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Saving For Your First Home

29/01/2013

 

SAVING FOR YOUR FIRST HOME?

Here are five helpful tips on how to make some ‘Monster Savings’ for those saving deposits for their first home.

TIP 1 – Create a Budget.

Budgets can be very effective in saving for a Mortgage. Make sure you are realistic and take into account little expenses like entertainment and haircuts, as well as the major ones like paying rent. A good idea is to do an annual budget so you take into account those annual payments such as car registration.

TIP 2 – Resist the Shopping Urge.

We are in a consumer age, and when the shopping bug bites it can bite hard at your wallet. If you can take a breather and avoid impulse buys you should be able to make a nice saving. Another idea is to replace shopping with a trip to the beach, or a walk to the park which as we all know can be just as rewarding.

TIP 3 – Entertain at your house.

Eating out can be very expensive. Hitting the town for a meal or two and a few drinks with some friends and you are quickly looking at a hefty bill. Summer is the perfect time to have your friends over for a dinner party or BBQ. You’ll be surprised how much fun you can have, make a substantial saving, and impress your pals.

TIP 4 – Eliminate as much debt as you can.

Debts such as Credit Card payments and Personal Loan payments can quickly become a burden when interest payments build up, therefore reducing the ability to save effectively. By eliminating as much of this debt as possible you could save money on interest payments and get your deposit ready much quicker. If Credit Card payments are starting to build up, switching to a Debit Card may be a good option as you only get to spend the money you have.

TIP 5 – Speak to a Mortgage Broker.

Companies such as Loan Monster have qualified, experienced Mortgage Brokers who can broker you a Home Loan that suits your own personal situation. By comparing the best the banks can offer you will ensure you .

 

* The information contained in this website should not be taken as constituting personal advice. We recommend that you seek professional assistance before acting upon any information provided or linked on this web site.