Starting out on your savings journey? This may be daunting for you if you have never really paid attention to how you spend your money.
The first step may be to print off your bank statements for the last 6 months – see where you spend your money. Are there are any reductions you could make? Could you bundle your mobile plans together or apply for a BYO Plan? Can you find a better deal on your internet connection? Do you have smaller Afterpay/Zip Money/Humm Accounts which could be paid and closed?
For some people, having a separate savings account in a separate bank might work. Or you may decide to deposit 10% of your income by direct debit as a regular savings pattern. These are only suggestions and may or may not suit you.
- Split the cost at a restaurant vs shouting friends
- Camping or Glamping vs high end hotels for the weekend
- BYO BBQ at your house vs hosting a party at your expense
- Daytrips low cost vs weekends away
Don’t be scared to tell family and friends you are seriously saving for your home. You will always have the ones who won’t support you – you just need to find your tribe. Over time, don’t be surprised if those who were critical of your decision start to talk to you to see how you succeeded in your home journey.
Savings for your home loan can be made up of the following:
- Genuine Savings
- Sales Proceeds for Cars/Furniture
- Gifted Funds from Family
- Term Deposits rolled out
- Sale of a Property
- Insurance Payouts
- Family Loans Repaid to You
- Windfalls (Poker Machine Payouts/Gold Lotto Payouts)