Mortgage Broker Narromine, Trangie and Dubbo | Home Loan Blogs

First Home Owner's... how to save your deposit

Hints and tips

When saving for a house there are loads of things you can do to help save for your goal... here is some tips to help

* Limit your streaming solutions to maximum one at a time, you can swap but only when you cancel the current one. 

* Memberships like gym etc, if you are not at least going twice a week it is dead money, instead do casual visits and if after a month you are still going 8-10 times then you can go back to monthly. 

* Take away beverages, instead invest in a good take-away coffee/tea mug and take it with you to work or appointments. Five coffees and your investment has been returned. 

*At the end of every week round down your bank balance and tranfer the remainder to the nearest 100. So after budgeting if you are left with $212, transfer the $12 to savings. Doing this every Sunday will add additional savings and you will feel a sense of accomplishment. 

* Recyle - collect your bottle or bottles from friends and family. Let them know you are saving bottles to save for a house and case them in once a fortnight and transfer funds direct to your home loan savings account

* Ride share or walk if you can. If you work within 5 kms of your workplace you can walk to and from work. This not only saves fuel, less kms on your car but it can also save you a gym membership. 

* Instead of giving birthday presents, make them. If you buy 12 $50 presents that is  $600 per year. 

If you have any other hints and tips send them to me and I can add to the blog.