14 Oct 2018
Buying your first home can be one of the biggest decisions you will encounter, and understandably there's a lot learn, explore and plan for along the way. Getting your finances into check is one of the most important steps in the journey, and these five steps will give you a good head start.
Know your spending habits
The best way to change your spending habits or develop a plan forward is to understand the current situation. Take a standard month and track every dollar you spend, from the daily coffee and parking fees to credit card and car loan repayments. It's as simple as noting in a diary or on your phone, then at the end of the month categorise your spending into areas such as liabilities, home and grocery and non-essential items. This will give you some instant ideas of saving opportunities.
Set a budget
Once you have the knowledge you can start to put together a budget structured around your real daily activities and commitments. A good idea is to set up a few different bank accounts with funds automatically directed into 'locked' savings accounts, based around when your income hits your account - save the money before you have access to it!
Set your goals
It's always easier to work towards an end goal if you have some milestones to achieve along the way. As these minor goals are met, allow yourself a reward. Obviously not a reward that blows your savings, but maybe celebrate with that takeaway you've been abstaining from or shout a night out to the cinema.
Be prepared for the long run
Saving for a new home takes time. It's not something that can be achieved overnight, so first home buyers need to be prepared to be saving for a lengthy period of time. The sooner to start the sooner you can embark on the building journey. If you are committed to an expensive rental agreement currently, it may be worth exploring options to seek a lower cost option or even move in with family for a fast track savings plan.
You've structured your budget and set your goals, so it's important to keep motivated and focused on what all the hard work is for. Keep up-to-date with news from your chosen community and explore display homes to make sure when the time is right, you have your wish list finetuned.
To find out more about options for first home buyers at Kinbrook, get in contact with the friendly sales team via email on firstname.lastname@example.org, call them on 0408 917 098, or drop in to the Land Sales office.
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