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SMART saving tips for first home buyers

On Jun 26 2013
Tagged as:
  • Residential Property


First time buyers are offered various incentives and packages around the country to buy a ...

First time buyers are offered various incentives and packages around the country to buy a residential property, but that doesn't mean saving for that first home is any easier.

The thing with saving that many people miss the boat on is that every little bit counts.

When you're saving for a home, it's easy to think that a $20 lunch won't make a difference, but when you're buying a few of these every week, the costs really add up.

One of the best ways to save is to make goals, so write yourself a SMART list. They should be Specific, Measurable, Achievable, Realistic and Timebound.

Specificity is important, as a vague idea of what you want to achieve just leaves gaps to get lazy and convince yourself that the lower end of your savings goal is acceptable.

Being able to measure it is clearly important, and is as much about seeing how far you've come as it is to make those numbers add up.

Achievable and realistic are interlinked, as if you set yourself an impossible goal then it will act as a disincentive to even try, so be sure to plan ahead.

Lastly, give yourself a timeframe. It's much easier to pull the belt in for a defined time, rather than indefinitely, as you know it's only a temporary measure that you're taking to reach a certain goal.

Just remember, think SMART.



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