Stop throwing your money away and buy a house instead

We usually try to avoid looking into our spending habits (it’s not a pretty picture) BUT if you’re getting serious about purchasing your first home it’s probably time to take stock.

Australia’s median house price is $809,200 and in an ideal world, before getting a mortgage, you would at least have a 10 % deposit ($80,920)

Obtaining this amount of money might appear virtually impossible, but have you considered how a few simple lifestyle changes could make a huge impact on your saving potential?

We’ve come up with a few ideas that could help you save $$$’s that can all go towards that all important house deposit:-

☕️ Kick that coffee habit! – $4 x 365 = $1,460

💪 Cancel the Gym Membership you never use – $150 x 12 = $1,800

🥪 Take your lunch to work – $15 x 5 = $60 x 52 = $3,900

🍕 Stop ordering Deliveroo – $30 x 3 = $90 x 52 = $4,680

🚲 Walk/Cycle to work – $60 x 52 = $3,120

🍻 Skip those after work beers – $10 x 4 = $40 x 52 = $2,080

TOTAL SAVINGS – $17,040 yearly (savings are estimated based on average Sydney prices)

Average full-time earnings in Australia is $82,436 yearly (x 2 for a couple = $164,872)

Average living expenses for a couple $4,118 monthly ($49,416 yearly)

Therefore average disposable income = $115,456 yearly ($9,621 monthly)

To achieve a saving goal of $80,920 over a 5-year period (with an interest rate of 2.5%) you would only need to deposit $1,264.90 monthly ($15,178.80 yearly) into a savings account so this should be more than achievable for a couple on an average wage with average living expenses.

Follow this link to use our ‘Savings Goal Calculator – How Much To Deposit’ to find out how much you need to put away each month to reach your savings goal.

Follow this link to contact us to discuss your options based on your financial situation OR email us at [email protected] OR call us on 0430 227 328

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