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