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Signs you should start saving

Worried you should have already started saving? Here are some signs that it’s time to knuckle
down and get working on that home deposit.

Did you know that 10.2 per cent of Australians between 6
and 13 years old have more than $1000 saved? Now, of
course this is probably with a little bit of help from their parents.
But the Roy Morgan research from last year that revealed
this might come as a wake up call to many of you.
Saving to make a home loan work for you so you can buy
a house can take a while, but taking the plunge and committing
to saving can be difficult.
With this in mind, here are some signs you might already
be able to start putting funds together for a great home.

You can eat your dinner in a fancy restaurant
It’s important to treat yourself to a nice dinner every now
and then. But if you find yourself eating out in nice places
several nights a week, you might be in a place where you
can make some serious savings!
For example, let’s say you cut out one $30 dinner or
brunch per week, and made food from home instead. Alternatively,
you made your own lunch instead of buying it
during the working week. Over the course of a year you
can save well in excess of $1,000 – and think about the
culinary whiz you’ll be by the end of that time too!

You have a local bar
If there’s a bar you always head to on Friday or Saturday
for a couple of drinks with friends, maybe give yourself one
night every few weeks where you opt out, and do something
cheaper or free instead. This can save you a great
deal of money in the same way cutting out some restaurant
trips will.
Try and find a reason not to go out every evening, and
you’ll start seeing benefits to your savings in no time!

Written by

Stephen Bonfield, the Managing Director, previously worked for one of Australia’s major home loan companies as an independent mortgage broker. Steve used this experience to set up his own mortgage broking company - a company that places customer needs at the forefront.

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