Top budgeting tips

When you first look at buying a property, there are lots of things you need to start organising. First and foremost is your budget.

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Saving for your first home

This selection of information relates to saving for your first home and ways you can get into the property market sooner.

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Save money for your deposit faster

It can be really hard to save money, even if it is for something as amazing as your first home. It’s hard to deprive yourself of the things you like doing, cutting back on nights out with friends and just generally living the frugal life. Here are our top five tips to save your deposit faster.

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What is rentvesting?

Rentvesting is a strategy some first home buyers are utilising to get into the property market. Property prices around Australia keep increasing, which is great if you own property, but not so great when you’re trying to get into the market. Some savvy first home buyers are utilising a different strategy to buy their first homes without having to sacrifice their lifestyles.

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The art of mindful spending

Making changes in your life, like reducing your expenses and reigning in your spending or mindful spending, can be very difficult. Even more so if you haven’t stopped to think about your motivation for buying things in the first place or if you don’t feel there’s any reason to change your behaviour.

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Buy now, pay later and your loan

Afterpay it. Buy now, Pay later. Shop Now, Pay Later. Interest Free. Unlike traditional layby where you complete all of your instalment payments prior to collecting the item, providers such as Afterpay let you walk out of the shop with the item in your hot little hands – often up to the value of $1,000. You’re then required to pay your instalments over the coming weeks instead.

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Get yourself a side hustle

Want to get out of debt, build an emergency fund or save for a home deposit more quickly? Perhaps you need a side hustle! That is, a way (or multiple ways) to make some extra cash without quitting your day job.

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Ways to boost your borrowing power

When it comes to working out how much you can borrow, there are actually a lot of factors at play. If you have spoken to a broker or looked at an online calculator to see what you can borrow and have found it’s less than you thought, there are some things you can do.

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First Home Buyer Concessions and Incentives

Being a First Home Buyer is a big deal. It’s not only a huge financial commitment but can be made seriously confusing by all of the jargon and different incentives that are involved. In this article, we break down what’s available to you as Victorian First Home Buyer in terms of concessions, incentives and grants.

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Ready to invest?

See how Andrew was able to buy his first investment property using his top tips and strategies:

  • Using goal setting
  • Obtaining expert advice
  • Reducing outgoings and boosting savings
  • You can have it all, just not at the same time
  • Following a strict budget
  • Educating yourself

Debt reduction strategies

Once you’ve purchased a property, there are lots of different ways you can manage this moving forward. Particularly if you have other debt you need to balance too.

Avoiding your own Personal Financial Crisis (part 2)

In the last article, I started to paint the picture on how best to prepare for a home loan as we looked into living expenses and savings. This week, the fun continues as I’ll explain some of the other pitfalls that can lead to a PFC, and of course, how to avoid them.