5 Tips to help you save for your first home deposit faster!

Working hard to save for a deposit on your first home? Here’s a few tips to help you save a little faster and get you into your first home sooner!

Tip 1 – Do a budget! If you’re serious about saving, make sure you do a detailed budget – don’t be shy – you need to be honest about how many lattes you buy a week! Review your bank statements and include everything you spend every single dollar on. Make up a list of essential spending and then optional spending – anything that is optional is fair game to be culled! Don’t however make life too tough as its unlikely you’ll stick at it for too long! Check out sorted.org for some great budgeting tools!

Tip 2 – Get a bonus savings account – having a bonus savings account encourages you to save more!

Tip 3 – Find out which bank is paying the best interest rates – Check out which banks offer bonus saving accounts

Tip 4 – Set up an automatic payment which is not linked to your eft-pos card – that way you won’t be tempted to dip into your savings.

Tip 5 – Write down your first home savings goal – stick it on the fridge to remind yourself of why you’re going without some of life’s luxuries – it will help keep you on track!

Look out for more savings tips coming soon to you from The First Home Buyers Club – ‘we’re with you every step of the way’