Making Change: 21 And Just Bought a House

21 And Just Bought a House
Making Change for Healthy Finances

I love saving money. Money is essential to living so why not enjoy it and make the most of those cash dollar bills?

I just bought my first house at the age of 21, bought my car outright two years ago and have been overseas four times and America just recently. I have always been a penny pincher and love writing budgets and opening up new savings accounts. While most people my age don’t think twice about finances and think it’s for “grown ups” to worry about, I have taken my finances head on and now get to enjoy the benefits of being money smart.

Even though I only earn a minimum salary I’ve learned to adapt to getting paid fortnightly and how to handle bills and all that fun stuff. I believe it is essential to be wise with finances now so that when financial hardships do happen in the future, you’re well equipped to handle it.

The quickest way is to write down every thing that you buy within your pay period. It’s a bit excessive and OCD but then you actually become aware where you are spending all your cash and realise you might not need six triple shot, almond milk lattes every week. I’ve had to learn that I can’t walk into makeup stores and buy expensive makeup palettes or cute costumes for my dogs, but rather learn self-control and pop that money into a savings account instead. It’s not a matter of being stingy, but rather it’s having a “savings” mindset.

A lot of people get shy talking about finances but I think the more you talk about it, the easier it is to think about your money. I have dived head first in to this whole mortgage thing and, while it’s intimidating to part with my life savings and have a huge loan, it is exciting to have a home and what I’ve worked hard towards! I encourage you to follow these handy tips that have helped me develop financial security and now a #mortgagelife.

• Set a monthly savings target
• Have 3-4 bank accounts
• Have no money on your eftpos card, transfer overtime you need to spend
• Pay all bills when pay comes in, transfer leftover between two savings accounts
• Have a high interest rate on two savings accounts
• Go into bank every 3 months & ask them to increase your interest rate
• Limit eating out, try to cook more at home
• Work out where majority of your money goes = budget better
• Only buy what’s necessary, not what you want
• Treat yourself to shopping only a few times a year, no big shopping sprees

You’ll have your house deposit saved in no time!


 

by Tess Cripps