There are plenty of little things you can be doing to build your wealth for your first home. From setting some time each week to review and evaluating your finances to ensuring you don’t overspend when you’re buying groceries; these tips will help to make your dream home a reality.
1. Make a weekly “money date”
Commit time each week to update your budget, review your accounts and track your progress. It also pays to use this time to search for better deals for your phone contract, insurance policies and other subscriptions you might have.
2. Eat at home
Choosing to prepare your own meals is often cheaper and healthier than getting take away. It also saves to bring your own beverages to work, though many people aren’t willing to sacrifice good coffee. In this instant try to limit your purchased beverages to one every other day.
3. Take a breather
Whenever you’re about to walk to the counter to pay for an item or your mouse is hovering over “secure checkout” ask yourself “Do I really need this? How does it benefit me?”. Take some time to consider the value of buying something before you go ahead and purchase it. By being more mindful of your spending you will begin to start realising when you are overspending on something you don’t really need.
4. D.I.Y beauty
The best thing about the internet is that it teaches you how to do practically anything. Instead of paying someone to do your hair and makeup for an event, watch a few Youtube tutorials which will explain how to achieve a certain look, step by step. Several online publications also offer D.I.Y beauty tips on how to make your own cheap face masks, body scrubs and lotions. This often equates to hundreds of dollars in savings.
5. Make your own gifts
With Christmas around the corner it’s important not to get carried away with expensive, meaningless gifts. Show your loved ones how much you care with handmade jewellery or food. It will be thoughtful and saves you a whole lot of money!
6. Money won’t solve your problems
Don’t splurge whenever you are feeling down. Being in debt certainly won’t cheer you up. Speak to a friend or go for a run but spending money is only a short term fix that you will regret later.
7. Spend money to save money
It is much more affordable to pay for your car to be checked regularly than have your car randomly break down and be surprised with a huge bill. So while servicing items can be a cost, in the long run it could end up saving you a lot of money. Keeping your high valued items serviced and insured is always a smart investment.
8. Food shop smart
Don’t go food shopping on an empty stomach and don’t buy anything that is not on your shopping list, especially if you are only tempted because it’s on sale. People who don’t follow these tips can often come out of the supermarket with extra items they do not really need.
No Savings are the experts in helping their customers achieve their dream of moving into their first home. Call (08) 9202 9202 now to speak to a member of our team.