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Tips for Saving for Your First Home

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Buying a home is a very exciting step. It means you’re ready to settle somewhere and lay roots down. It also means you’re making a pretty solid commitment. Checking out home inspiration like display homes in Perth by Lend Lease will let you decide how big or small you want your new home to be. Going to open houses will allow you to feel if this new home is an ideal fit for you. Or if your income can take on the added expense of having one.

For starters, it can be daunting to find the funds for your deposit, so I thought I’d write up some tips to help you snowball your savings so you can be a homeowner as soon as possible. Small changes to your every day spending can transform your savings and let you get your dream home faster. Read on for some tips for saving for your first home.

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1) Cut the Coffees & Bought Lunches

If you’re anything like me, you’re addicted a latte here and there. At $4-$5 a cup, it can be a very expensive habit (or addiction). There was a point where I was buying two lattes a day during my workday, which comes out at around $40+ dollars a week. Multiply that by the number of weeks in a year and it can be quite scary. Likewise, buying lunch is a great way to prevent yourself from reaching your savings potential. A muffin here and there might seem cheap, but in no time you’ve wasted hundreds of dollars down the toilet, so to speak.

2) Make Clear Goals

There’s a saying if you fail to prepare, you’re preparing to fail and it’s true with savings, too. Make a budget, see what you can realistically afford to save each month and set it as a target. This is especially helpful if you’re a couple and trying to work together to get the deposit. Having clear goals will help you work together to achieve your goals.

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3) Reduce Costs Where You Can

Maybe you can forgo a shopping spree or two. Maybe you can carpool with a coworker to save money on gas. Maybe you can cook in bulk to save money on food. There are lots of options, you just need to get creative. Cutting costs here and there easily adds up to a lot over time, so just start finding what you can spend for less and go for it.

4) Buy Second Hand

Need some new clothes? Why not check out your local second hand shop. A trend in many cities now is fashionable recycled clothing. These fashionable second hand shops often stock mid to high range brands at low cost prices. It’s a great way to recycle clothes, save money and look great – what’s not to love?

Buying your first home is a big and exciting step, get it faster by saving more aggressively with these simple-to-implement tips!

 

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