"How to save for your first home" article

Discussion in 'Investment Strategy' started by Jacque, 12th Apr, 2016.

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  1. Gockie

    Gockie Life is good ☺️ Premium Member

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    Welcome to the forum @Miss Schultz. Lots of people to learn from here. You can also message people and pick their brains. Make sure you try to come along to the meetups as well. If you are in Sydney, @skater organises the one that's on for next month at Wenty Leagues and I try to organise one every other month at North Ryde.

    Cheers and welcome again. :)
     
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  2. Sackie

    Sackie Well-Known Member

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    Books, forum, networking.

    Don't need to wait for anymore resources to be put out. Everything you need is already accessible.
     
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  3. Fielding

    Fielding Well-Known Member

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    Thanks Miss Schultz, I think I would need to put a fair few pictures in to fill up the pages lol.

    It's never too late to start and you're definitely in the right place to learn, property chat is a great place with lots of knowledgeable people.
     
  4. Ted Varrick

    Ted Varrick Well-Known Member

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    After reading this, it seems my eyes are bleeding. Can someone pass me a tissue?

    Mum, needs to say "No", not compromise her retirement.
     
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  5. Bran

    Bran Well-Known Member

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    I had this conversation with my 5 year old in the car tonight after we were coming back from him helping to hang curtains in my IP.

    Maybe too soon.

    Victor (Hugo), is that you? ;)

    I struggled to get through that block, but sounds like you are making some good choices. Sorry for your loss.
     
  6. Fielding

    Fielding Well-Known Member

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    Victor (Hugo), is that you? ;)

    I struggled to get through that block, but sounds like you are making some good choices. Sorry for your loss.[/QUOTE]

    Sorry no Victor Hugo here and thank you. Whats the story behide the block?
     
  7. Azazel

    Azazel Well-Known Member

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    Mum will probably help out with a deposit or go guarantor.
    Enabled child will learn nothing.
     
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  8. BKRinvesting

    BKRinvesting Well-Known Member

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    Sure. Bought my first place at 21 (I'm now 26)
    However with the FHBG - it was only $7k out of pocket. Not much of a savings story!
     
  9. Xenia

    Xenia Well-Known Member

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    My children buy silver coins with half of their money. They are allowed to spend the other half.
    It's good practice to put away half of what you earn.

    Hopefully they will keep that habit - if not, at least I did my bit in trying to help them establish good money habits.

    Amongst all the other habits we instill in our kids as parents. Eating habits, socialising them, getting them to form good relationships with people, confidence etc. it never ends.

    I bought my first property at 19 so they are all trying to beat that record. We'll see :)
     
  10. Ted Varrick

    Ted Varrick Well-Known Member

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    Xenia, if this is anything to go by

    Silver is going nuts

    it looks like you made an astute call.
     
  11. House

    House Well-Known Member

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    It'll be back down in no time ;)

    Drew up my budget over the weekend and giving myself $200/wk to spend on whatever. The rest goes towards the IP deposit and should reach the goal in a year. Made a bet with a typical naysayer friend that it was actually possible.

    I've always lived fairly frugally (despite growing up very comfortably) but due to lack of consistent work, havent been able to save much but now things are looking very good. New job and already being trained for my managers role which would mean a 40% income increase:D but will continue living off $200/wk. Maybe $220 if I feel deserving :cool:

    Any of my friends who have complained that they can't afford property it usually means they haven't even tried to save or started budgeting. Few quick calcs and their eyes are wide with interest. "You mean I don't have to spend 110% of my wage to enjoy life?!!"
     
  12. Azazel

    Azazel Well-Known Member

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    But what about their mandatory costs that previous generations didn't have - like internet, phone, foxtel etc...?
     
  13. jins13

    jins13 Well-Known Member

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    Funny that at my place I have no internet, landline or foxtel. Because I am able to access my uni facilities 24/7, I use the internet and computer there (saves me electricity as well).
     
  14. House

    House Well-Known Member

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    Foxtel is far from mandatory but there's plenty of cheaper alternatives ($10/m for Stan). Internet is $60/m and phone plans are about the same but there is cheaper out there. $120/m to have all you need to be connected. Not that much of an impact on anyone earning $60k+

    I'm talking more about the ones that spend $200 in the pub on a Fri night, $500 for yet another pair of designer jeans etc.
     
  15. jins13

    jins13 Well-Known Member

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    Or those Back to the future Nike shoes.
     
  16. Azazel

    Azazel Well-Known Member

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    I've seen some of the young uns whinging about the cost of houses on FB.
    They seriously think they have it harder because of these supposed mandatory costs that they have now.