Saving for a home loan – trim those expenses!
Will 2013 be the year when you make your dream of buying a house come true?
Why not! You still have many months to go to make it happen – but you might need to start your preparations soon if you haven't yet got around to doing so.
One of the main things you need to do is save a deposit for your first home loan.
Unless you've got some serious savings lying around, that could mean you need to start exercising some serious financial discipline. How are your budgeting skills?
They might need a bit of a polish, as a home loan deposit might be the biggest savings target you've ever aimed for.
In order to know what that target should be, it can help to sit down with a mortgage adviser to discuss your home loan needs.
They can help you calculate your borrowing capacity and how much deposit you will need to save for a loan of that amount.
Once you know this, it is time to work out a plan and stick to it like glue!
In many ways, a good budget is like a good diet. By taking certain things off the menu you can make big savings in the financial health department!
So make a firm commitment to go without some of the expenses in life that you can live without.
Just like you would politely decline a second piece of cake if you were watching your figure, you might need to get in the practice of cutting down on your nights out in favour of more frugal entertainment.
Things like going out for dinner, meeting friends at a bar or seeing a movie once a week at the local cinema can really eat into your disposable income.
Instead, find ways to meet friends and hang out that don't take precious dollars away from your savings target.
What's great is that you'll always have the perfect excuse to pass up an expensive evening – "Sorry, I'm watching my figures!"