Gen Y: the 12 step program to home ownership

Buying your first home can be challenging, exciting and quite daunting. It can be achieved with discpline and determination and here are hints and tips:

Step 1. Open a dedicated interest bearing savings account. 

Step 2. Plan when and where you would like to buy a home or investment property.

Step 3. Move back into the family home to save rent and/or take on a second job if you can.

Step 4. Identify how much you need to save.

Step 5. Work out your expenses.  Write them all down.

Step 6. Break your expenses down into the ‘must haves’ and the ‘nice to haves’.  Eliminate the expenses you can live without.  (That means most of the nice to haves.)

Step 7. Calculate how much you can save each week.

Step 8. Add another 10%!  (Think of it as GST.  You can do it!)

Step 9. Reward yourself.  Set yourself quarterly savings targets.  If you achieve your goals then treat yourself.  The reward needn’t be an expensive pair of shoes or a new golf club. 

Step 10. Review your goals every 3 months.

Step 11.  If you happen to receive a pay rise, a bonus or take on a second job make sure you put the additional monies straight into your savings account.

Step 12.  Start using a debit card instead of a credit card that way you can only spend money you really have.

If you have any other questions I’m only an email away.  Good luck.  You can do it.