QUESTIONS YOU MAY BE TOO EMBARRASSED Saving While Renting Can Be a Reality

If you are currently renting, chances are you have a dream to someday own your own home.

There are many ways to save for this every single day in simple and surprising ways. From small steps like skipping that cheeky expensive coffee to cutting costs on utilities with the right plan you can get to a point where you can purchase faster than you thought.

Take a Step Back

It’s never too late to learn practical money-smart skills that you can use every day to make better financial decisions. Dedicate a full afternoon to sitting down with your laptop and create a spreadsheet where you can see your monthly income and expenses in black and white.

This will mean scrutinising your bank statements for what seems like minor ways you may be wasting money. After all, it all adds up! If you have a partner you are planning to purchase with eventually then they need to be a part of this very important review. With a bit of smart sacrifice you can speed up your ability to save.

See What’s Free!

Buying a home in a fast-paced competitive market like Auckland can be a daunting proposition especially for people climbing onto the property ladder for the first time. Everchanging regulations, market fluctuations and new developments can make your head spin as you search for a place to call home.

Luckily many local lending institutions have stepped up to help customers maneuver real estate transactions with ease by offering free financial literacy educational opportunities that give buyers the ins and outs of buying and selling. This is an exciting trend for both the general public and real estate professionals as knowledge is power when purchasing. A simple Google search or a call to your bank can also lead you to a wealth of resources to learn more about how to save money for that eventual deposit.

Keep KiwiSaver in Mind

If you are just starting your career, you may not have gotten to a financial point yet where you could become a part of KiwiSaver.

Start today! If you’re currently employed, you can choose to contribute 3%, 6% or 8% of your before-tax salary. If you are eligible, your employer also contributes to your KiwiSaver. You can eventually take most of your savings out to use towards the purchase of your new home. Also look into HomeStart grants which can be worth up to $10,000.

Our market reports have endless amounts of information about market trends and ways you can save when purchasing. Check them out today!

First Things First

If you are carrying credit card debt then pay this down first before you start saving. This is especially true if your interest rates are in the double-digits.

You will be earning more for yourself by getting rid of this monthly payment and interest than you would putting that money into a savings account.

If you are Earning More for Heaven’s Sake Save it!

If you are lucky enough to score a raise - flick

Read more about why you should list with Barfoot & Thompson at barfoot.co.nz

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