Monday 16 November, 2020
Is the key to saving for a home deposit as simple as giving up smashed avo for brunch? Well not quite, but spending less and staying on top of your budget does make a difference.
Having a savings plan and strategies in place is a highly effective way of reducing or eliminating unnecessary spending. It can be easy to lose track of how you’re spending your money, especially with cashless payments, credit cards and buy now pay later options. Here are a few of our suggestions when it comes to saving money for the important things in life (whatever they may be)!
Many online banking apps include tools to categorise debits, make budgets and track your spending – take advantage of them.
Alternatively, try the good old fashioned pen and paper – print off your bank statements and categorise your essential and non-essential (discretionary) spending.
Some costs can’t be avoided – but they can be reduced. We’re talking accommodation, food and bills.
If you’re excessively buying clothes, eating out or enjoying expensive hobbies, set a weekly or monthly budget (and stick to it!). It’s not realistic to cut these out completely – we are big believers in a happy balance.
Are you really using that gym membership? Do you need Netflix, Stan, Hayu and Binge? A small saving goes a long way (especially when you add up these costs over a year or more). Remember, every wasted dollar is money you could be spending on your own home.
It’s important to gain the right advice when taking the next step in your life journey. Our experienced brokers get to know your circumstances and offer the right advice for your needs.
When you consider a ‘hike’, what is the first thing that springs to mind? A walk through the bush or a sharp rise? The RBA lifted the official cash rate by 25 points to .35 percent last week – the first rise in 11 years. While we understand that a rate rise is never a good thing, interest rates are still at historic lows and we wonder if the use of the word ‘hike’ is a necessary one!
Self-managed super funds (SMSF) are a different way of saving for retirement. A SMSF gives flexibility and control over where your retirement funds are invested, including the opportunity to invest in residential and commercial property.
If you missed the 2022-23 budget announcements this week, you may have missed the incentives announced for home buyers. While most are not new, the government have increased the number of spaces available for eligible home buyers through their Home Guarantee Scheme.
We are often asked if you need pre-approval before looking for your dream home. Pre-approval is not essential but it is one way to ensure you don't miss out!