1. Budget planner
A good budget planner can make all the difference, most people think they know what they spend each month, however if they go through their statements for the last few months are often way off the mark on what is actually spent. During the Christmas break set up a budget planner where you list all your income and list ALL living expenses. Check on your budget planner as a weekly habit to ensure you are sticking to it and saving in the areas where you can. A basic excel spreadsheet will do the trick or search for a good budget tracking app that works for you.
2. Chop up your credit card
If you have a credit card, cut it up! A lot of people get themselves into debt through credit cards and they are simply not needed. If the money isn’t in the bank, don’t spend it. Firstly, get rid of the card. Secondly, allow payments to pay off any credit card debit in your above budget planner. Once paid off you can then add items and goals into your budget planner that you wish to obtain and work towards using actual money you already have saved.
3. Choose one habit you can do without
We all have at least one bad habit we could do without. Whether that be a take away coffee each day at five dollars a pop or money spent on alcohol, cigarettes, eating out, gambling, shopping addiction etc. Once you choose the habit you want to ditch or at least reduce, buy a glass jar and place it on the kitchen bench. Every time you go to purchase the item out of habit, remember the new year resolution you made and place the amount you would have spent on that item into the glass gar. It’s quite motivating to watch the jar fill up throughout the year and a great way to physically see the sacrifice you are making towards achieving your goal of buying a home.
4. Declutter and sell the things you no longer need
Decluttering is great for our mindset, it makes you feel calmer, happier and more in control. When packing away all the Christmas decorations for the year it is a great time to also declutter the house and start the new year fresh with less clutter around. Start with one room at a time and place all the items in the middle of the floor that you no longer need and use. Then one by one list them for sale online. It will give you some extra cash for you to put aside for your property purchase this year and make you feel organised for the year ahead at the same time.
5. Set yourself a non-negotiable weekly saving amount
After you have put together your budget planner listed in number one, work out an extra amount that you can afford to put away each week just for your house savings, it can be as big or little as you like. Be realistic and don’t set it too high where it won’t be achievable some weeks as once you set this amount you want to stick to it. You can always add to it, but don’t fall short from the set amount. Opening up a bank account that is separate to your normal account is always a good idea so you are separating these savings or perhaps you can utilise an existing account you do no use much.
If you are looking for a buyer’s agent to assist you with purchasing a home or investment property in the Sydney, Brisbane and Newcastle regions, please get in touch with Lloyd Edge and his team at Aus Property Professionals here or give us a call on 1800 146 837!
