The best is yet to come. Famously sung by the OG of all OG chart toppers Frank Sinatra in his 1964 classic song of the same name – we recon 2022 is your year to kick those budgeting goals, and pop aside a generous bunch o’ savings toward your first home.
And hey, we’re here to tell you something you’ll lovveee – you don’t need to give up anything and everything to own a home.
If smashed Avo’s and cheeky morning coffees are your thing, that’s cool – you can budget in other ways. After all, nothing beats a barista made coffee (Except when it’s burnt. Refund, pu-leeese! Or you get charged an extra $1 for Almond Milk. Ick). When it comes to homeownership, we believe no one should have to sacrifice all of life’s perks to make it happen! If adulting isn’t something you’re familiar with, we get it. We know how to spell adulting, we know what it is, but how to do it? Good question. When it comes to adulting by buying your first home, there’s a few things you need to know.
Saving for a house is all about budgeting. Don’t fear the word – it’s something that brings more rewards than downfalls. But if we do it, the perks are oh-so real.
We’ve got some nifty tricks up our sleeve to help you along the way.
FHOC Tip 1: Make saving money a sinch!
Buying lunch is always a good choice for a rumbling stomach, but that daily spend can hurt our wallets (the dangers of Paypass eh?). If you’re spending $10 a day on lunch, that’s roughly $50 a week, which translates into approximately $2600 a year. Gross. Let’s undo that, or try to bring lunch three days a week, and buy twice, shall we? Also – Buying one coffee instead of two a day, or making your own can literally save you hundreds of dollars a year.
FHOC Tip 2: DELETE your debts
Let’s clear the slate and get rid of those icky debts (especially if they’re clogging up your ability to save). The worst part about paying off a debt? You’re accruing interest – that’s money that could be going towards your savings. Eliminating (or lessening) any debt will help you reach your savings goals faster, and enhance your repertoire with the banks when they assess your borrowing capacity. Boooyah!
FHOC Tip 3: Be Realistic
Buying your first home in Australia is an epic process, yo (That’s why we do what we do, coz we lerrrve it, just quietly). If only there was a way to buy a house with no money, right?! There’s no getting around this little hurdle, unfortunately. Don’t set unrealistic expectations for your first home (we all want that epic three-storey home in a prime suburb, but hey, one step at a time peeps). Starting off with something a bit smaller is totally fine – remember, this place will be your cosy, comfortable and new crib that you can call your own!
FHOC Tip 4: Ask all the questions
Getting tip-top financial advice and getting all your questions answered is never a bad thing. No one is expecting you to know everything and anything about buying a home, especially when it’s your first time (We’ve all been there). You might be thinking; How much money do I need to save? What kind of home can I afford? What kind of inclusions can I have in my new home? What’s my borrowing capacity? That’s why we recommend getting financial advice from a renowned source, yo.
Well, that’s it – but it’s certainly not EVERYTHING you can do to budget (and do it in a way that doesn’t change your lifestyle too much).
Got more questions or need a bitta’ help? We’ve got your back. Give us a buzz today (or DM us on Insta or PM on Facey).
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