{"id":2520,"date":"2014-11-05T19:27:41","date_gmt":"2014-11-05T11:27:41","guid":{"rendered":"http:\/\/www.mortgagesmoneyandme.com\/?page_id=2520"},"modified":"2023-06-15T23:27:41","modified_gmt":"2023-06-15T23:27:41","slug":"savings","status":"publish","type":"page","link":"https:\/\/mortgagesmoneyandme.com\/resources\/savings\/","title":{"rendered":"Savings"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2520\" class=\"elementor elementor-2520\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2c63fd67 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c63fd67\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-61618fff\" data-id=\"61618fff\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4b00d4c1 elementor-widget elementor-widget-text-editor\" data-id=\"4b00d4c1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>In most cases a deposit of at least 5% of the purchase price of your house is a minimum requirement for a home loan (unless you have a supportive family member who can offer their property as guarantee security for you &#8211; ask us how). You also need to budget around another 5% of the purchase price to cover costs such as Stamp Duty if you are not a First Homebuyer.<\/p><p>If you are currently renting, it would be good practice for you to pay the difference between your current rent and estimated loan repayments into your savings account. This not only will help with your own peace of mind about home loan affordability but also demonstrate to a bank that you have the ability to do so!<\/p><p>Use these calculators in conjunction with the one below to see how much you can save!<\/p><p><a href=\"https:\/\/www.mortgagesmoneyandme.com\/calculators\/how-long-to-save\/\">Savings Goal &#8211; How long to save<\/a><br \/><a href=\"https:\/\/www.mortgagesmoneyandme.com\/calculators\/how-much-to-deposit\/\">Savings Goal &#8211; How much to deposit<\/a><br \/><a href=\"https:\/\/www.mortgagesmoneyandme.com\/calculators\/basic-loan-repayments\/\">Loan repayments<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51071bec elementor-hidden-mobile elementor-widget elementor-widget-html\" data-id=\"51071bec\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe id=\"Saving_Calculator\" class=\"VisiCalcClass\" src=\"\/\/www.visionabacus.net\/Tools\/B3\/SuiteA\/G200\/Saving_Calculator\/MortgagesMoneyAndMe\" frameborder=\"0\" scrolling=\"no\" height=\"500px\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6077d10e elementor-hidden-desktop elementor-hidden-tablet elementor-widget elementor-widget-html\" data-id=\"6077d10e\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<iframe id=\"Saving_Calculator\" class=\"VisiCalcClass\" src=\"\/\/www.visionabacus.net\/Tools\/B3\/SuiteA\/G200\/Saving_Calculator\/MortgagesMoneyAndMe\" frameborder=\"0\" scrolling=\"no\" height=\"1200px\"><\/iframe>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6703ec2 elementor-widget elementor-widget-heading\" data-id=\"6703ec2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Simple savings strategy<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c7f0327 elementor-widget elementor-widget-text-editor\" data-id=\"5c7f0327\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><span style=\"font-size: 18px; letter-spacing: 0px; color: var( --e-global-color-text ); background-color: var( --e-global-color-b500f0a );\">Open three bank accounts. One is for SPENDING, one is for BILLS and one is for SAVINGS.<\/span><\/h3><p><strong>SPENDING<\/strong> \u2013 have your wages paid into this account. Immediately transfer a set amount to your bills account (see below how to calculate this) and transfer half of what is left to your savings account. The rest is yours for groceries, clothing and entertainment.<\/p><p>Set up an automatic transfer if you can. Once you are used to not having the money available you will adjust your spending habits to fit.<\/p><p><strong>BILLS<\/strong> \u2013 this is for your regular monthly expenses such as phone, internet, rent, car loan, insurances, etc. The fixed amounts that are essential and don\u2019t change each month. Look at what you have spent in the last few months and identify these costs. Your bank statements can help you with this.<\/p><p>If you have accounts that you pay annually, then divide the payment by 12 to approximate a monthly cost. Transfer the average monthly cost of these fixed expenses from your spending account to the bills account. Some months you won\u2019t spend all of the allowance, and some months you will spend more\u2026 but it should all average out.