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5 Tips for Saving the Deposit for Your First Home

5 Tips for Saving the Deposit for Your First Home

Author: Miguel Gonzalez

Saving is never easy, but with a strategy in place to make your savings grow and grow, you can cut down the time to owning your own home. There’re two ways you can save your deposit faster: save more and spend less. It’s that simple.

Here are some ideas to get you started.
  1. Know how much you need for a deposit. The first step towards saving your deposit is to talk to a mortgage advisor to help you determine what you can afford to borrow and how much you’ll need for a deposit.
  2. Know what your income is and where it’s going. You may know how much money you receive each week, fortnight or month, but can you track exactly what you’re spending it on?
     A budget planner or spending tracker is a great tool to help you understand where you goes.
  3. Open a high interest savings account. Once you know how much money you have at the end of your pay cycle you can allocate some or all of it to a regular savings plan on an account that rewards you for increasing the balance.
  4. Cut some expenses. After you work out where you’re spending your money you can make some decisions as to where you can cut back. This may mean having two cups of coffee per day rather than three, saving you over $1000 in a year with small change.
  5. Tell family and friends about your goal. You can enlist the people around you to help support your goal and encourage the change in habits needed to make your dream a reality. Having support from those close to you will make a huge difference to whether or not you succeed.

Making a plan is the first step towards buying a home. Talk to us to explore your options and kick-start your journey.

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ASCK Pty Ltd (ACN 105 450 566), trading as AMEGA Financial Solutions is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited Australian Financial Services Licensee and Australian Credit Licensee 232 706. General advice warning: This website contains general information only. It does not take into account your objectives, financial situation or needs. Please consider the appropriateness of the information in light of your personal circumstances.

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