We all know saving for your first home these days takes a substantial amount of money and for people on most incomes, a fair bit of time building up enough for a deposit.
It can be hard to keep up the saving over such a long time and ME Bank’s Patrick Nolan has put up four great tips to Property Observer on how to beat first home buyer fatigue.
Keeping a consistent pace
If you throw every single spare cent you’ve got into you’re savings without leaving some aside for the enjoyable things in life it’s a recipe for burning out and getting deeply frustrated with your saving.
If you can put a little aside to head out into town every now and gain and maybe take a holiday or two to take that time to enjoy things, you’re much less likely to feel resentment at your savings regime.
Get the figures right and work out how much you need to put into your home deposit savings to reach your goal and use the rest to enjoy life a little and stay sane, keeping a consistent, regular savings pace.
You can stay motivated for your saving if you’re feeling the fatigue by picturing the day you can look at your new home safe in the knowledge that you own it.
Property is a great long-term investment and visualising the end game and personal wealth growth can see you through the savings hurdle.
Make your own call
Don’t just try to keep up with the Jones’ and be pressured into buying into an expensive area. There’s so often so many bargains in suburbs a little further from the city centre.
These homes might not be your dream home but it’s your first home you’re saving for, not your dream home and making your own decision on buying in an area that’s more affordable can lighten the load on your savings burden.
Maximise your savings power
You can try to boost your deposit by getting the best possible return your money earns.
Make sure your savings account has the best possible interest rate by shopping around and explore different options and offers to earn bonus rates by using the same bank for all of your accounts.
If you’re not getting the best possible deal on your saved money it’s money wasted and your long journey to get that deposit together will only take longer.