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Renting to save money for your first home

FAQ'S

Renting to save money for your first home? Here are some tips


If you goal is to perhaps buy our first home putting money aside on a regular basis is important.

However, what you don’t want to do is completely give up on living life either, so here are some simple tips that may help you top up the savings.

 

Location

It is super important that you find a place to live that is near where you work and socialise. The reality is that if you live further out it will cost you more in public transport and petrol to simply get to work, meet friends for a night out if the city is where your life is centred.

However if you don’t work in the city then the fringes of Melbourne provide get value for money and there is less competition for housing.

 

Sharing

If you have a two-bedroom place, consider sharing your home, it reduces your monthly rent considerably and also contributes to utility costs. And let’s face it, from time to time it is much better to come home to a flat mate then to be alone.

 

Furniture

These days you don’t need to spend a fortune on furniture, visit sites such as e-bay, gumtree and even Facebook or your local salvation army shop and don’t forget the local markets. And of course there is always parents you could borrow off.

 

Cook at home

I remember being in my 20’s and hardly ever being at home, however the reality is that cooking dinner at home is actually a cheaper option. Take away food, however easy to obtain is going to cost you between 50-70% more than cooking. So perhaps treat yourself once a week rather than several times a week.

 

Energy saving goods

Just be aware of energy ratings when buying white goods, especially if they are second hand. Pay a little more as it will save you on electricity bills in the long run. And don’t forget to turn off points that are not being used regularly, you will be amazed as to how much you will save.