SAVING TIPS
At Assured, we make things simple. We know that buying your first home is one of the biggest financial decisions you will make in your lifetime. Saving towards your dream home will take time and commitment. Here are some tips to help you save towards your first home.
Know what you’re saving for
Knowing exactly what you’re saving your money towards and what you need to save will help motivate you as it will give you a clear direction and a goal for you to achieve. Speak to an Assured consultant to understand exactly how much you need to save for your deposit and to cover the additional costs associated with buying your first home.
Budgeting
Understanding exactly how much income is coming in and going out will help you to recognise your spending habits. It will also get a more realistic idea of how much you can put directly into your savings and what habitual spending you could potentially reduce.
Cutting unnecessary expenses
It can be difficult to cut unnecessary expenses, but when you do, your saving habits will become easier. Defining what is an essential expense and what is not will help reduce your spending. Food and beverages are an easy expense to reduce. Cutting back on beverages such as alcohol and soft drinks, and extra snacks that you won’t eat that week. Limit the amount you eat out will also help you put more money towards savings.
First Home Buyer’s Grant
As a first home buyer, you may be eligible for the First Home Owners Grant Scheme (FHOG). South Australian first home buyers entering into a contract to build a new home may qualify for $15,000 grant from the government. The amount varies between different states, so it is best to speak to one of our friendly consultants at Assured or visit firsthome.gov.au
Consolidate debts
Any debts that you are able to reduce will help build your savings each week. Make a list of all debts and order them from smallest to largest. Ensure you’re making regular repayments by the due date. Use any extra money you have to pay off your smallest debts. As you make your way through the list, reducing the smallest debts first, you will free-up more money to go towards your savings.
Speak to an expert
Seeking expert advice will help keep things easy and stress free. They may be able to suggest more options of saving money by overseeing your finances. At Assured, we provide personal and professional advice to help you get into your first home.
Lending criteria, terms and conditions apply. Information is offered as an example only. This content is not be taken as legal, financial or real estate advice.
AWARDS:
