Money Saving Strategies for Home Buyers

In the past, we've shared with you tips on how to save money if you're buying a house. And we're sharing some more with you here at Rate Detective. We believe that anyone can overcome the seemingly impossible task of putting together money for their home loan. All it takes is a combination of the right focus and approach to get you there. This time, we will share a number of strategies with you so you can start saving money for your mortgage.

Why Follow a Strategy

Unless you're following a strategy, it can be difficult to save up the money that you need. Aside from that, you won't be able to force yourself to be more careful with your expenses. Here are some strategies you can follow:

  1. Monitor your income. Start out by taking into account your monthly income, minus your recurring expenses such as your bills. This will give you a good idea of how much you can actually spend every month. Obviously, any expense more than that becomes debt, so start living within your means.
  2. Commit yourself to save money. Make it a point to begin setting aside money for your home loan. Ten per cent is usually a good starting point for your savings. Put your savings ahead of your luxury expenses such as going out to dinner at fancy restaurants, or getting the latest gadget.
  3. Look for cheaper alternatives. If you're used to buying luxury items, it's probably time for you to find more affordable alternatives. Don't worry though, since cheap doesn't always mean second-rate. Some are actually as good as their more expensive counterparts. Here's an example: considering an iPhone? You don't have to get the latest model, since it often shares a lot of features as the one the came out before it. The older model will be cheaper too. You could then put the money you just saved to pay off your home loan sooner.

If you want to be focused and want to really want to start saving money now, we are sure that you will find the tips we shared with you helpful. It also helps to work with the qualified advisors at Rate Detective. They can provide you with rate comparisons of the country's top lenders based on your personal circumstances, which helps you find a home loan that is truly tailor-fit to your needs.

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Published on November 11-th, 2012 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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