Save for your first home
Friday October 3, 2008
Unless you're raking in the money, chances are that you'll need to save to get enough money together for a deposit for your first home. But it is possible to save a substantial amount of money in a fairly short amount of time. It may require some sacrifices, but having your own home will be worth it.
If you develop a budget, you'll be able to see where your money is going. From this, you'll be able to identify areas where you can save money that you can put away into your bank account.
If you're saving a set amount each week, here is some quick maths:
- $100 p/w x 52 = $5,200
- $150 p/w x 52 = $7,800
- S200 p/w x 52 = $10,400
- $250 p/w x 52 = $13,000
- $300 p/w x 52 = $15,600
These numbers don't include any interest earned or any extra money you like to add to your bank account. As you can see, the amounts can add up quite quickly. When you're looking for savings accounts, try to find one with high interest rates and low fees.
If you have a partner and both of you are putting money into your bank account, the amount in your savings account could grow very quickly. If you're able to save the money, you'll be in your first home quickly.
Compare bank accounts to find the right savings account for you and start saving for your first home today.
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