Whether you’re just starting to save for your first home, or if you’ve been following a savings plan for a while, here are 6 tips can help you fast-track your way onto the property market!
✔ Establish a budget – Establishing a budget provides you with a plan and an overview of the reality of your financial situation.
✔ Set a savings target – You need a clear goal to work towards. Identify the type of house you can afford and work towards saving approximately 20% or more as your deposit.
✔ Make your savings work for you – Look around for a term deposit savings account that you can lock away a portion of your savings as you go.
✔ Top up with any bonuses – Any unexpected income such as your tax refund, work-related bonuses or any cash gifts add these to your savings pool.
✔ Automate your savings – Set automatic and periodic payments to your savings account to establish a routine and help to resist the temptation to dip into your savings pool.
✔ Reduce your existing debt – If you have any existing debts, consider accelerating these repayments to reduce the amount of interest you pay.
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