Saving for a house? Here’s how to stay on track during Christmas.
It’s that time of year again, where both time and money fly out the window.
Saving for a deposit would be a breeze if our lives only consisted of work and home, right? But we have birthdays, Christmas, holidays, celebrations and unexpected situations that pop up through out the year that can derail the best-laid savings plan.
So, how can you maintain your savings goals during festive seasons? Here are our top recommendations:
Communicate with family and friends
Explain your situation and set a budget that everyone will stick to. Consider making this year a hand-made, home-grown or buy-nothing year. You might find that they’ll appreciate the gesture!
Suggest Secret Santa with your friends and/or family rather than buying everyone gifts, get crafty with DIY gifts or baked goods. You can even upcycle or rent outfits for events or take advantage of free events rather than eating out.
Shop sales (in-store and online)
Hot tip: redeem your rewards points or sign up to your favourite brand’s mailing list to catch flash sales.
Budget for the festive season
Leading up to Christmas or a significant event, cut down on other areas of your regular spending and allocate that money towards the additional costs of the festivities, food, alcohol, gifts, events.
Achieve New Year’s goal of becoming a homeowner
Buying a house is one of the significant investments of your life, and you want every cent of your hard-earned cash to count! Here are our tips for saving for your dream home:
- Make a budget and stick to it.
- Find a savings account with the best possible interest rates. Make regular deposits and resist the temptation to withdraw funds.
- Consider options for cheaper rent and bills, like moving in with your parents or co-sharing with flat mates.
- Deal with any debt and pay it off as soon as possible. Reduce or get rid of store or credit cards.
- Eat at home more. Limiting dining out and take-away is an effective way to save significant dollars every week. Make and take your own lunch to work.
- Become a professional bargain hunter. If you can wait for 20% off sales, free postage options, 2 for 1 deals, you’ll save more and be ready to buy your home sooner. Save smarter, not harder.
- Save a windfall. Any lump sum payments, like a tax return or bonus at work, will boost your savings exponentially.
- Review your current finances to find better deals on utilities, phone plans, cheaper petrol, insurance, bills. Redirect those savings toward your house deposit.
If you’re looking for a little extra help, we recommend researching all the government assistance schemes that are available to you. There are multiple nationwide and state-based initiatives, especially for first home buyers, that can make homeownership more achievable in the current market.
Who can I talk to for advice?
Employing a conveyancer will give you a central point of contact to help you manage the legal and administrative aspects of your homeownership journey.
You can talk to a conveyancer at any time during the process of buying or planning to buy a house. From saving for a deposit to making an offer on your dream home, a conveyancer will provide tangible value every step of the way.
To ensure a smooth and stress-free homeownership experience, talk to the team at Impero Conveyancing. Call us on 4910 0522 to start the conversation today!