5 tips on saving to build your dream home
Building your dream home is one of the biggest and most exciting decisions you will make in your life. If you are in the process of saving for a deposit on your dream home, we’ve gathered a few tips to help get you there faster…
1. How can you minimise what you spend money on daily?
Can you make do with a regular coffee instead of the tall coffee you buy every morning? Maybe you can swap out a store brought coffee for an instant or pod coffee on some days of the week.
Instead of buying your lunch out every day, bring lunch from home. Cooking extra for dinner and taking the leftovers for lunch is a tasty way to cut back on your weekly spend.
Write down or use a phone app to work out what you are spending money on every day so that you can see where unnecessary money is spent and start taking steps to save that money. The changes you make might seem small, but they will make a huge difference in the long run. For example, cutting out your daily store brought coffee (based on an average Australian price of $3.54 per day) and opting for instant coffee (cost of around $66 per year) will save you around $1,220 per year.
2. Opt for cheaper products at your weekly grocery shop.
Do you really need that expensive brand of milk and bread from the grocery store? Or the organic laundry powder and chocolate that you brought from the trendy grocery store in town?
You will be amazed by how much money you can save simply by shopping at lower cost grocery stores, such as Aldi, or choosing home brand products. And guess what, often they taste just as good!
Also, writing and taking a list to the grocery store is a great way to stop you from buying things that you don’t need.
3. Give DIY a try.
So you have spotted a beautiful vase, piece of furniture, planting pot or throw pillow that you just love. Before buying it on impulse, go home and think about whether you really need it. If it’s still on your mind in a couple of days and you know that you can’t live without it, then reward yourself.
If not, why not try doing it yourself.
There are plenty of places for ideas on do it yourself (DIY) projects. From magazines to blogs, have a look around for inspiration to get your creative flair flowing.
Ellen, from our Accounts Department, was inspired by the blog, Lilyfield Life, to give her home a fresh look with beautiful furnishings. She searched online and at op shops for some cheaper furniture and gave them a fresh, modern and beautiful look with a coat of chalk paint. The result is stunning.
4. Save on electricity and water.
Choose energy efficient appliances to save on running costs.
Always switch off your lights, heater and air conditioner in rooms that you are not currently using as well as your TV and computer if they aren’t being used.
Turn on the washing machine and dishwasher only when they are full and wash your clothes on cold.
5. Cancel unused subscriptions and memberships.
That gym membership you signed up to in January last year is a definite money sapper. If you’re paying for a gym membership and never go, it’s probably time to cancel.
The same goes for any other memberships or subscriptions, such as to magazines or even paid TV. If you aren’t using them, they are just taking away funds that will get you closer to your dream home.
Bonus tip: A great tip is to download a free money saving app, such as the Australian Securities and Investments Commissions TrackMyGOALS and TrackMySPEND apps, to help keep on top of your spending.
If you prefer, you can also use a spreadsheet or simple notebook to help manage your income and expenditure. We have a Budget Planner tool on our website that can help you start monitoring your money.
Construction Home loan specialists, MyChoice Home Loans, also offer a number of special offers to McDonald Jones Homes customers so that you can secure your dream home at a dream rate.
