out of each pay automatically crossed into a separate account where it isnt easily accessible means you are less likely to miss, or inadvertently spend it. An online savings account with another institution is a good option this way the money cannot be accessed via a debit card as being an online account only it has to be transferred back to your everyday account. This usually takes 48-72 hours so it makes impulse purchases harder.

Pay off debts

Try to pay off all outstanding debts, such as credit cards and personal loans. Although it may mean your savings grow more slowly, getting rid of these often high interest debts will save you in the long run. It is also beneficial for increasing your borrowing power to have as little outgoings as possible.

Talk to your home builder

Your home consultant is a great source of information with access to many options offering low or no deposit finance. House and land packages are also something to consider. You can be enjoying life sooner in your gorgeous 2 storey townhouse with Urban Mews for as little as $340.61 per week ($330k package) or $350.76 per week ($340k package). Get in touch with the team at Urban Mews to start planning your new home.

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