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When it comes to buying a home, it is fair to say that many women get very excited at the prospect of owning a house. However, the key to being able to make the dream into a reality is putting a savings plan in place. This is where a little bit of perseverance is likely to get you a long way.
Taking a closer look at your incomings and outgoings can help you to create a budget to save for a house.
For some people, figuring out their monetary situation is simple but for those of you who may need a helping hand, consider enlisting the services of a financial planner.
Saving strategies
At times it can be difficult to resist those urges to spend a little bit of money and it can become even more of a challenge when you know you are not meant to be spending.
Shopping list
One great way to ensure you don’t overspend when you are trying to save is to put a shopping list together.
This can help you focus on the items which you need and may help to limit the number of impulse purchases that you make.
It will also mean that you will not wander up and down the aisles and are less likely to pick up products on impulse.
The same can be done when you are going clothes shopping. Instead of simply wandering through the shops – instead think about what you may actually need to buy.
This is no easy task because let’s face it, half the fun of clothes or shoe shopping is buying spontaneously.
Borrow rather than buy
Another money saver could be swapping clothes with your girlfriends, this way you get thrill of a new item of clothing to wear without having to spend a cent.
Alternatively, you could consider selling some of your clothes that you no longer wear and putting the money into a high interest savings account.
The value of a savings account
Ideally this account should be difficult to access – most banks offer a savings account which can only be accessed via internet banking. This limits the temptation of using those funds while you are out shopping.
Opening a high-interest online savings account can help as well because once the money is in there you will have to manually move it and because it is harder to do this, the chances are that the money may stay put longer.
You may also wish to consider arranging for a percentage of your salary to go straight into the account every week, fortnight or month.
Eventually, you will get used to the money being less and will adjust the amount you spend accordingly.
Budget
One way of reaching your homeowner status sooner is to set an achievable budget which allows you to save more money.
Other ways to cut back on your living expenses may include finding a cheaper gym membership or cancelling it in favour of going for a run or a bike ride, which costs less and can achieve similar results.
Some other options include switching the mobile phone plan you are on to cut costs. The savings that you make may be able to be put directly into your savings account.
At the end of the day, there are many ways that you could save money and the best option will be whichever strategy suits your personal financial situation, lifestyle and personality.
About the Author
ipac is one of Australia’s largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.
Photo credit: © Andy Dean – Fotolia.com