From $0 To Your First Home - Tips to save your first deposit.

Saving for your first home deposit can feel like a huge mountain to climb. It’s so easy to compare yourself to others around you, wondering how they managed to buy a house at a young age, or how everyone’s in Europe and you’re still sloggin’ around with nada in your bank account. Trust me, I know –The feeling is grim.

But you know what they say – Comparison is the thief of joy, and it’s about time that you realised that everyone is on their own trajectory. Stop looking to the sidelines and start looking ahead!

Anyway, enough of the peptalk – here are some practical tips to get you going and start you on your home saving journey.

1.     Goals

I can’t lie. The last 26 years I’ve been strollin’ around aimlessly, accruing a couple of unfinished degrees, chopping and changing jobs and living in different cities. It’s gotten me in the rough direction of where I need to be, so I’m certainly not mad, BUT - It’s only been in the last 12 or so months that I’ve realised the true importance of goal setting. They do say your frontal lobe doesn’t develop until 25, turns out they’re right.

Without clear goals, how do I know if I’m achieving the things I want to achieve? If I’m becoming the person I want to become, or working towards the career I want to have?

It’s the same for your financials, If you don’t have clear direction or a ‘goal’ – How are you going to work towards it?

So, first things first, set a target (Start at around 5% of how much you’re looking to spend), and start mapping out how much you’ll need to save per payslip to get you there.

2.     Budget

Be realistic and take a good look at your income and expenses. Create a budget that balances your needs and your wants – If you’re an impulsive or emotional spender *cough cough*, make sure you allocate some $for the fun stuff too, otherwise you’ll blow through the money you’re meant to be putting aside. Remember though – it’s all about making the small sacrifices now for a big reward later, so working on improving your spending habits is a must.

3.     Make more money!

HAHAH, Just kidding. I mean not really, obviously that would help – But I’m not going to tell you to get a new job or complete surveys to buy a house. You might be very happy where you are? Instead you can maybe..

4.     Save where you can, and stay motivated

It’s so tempting to splurge when you get a bonus at work or a fat tax return! But stop mentally spending before you get it. If a reality check is what you need, try to be self-aware enough to lock that money into a savings account ASAP before you spend it.

Remember to keep your goal in sight and celebrate the milestones along the way!

5.     Sus government schemes

There’s so many schemes and grants out there designed to get you into your first home. Keep in mind that these are generally different state by state, but looking into the grants relevant to you will help you figure out a game plan for where you need to be and how you’re going to get there.

Honestly, before I started working for a Mortgage Broker I had no clue that they offer a free service (In most cases!). I kind of thought they were in the same ballpark as an accountant or a financial planner which have never been on my radar.

I know what you’re going to say, Aliiiice, you’re getting oldeeer, it’s time to take life more seriouuslyyyyy. Yadda yadda – Let’s deal with sorting your mortgage first shall we?

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First things first, chat to a broker and get your plan of attack in place. We have some pretty good ones!

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