Believe it or not, most of my initial phone calls are about budgeting because getting the first property is the hardest task of them all. Hereâs some tipsâŚ
1) đ Put a weekly / fortnightly or monthly transfer of a set amount into a high interest âhouseâ savings account via scheduled automated transfer - donât make the number too high so you have to dip in. âSave before you spendâ
2) âď¸ Seperate your âeveryday spendingâ and your âbillsâ accounts - using the method above schedule a set figure which is budgeted. This keeps you accountable for overspending
3) đ¤ Learn to say âNOâ⌠or learn to say âCan we go here instead, Iâm on a strict saving plan for a house depositâ - Thereâs always something on, always a birthday, always a dinner invite. Setting an expectation with friends and family is keyâŚ
4)đ Allign with your partner. âThis is our goal đŻ we both want our future to look like XXX can we please have a serious discussion around how we achieve this togetherâ - if youâre not alligned then one of you will drag down the other, come to a common ground⌠youâll know what this looks like because it will be slightly painful for both of you đ
5)đď¸ Accelerate paying off âbad debtâ - personal loans, car loans and credit cards should be paid out and closed off at the earliest if itâs hindering your ability to save. Depending on your discipline, sometimes itâs worth ticking off the smallest debt first to give you some positive feedback early on⌠â
6) đď¸đ Find a property you desire⌠call someone like myself to show you in black and white what the target funds are to buy that property đ so you know what youâre looking at for a target level saving đŻ
7) đď¸âď¸ Figure out your strategy. Are we buying an owner occupier, are we buying an investment property, are we getting a project⌠whatâs the location etc. etc. speak to professionals first, youâre not wasting our time. Youâre figuring out your future. Having this knowledge đ§ empowers you in the saving game đ°
8) đď¸đ¤ Go through your spending đââď¸ yes this sucks, yes itâs eye opening - sure if youâre already frugal then saving an extra $100-$200 a month wont get you far and that $5 coffee in the morning is what keeps you sane during the process. But if youâre buying lunch 7 days a week, Amazon orders are a daily occurrence and youâre getting cabs everywhere instead of the bus đ then thereâs a chances youâve got an extra $500-$1,000 in hidden expenses you could put towards your deposit đ
9) đď¸đ Deploy Patience! This is a long tedious task⌠BUT. Patience and discipline is key to any success⌠like a seed that needs to grow you have to nurture it and itâs not going to happen overnight. But Rome wasnât built in a day đ° if the goal is 1 year, 3 years or 5 years. Thats ok⌠the market isnât waiting. So begin.
10) đď¸đď¸ Enjoy it! Have a monthly review of it and mark off the milestones â
Book a discovery call đ - https://linktr.ee/rossthemortgagebroker
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