‘Financial fasting’: Simple ways to slash spending and speed up saving for a home deposit

If you want to save up for a home it is probably harder than you think but not impossible. One of the most difficult things for first time home buyers is to save up enough for the down payment. It can take years in some parts of the world to save up for even an entry level home. There are several things you can do to fine tune your spending to help you save up. You can start by setting a budget and dialing back expenses that are unnecessary.

Try These…

  • Share subscriptions for any monthly service like Netflix, Stan, Apple Music or Spotify.
  • Minimise transport costs by share riding, cycling, walking and public transport.
  • Split living expenses if you don’t mind living with other people for a year or two.
  • Live more frugally for brief periods and may find you don’t need to spend as much to enjoy yourself.
  • Debit, not credit. Don’t caught in the high interest trap if you’re not able to pay credit back on-time every time.
  • Skip an upgrade and keep your current smartphone, gadget or car for an extra year or two. It’ll still work fine!

Key Points:

  • If you want a better understanding of what you’re spending, just look at what you spend in 14 days.
  • There are several things you can do to cut spending, even if you just do it briefly you can give your savings a boost.
  • Eventually you can make savings part of your lifestyle, just monitor it once a week and it will make it a more realistic thing to stick to.

“The time it takes to save a deposit varies based on the property location and buyers’ financial position, but in Australia’s most expensive cities it can take more than six years for a couple to save enough money to put towards an entry level home.”

Read more: https://www.domain.com.au/money-markets/easy-ways-to-cut-spending-and-save-for-a-home-deposit-896125/

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