10 tips to save money faster
Struggling to save for a home deposit? We’ve got 10 tips to help you get into your new home sooner.
Choose a budget and stick to it
Sounds simple enough, but we all get caught up in impulse purchases which chew into our savings. Setting a budget will keep you focused on your savings path.
SEPARATE YOUR NEEDS AND WANTS
Paying your car insurance is necessary, but do you really need the brand new Apple iPhone Xs? Identifying your non-essential items can allow you to purchase them at a later date that is more suitable for you.
SET UP AN AUTOMATIC bank TRANSFER
If you can get into the habit of setting aside money each week into a savings account, you can accumulate your money without spending it on everyday items.
REDUCE YOUR DEBT
Pay off your credit cards, personal loans or any outstanding fees if possible. Reducing or eliminating these debts will help you increase the amount of money you can borrow later on.
track your spending
You'll be surprised by how much you’re spending on insignificant items. That $5 daily coffee might not seem much but over a year that can add up to $1,200. Don't forget that most online banks categorise your spending.
look for the best sales
Your groceries might be $80 from the closest supermarket, but the shop 5 minutes down the road could have them for $50. With online shopping becoming more mainstream, being able to compare pricing is getting even easier.
SELL WHAT YOU DON'T NEED
The Marie Kondo craze has become a worldwide phenomenon for good reason. There are plenty of swap-meets around Perth where you can see your second-hand treasures and pocket some cash in the meantime.
ASSESS YOUR RENTAL
If you’re renting, the best way to save is to move back home with parents, but that’s not always a viable option. Moving into a cheaper rental may not tick all your boxes, but as a short-term solution it can help you save money.
STAY LOCAL FOR HOLIDAYS
Australians love to travel, and many first home buyers aren’t wanting to sacrifice their holidays in favour of buying. Instead of going overseas, stay local within WA. We’ve got stunning coastlines, breathtaking forests and rocky gorges that make the rest of the world envious.
LOOK FOR LOW DEPOSIT OPTIONS
That's why you're here! Through Home of My Own Foundation, you don't need to use your savings as your deposit. Plus, our team can chat to you about other grants that are available.
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