New year – new savings plan
Welcome to the new year! If you’re like us you’ve already prepared your New Year’s resolutions, have your yearly goals laid out and are ready to hit the ground running. Is saving to get a home of your own one of your resolutions? Building your savings is no easy feat, but there’s plenty of small steps you can take to achieve your goal.
BUDGET!
The first step to take in any savings goal is to create a budget! The beginning of the year is the perfect time to look back on 2020 and reflect on your spending patterns. Can you replace your daily coffee with one from home? How many times a month do you have an online shopping order? Looking back can be unnerving but very revealing in your spending patterns.
Creating a budget is a simple process. You start with your expenses such as bills, rent, groceries, petrol, gym membership, parking etc – the weekly/monthly expenses that you know are coming. Don’t forget to add in those additional expenses such as eating out, shopping or ‘treat yourself’ moments. From here you’re able to see how much you’re spending compared to your weekly/monthly income.
Once you’ve itemised your spending it’s time to get tough! Choose a weekly savings amount and stick to it. Be careful you don’t set the savings amount too high, you don’t want to be disheartened by not reaching an unrealistic goal.
After a few months of budgeting, take the time to look back and reflect. Does it need to be adjusted? Can you save more? Or do you need to reprioritise your expenses? A budget isn’t set in stone, it needs to work with and for you.
TIME TO BE BRUTAL
It takes work to reach your savings goal and requires you to be brutal! It will mean prioritising your spending and saying no to things you don’t need. Maybe it’s only eating out once a fortnight rather than weekly. A great way to reduce spending without giving up your social life is to find budget-friendly activities. The best part of starting your budget in the new year is Summer allows you to enjoy life without the price tag. Check out Urban List to be inspired by no/low-cost activities and enjoy life while you save.
Now is also the time to cut out any expenses that you don’t need. Maybe you have a subscription that you never cancelled or are paying for a gym membership you no longer use. Prioritise your additional expenses and start cutting! Being disciplined in your spending allows you to reach your goal faster.
TALK TO THE EXPERTS
Having a savings goal is fantastic but it’s important to be working towards the right goal.
Getting into your own home is often less than you think! With various methods available of getting a loan such as Keystart, your deposit can be as less as 2%! Here’s where we come in. We can get you on the right track on knowing how much you need to save and what type of home you can get for your budget.
For those needing some extra help, don’t worry. We are partnered with Resolve Finance to provide our clients with financial support and resources to help get them started on their building journey. From budgeting programs such as My Home Plan to giving you the tools to monitor spending and create budgets, they can support you throughout this process.
Make 2021 the year you get your finances in order and start on the journey to owning your own home. Get in touch to find out more info.
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