Newspaper article News Mail Bundaberg Qld.

Double the Deposit, Half the Time

Newspaper article News Mail Bundaberg Qld.

Double the Deposit, Half the Time

Article excerpt

Byline: One Agency Bundaberg & Bargara's Will Brelsford

SAVING is never an easy thing to do and saving for a deposit on a home is twice as hard.

However, with the right strategy in place, your savings can grow and grow, cutting the waiting time to your own home in half.

There are two ways to save your deposit faster: Save more or spend less. It's that simple.

Work out your budget

This step shouldn't take too long - a couple of hours at most. Work out your monthly income and expenses. Estimate your regular expenses such as transport, groceries, lunches, childcare and so forth. Don't forget any debts, which you may be carrying including credit cards, car loan or anything else that you have to make a repayment on.

The hardest part is cutting out unnecessary expenses. You don't want to give up everything but even cutting back on say a newspaper (read it on the net), bringing lunch from home three times a week, avoiding the chocolate bar (it's fattening anyway) and reducing your alcohol intake by one drink a night means you will save about $2700 a year. Cut out the coffee break and a packet of cigarettes a day there's another $3500 a year just there.

Manage your debts

Remember, you can't save effectively if you are paying off debts. So cut down on those credit cards, consolidate your debts and do everything you can to become debt free.

Sort out your banking

It's a commonly known, though rarely thought of, fact that most banks charge fees on most of their accounts. The most popular form of saving for first-time buyers just starting out, is to open up an at call deposit account. These are available from most traditional lenders, such as banks, building societies and credit unions.

The advantage of at call accounts is that your money is available whenever you want it. Avoid putting your money away in just any bank account. …

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