воскресенье, 6 ноября 2016 г.

8 Tricks To Save For A Home Loan

8 Tricks To Save For A Home Loan


8 Tricks To Save For A Home Loan


Let’s face it, having a regular savings plan was a lot easier when you were younger: you might have been earning a lot less but you didn’t have to keep up with things like rent and bills.


You’re probably earning a higher wage now but with property prices continuing to rise in most capital cities, saving up enough to buy your own home is laughable. Well, at least that’s what your mind is telling you.


Cheat code: Even if you have little to no savings right now there a number of no deposit options available so speak to one of our expert mortgage brokers today to find out how we can help you.


Have an end goal


A goal without a plan is just a wish and will get you nowhere.


Having not only a savings goal but also other short, medium, and long term goals such as successfully completing study, career progression, and even getting another job will put you in a position to save.


Have a time frame in mind


Procrastination is why you’re reading this in the first place so give yourself a time frame and stick to it. Around 72% of good savers do it so it must be important.


Have a plan to reach that goal


Take comfort in the fact that you’re not alone in your savings struggles. In fact, 43% of Australians don’t have a clear savings plan, MoneySmart found.


Buck the trend by:


working out how much you can realistically save and still fulfil your other debt obligations (and continuing to feed yourself).


working out how often you will be making a savings contribution but making sure it’s consistent.


Tell your friends and family


43% of great savers actually tell their family and friends about their savings plans. Sounds weird but those who publicly commit to their goals are more likely to achieve them.


Don’t think about it, automate it!


Avoid that feeling of loss and set up a savings account with a portion of your pay automatically deducted each payday.


Saving money in a term deposit will help you reach your goal in a clearly defined time frame.


Save more in baby steps


Start off your weekly or fortnightly savings small and, after each pay day, increase your automatic deduction until you reach your regular savings goal. A little goes a long way.


Always have the option to opt out


The freedom of choice needs to be maintained in order to trick your brain into getting on board with these tips.


Review your progress


If your gradual savings plan isn’t getting you to your goal fast enough, consider:


Cutting out unnecessary spending including those pesky impulse buys.


Cutting out any financial commitments where possible, including credit cards and subscriptions.


Shopping around for cheaper deals on services you’re signed up for including mobile phone and internet.


Increasing your regular savings enough for you to meet your goals within the set time frame


Original article and pictures take https://www.homeloanexperts.com.au/blog/infographics/8-tricks-save-home-loan/ site

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