<\/p><p>Ask yourself if there is any scope to reduce these costs. For example, you could switch to a different phone plan or cancel a membership if it\u2019s something you are not using. Even a small change can make a difference.<\/p><p><strong>SAVINGS<\/strong> \u2013 try saving half of what is left of your wages after you have transferred the fixed costs to your bills account. If you can\u2019t do half, then do a third. If you can\u2019t do that then do a tenth.<\/p><p>Find out what works for you, but develop a savings habit that\u2019s not negotiable. Sometimes you may have to dip into this account for emergencies, and that\u2019s ok\u2026. But make sure it\u2019s an emergency and not just because it\u2019s there!<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7e62e9 elementor-widget elementor-widget-heading\" data-id=\"c7e62e9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bonus strategy \u2013 Cash<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f38411f elementor-widget elementor-widget-text-editor\" data-id=\"f38411f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Pay yourself a weekly cash allowance and use that for your purchases instead of \u2018tapping\u2019 your card. You will become much more aware of your spending, and won\u2019t spend more than you have budgeted.<\/p><p>When you go out, set yourself a strict limit as to how much you are willing to spend. If you have decided you will spend $30, then don\u2019t let yourself dip back into your account to spend more.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9bd6466 elementor-widget elementor-widget-heading\" data-id=\"9bd6466\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bonus strategy 2 \u2013 Home prepared meals<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-be910a2 elementor-widget elementor-widget-text-editor\" data-id=\"be910a2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Try to cook more at home.<\/p><p>Have some stand-by recipes that use simple pantry items and make sure you always have these on hand for when your spending account is getting low by the end of the week.<\/p><p>Prepare your lunches rather than buying them.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-85138e0 elementor-widget elementor-widget-heading\" data-id=\"85138e0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bonus strategy 3 \u2013 Restaurants and socialising<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cfe21ce elementor-widget elementor-widget-text-editor\" data-id=\"cfe21ce\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>You don\u2019t have to live like a hermit! If you know you are going to a particular restaurant then see if you can find their menu online before you go, and make your meal decision before you are at the table. You will choose within your budget rather than deciding quickly when you are hungry!<\/p>\n<p>See if you can find good restaurants that are reasonably priced and suggest those to your friends when you are going out.<\/p>\n<p>If you are going out for drinks, then stop once you have reached your spending limit.<\/p>\n<p>Find low cost or free alternatives for other activities, such as half price Tuesday at the movies, or suggest a BBQ at the park or beach with your friends.<\/p><p><br><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In most cases a deposit of at least 5% of the purchase price of your house is a minimum requirement for a home loan (unless you have a supportive family member who can offer their property as guarantee security for you &#8211; ask us how). You also need to budget around another 5% of the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":6787,"menu_order":18,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/mortgagesmoneyandme.com\/wp-json\/wp\/v2\/pages\/2520"}],"collection":[{"href":"https:\/\/mortgagesmoneyandme.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mortgagesmoneyandme.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mortgagesmoneyandme.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgagesmoneyandme.com\/wp-json\/wp\/v2\/comments?post=2520"}],"version-history":[{"count":9,"href":"https:\/\/mortgagesmoneyandme.com\/wp-json\/wp\/v2\/pages\/2520\/revisions"}],"predecessor-version":[{"id":8073,"href":"https:\/\/mortgagesmoneyandme.com\/wp-json\/wp\/v2\/pages\/2520\/revisions\/8073"}],"up":[{"embeddable":true,"href":"https:\/\/mortgagesmoneyandme.com\/wp-json\/wp\/v2\/pages\/6787"}],"wp:attachment":[{"href":"https:\/\/mortgagesmoneyandme.com\/wp-json\/wp\/v2\/media?parent=2520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}