Great Money Saving Tips For Buying Your First Home

Saving up for a home is never easy, no matter how much you earn. It's even more difficult when you are trying to buy your first home, after all, you have no capital (or not much at all), and when you are spending a large portion of your income on rent, it can be a big ordeal to get that "nest-egg" ready for your deposit. That said, one of the best ways to get your savings account growing - rather than shrinking - is to manage your spending budget wisely. It's a bit of a cliché, but every penny saved is indeed a penny earned. Here are some simple - everyday - tips which can help you save a bit more for your first home. You won't amass thousands of dollars overnight, but every dollar saved will eventually build into something which is enough to help you purchase your first home. Do a monthly budget. Sounds much scarier than it actually is. Awareness is the key.

Work out how much you earn each month, deduct your fixed expenses like rent, groceries and electricity and have a firm idea in your mind how much money you have to play with each month. Take your lunch to work. It's an oldie but a goodie. You could save over $100 a month just by bringing in leftovers or making a sandwich from home. Or keep your change in a money box and splurge on Fridays with your gold coins. Be energy efficient. You could save a great deal by getting into the habit of turning off the lights when you're not in the room. Dine by candlelight, dim your lights or switch to energy efficient bulbs to reduce power. The ideas are endless; turn the TV off and read a book, take shorter showers, close the heating ducts in rooms you don't use in winter, get full length curtains to retain heat in winter, dry your clothes on a clothes horse and if you must use your dryer, clean the filter after each use. Take public transport. With the ever increasing cost of petrol, taking the train or the bus is fast becoming the better option, slashing your transport costs in half. If this really isn't an option for you, consider getting riding of the households 2nd car or investing in a scooter. You'll never have to pay for parking again and petrol will cost about 10% that of a car.

Do your homework with your telco

Find a company that will give you free calls to your loved ones, and get them all on the same plan too. Most people make the majority of their calls to only 5 people, so getting everyone together could make a huge difference. Reduce the limit on your Credit Card Have you stopped to consider how much interest you've paid in 12 months on that credit card? Reducing your limit still gives you the freedom to shop online, but means you won't be tempted to buy things you can't afford. You'll probably also find a cheaper interest rate if you sacrifice those points. Or better still, cut it up and switch to a Debit card, where the money comes from your savings account. Shop at discount supermarkets or fresh Markets Many items are less than half the price and you'll be impressed with the quality at these discount supermarkets. You might also find your local major supermarket has an online store. Despite the extra charge you pay for delivery, you'll save heaps by avoiding impulsive check-out purchases, and you have a running total so you know when you're approaching your weekly limit and can easily cut out if you go over. Plus you don't need to worry about the kids guilt-tripping you into extras down the isles. Take your annual holiday at a caravan park You'll probably get the best position on the beach, closest to the shops and restaurants for a fraction of the hotels. If you don't have a caravan, or you're not into tents, most parks have deluxe cabins with their own kitchens and bathrooms at great prices. Take your holidays in February when all the kids are back at school and airfares and hotels are up to half the price.

Find a good Happy Hour bar

There are some great places around town with drink specials, so do your homework and arrange to meet your friends regularly there. Many pubs also have great 2-for-1 deals on classic dinner options so make your regular dining out treat at a place like this. Shopper dockets can be a good place to start looking. If you're into something a little more gourmet, why not arrange a monthly dinner party that rotates among your best friends. Find a classic cookbook and you'll be surprised how cheap it can be to make a traditional roast dinner for a few couples. Quality wine is much more affordable than it used to be, so ask your local Bottle Shop or Liquor Store for a good deal on a local wine. You be surprised what you can find for less than $15. Stay Motivated Cut out a picture of a house or apartment that you've got your hearts set on and stick it on the fridge or on your desk at work. Make sure your goal is realistic and then picture yourself saving the money you need to get there within a desirable timeframe. Ultimately, this is the final key to making it all come together.

Almost everyone who has been successful at saving had a clear vision of what they wanted in their mind. The daily reminder will go a long way to help you stick to your plan and stay focused on the bigger picture. If you can identify your goal supersedes the need for frivolous items like shoes, clothing and cars, then you are half way there!It's commonly assumed that you can save for your first home simply by earning more money - sadly for most of us that simply isn't how it works. By taking care of your spending, you really will be able to make a difference in your savings. And then you can get onto the really hard part, which is actually finding your first home, and buying it!