Gen Z - Purchase Sooner with these Saving Tips!!

Gen Z - Purchase Sooner with these Saving Tips!!

Are you Generation Z? Have you thought building a home is out of reach?

Well, it’s not, seriously! See below for our top 5 saving tips to build a home sooner.

Tip #1: Earn Extra Income on the Side

We all love that little bit extra spending money!

Try to earn extra cash on the side, consider working a side job that that can be done whenever you have time. Check out AIRTASKER/FIVER!  Too easy.

You could become an Uber driver / walk someone’s dog/ clean their car anything for $$$.

Tip #2: Have Part of Your Pay Deducted into Your Savings

Lenders often ask for evidence of genuine savings ($20/week is all you need).  It’s a great idea to have an auto transfer for portion of your pay going straight to a separate savings account.

It shows you can budget/save regularly and commit to paying off a loan.

Tip #3: Make Sure You Use Your Credit Cards Wisely

A credit card can make or break your home loan application. Minimise your limits. Pay if off every month, it shows that you can deliver on your promise to pay – banks love that!

Tip #4: Find the Right Savings Account For You

So many options available and they are all online! Maximise your interest so you make the most of your diligent savings. 

Tip #5: Cut Back/Cancel Subscriptions & Services You Don’t Need

Subscriptions (Netflix, Stan, and/or Spotify) can really add up so temporarily cancelling these can help you to save more.

You might also want to consider ditching/pausing Afterpay, ZipPay, gym memberships, magazine subscriptions, digital subscriptions, apps and more. 

This extra borrowing power will be worth the short-term inconvenience.

AIM FOR CLEAN BANK STATEMENTS WITH ROUTINE SAVINGS – and you are getting a HUGE head start.

Now that you're on your way to saving for a home, here's some important things to consider when building!!

https://buildmenow.com.au/blogs/news/important-things-to-consider-when-building

 

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