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Saving for your first home can seem like an unconquerable goal, however there are a range of ways to maximise your efforts and get your dream home faster than you might think. No matter what financial situation you’re currently in, here are some top tips on saving money for your first home.

Consolidate Your Debts

A home loan is one of the biggest debts you will ever incur. For this reason, it’s essential that you have complete control over your current level of debt. Before you can start saving money for your first home, you will need to work hard at repaying all of your loans and credit cards in order to build a good credit file and quality savings record.

For many people with several cards and a couple of personal loans, it can be difficult to keep track of exactly what you owe. Speak to the professional consultants at a provider such as Fox Symes to get some more information and assistance on consolidating your debts. This will leave you with one simple monthly repayment and a low rate of interest, allowing you to be debt free and ready to save sooner.

Draw Up a New Budget

Now that your debts are under control, you should sit down and work on a new budget. Create a spread sheet with your income and expenses, and include as much detail as you possibly can. Having columns that divide your money into bills, necessary expenses, travel costs, luxury items and money spent on socialising will give you a clearer idea of where your income is going. From here, you can decide what isn’t essential, and reassign these funds to a specific savings account dedicated to your first home.

Start Your Savings

Once your budget has been sorted, you can start the process of saving for your home. It helps to have your allocated savings transferred automatically from your pay into a high interest account; you’ll be surprised just how fast it starts to add up. Choosing an account which penalises you heavily for any withdrawals will ensure that your savings are staying where they should be!

Ready to Buy

Saving up your deposit is a great achievement, however there’s something else you will need to have before you can start the buying process. When you apply for a loan on your first home, you should have an established ‘safety net’. This is the amount of money you have in the bank in case of emergencies, and it should total 6 months of your monthly fixed expenses. Once you have your deposit and an adequate ‘safety net’ of savings, you’re ready to buy your first home!

For more quality budgeting assistance and information, contact Fox Symes. As one of the biggest providers of debt solutions in Australia, their dedicated and qualified team of professionals can help you to get rid of your existing debt and prepare for the purchase of your first home.

Written by Emma Jane