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8 Tricks To Save For A Home Loan

THINGS THAT WILL TRICK YOU INTO SAVING WHAT GOOD SAVERS DO: WHY PEOPLE DON'T SAVE: LIVE AT HOME/ 1tt WITH PARENTS 命 RENT $ TE LIVE WITHIN MEANS DON'T BUDGET no discipline or no skills in managing finances. How non-savers HAVE CAREER GOALS HIGH COST OF LIVING actually think: People consider savings O I : as a cut to spending and NO CHILDREN people focus on losses far more than gains. CHILDREN 2 People will put off saving like they would defer any other activity they dislike. DIRECT DEBIT 3 People tend to favour immediate payoffs over later gains. EDUCATION on a regular basis into a savings account. IMPULSE BUYING ON LUXURY ITEMS Did you know? DON'T SPLURGE on luxury items. 78% successful savers know how much money they need. (new car, TVs, jewellery,holiday). 75% have a clear savings plan. HAVE A CLEAR BUDGET 73% review their progress regularly. 72% bave a well-defined time frame for saving. MULTIPLE E UNSECURED DEBTS 43% tell their family and friends* NO DEBT O 10% 20% 30 40% 50% 60 70 80% *All data attributable to: MoneySmart online 'Money Goals' poll July 2014, Australian Securities and Investments Commission HOW TO TRICK YOURSELF INTO SAVING 1. HAVE AN END GOAL: A goal without a plan is just a wish and will get you nowhere. Having not only a savings goal but also other short, medium, and long term goals such as successfully completing study, career progression, and even getting another job will put you in a position to save. FACT: WHAT ARE AUSTRALIANS SAVING FOR? 48% are saving for a home 47% 13% are saving for a holiday saving for a car 10% saving for education 2. HAVE A TIME FRAME IN MIND: Procrastination is why you're reading this in the first place so give yourself a timeframe and stick to it. 3. HAVE A PLAN TO REACH THAT GOAL: • Work out how much you can realistically save and still fulfil your other debt obligations while continuing to feed yourself. • Work out how often you will be making a savings contribution but make sure it's consistent. FACT: don't have a clear plan. 65% of Australians are confident about achieving their savings goals. 43% 4. TELL YOUR FRIENDS AND FAMILY: Sounds weird but those who publicly commit to their goals are more likely to achieve them. FACT: Men vs Women: 39% 36% Most women (39%) describe their savings pattern as slow and steady. Most men (36%) say their savings pattern is fast and determined. 5. DON'T THINK ABOUT IT, AUTOMATE IT! Avoid that feeling of loss and set up a savings account with a portion of your pay automatically deducted each payday. Saving money in a term deposit will help you reach your goal in a clearly defined time frame. 6. SAVE MORE IN BABY STEPS: Start off your weekly or fortnightly savings small and, after each pay day, increase your automatic deduction until you reach your regular savings goal. A little goes a long way. FACT: HOW DO AUSTRALIANS SAVE? 16% Saving easily 41% Saving a little 43% Not saving at all 7. ALWAYS HAVE THE OPTION TO OPT OUT: The freedom of choice needs to be maintained in order to trick your brain into getting on board with these tips. 8. REVIEW YOUR PROGRESS: If your gradual savings plan isn't getting you to your goal fast enough, consider: • Cutting out unnecessary spending including those pesky impulse buys. • Cutting out any financial commitments where possible, including credit cards and subscriptions. • Shopping around for cheaper deals on services you're signed up for including mobile phone and internet. • Increasing your regular savings enough for you to meet your goals within the set time frame. DID YOU KNOW THAT A MORTGAGE IS LIKE "FORCED SAVINGS"? Even though you have a mortgage, the value of your property will continue to rise as you make your repayments, leaving you in a strong financial position in the long term. MORTGAGE DEBT EQUITY Time e.g (20 years) HomeLoan 1300 889 743 experts %24 EQUITY

8 Tricks To Save For A Home Loan

shared by homeloanexperts on Feb 16
Are you struggling to save up to buy a home? Don't worry, most Australians aren't saving at all so you're not alone! Here are 8 ways to trick your brain into putting money aside for a deposit.


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