Record high inflation has gripped the entire world and rising living costs are making it extremely difficult to save for a first home. Fortunately, there are some things you can do to make it easier to put away money for a new house.
Set up recurring deposits – Every time you get a paycheque, immediately transfer a portion to your savings account.
High-interest accounts – Just like you would compare your home loan options, it’s worth comparing different savings accounts and term deposits.
Change your living arrangements – If you’re trying to get a home of your own, it could be worth living in a share house and taking on housemates, or even downsizing your rental to help you get ahead.
Pay down debts – It’s hard to save when you’re paying interest. Get your financials in order and pay down any high-interest debt like credit cards.
