‘Financial fasting’: 7 simple and easy ways to slash spending and speed up saving for a home deposit

發表時間:2019-11-03 00:00

If you’re finally ready to settle down and purchase your first home, the challenging of saving for a deposit may be standing in your way.

Saving for a home deposit can be tough, and is usually the biggest hurdle faced by first-home buyers.

The time it takes to save a deposit varies based on the property location and buyers’ financial position, but in Australia’s most expensive cities it can take more than six yearsfor a couple to save enough money to put towards an entry level home.

But don’t be disheartened – there are plenty of ways to save faster to bring buying a home just a little bit closer.

Start tracking spending now

“The first step towards saving is knowing how much you’re spending,” explains Emma Edwards, founder of financial lifestyle blog for women The Broke Generation. “Write down everything you spend for 14 days – it will open your eyes to the number of times you’re making unnecessary purchases.”

After 14 days, rank each purchase out of five according to whether it was really needed or truly made you happy. “If a purchase isn’t either entirely necessary or giving you a lot of joy then you need to cut it out,” said Edwards.

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