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  1. #1
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    Default Buying a house, how did you save $$

    We are about to get our first mortgage, not too big (200k) we were Approved for 400k but decided against it

    How can I cut down on my lovely high living expenses.

    I'm locked in with Telstra its $350 a month- phone, Internet, foxtel, iPad and home phone (I would LOVE to get out of this!!!) but how would I without paying the fees.

    We have phi so I'm cutting it back to a lower level.

    We need to get house insurance, contents.

    We don't pay for our car etc (that's paid for)

    How do I budget for groceries we kind of just buy whatever!

    Thanks

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    We lived on DH wage - as in pretty much everything and saved my whole wage for over a year. We just did not spend what we didn't need, groceries I find hard to budget as I'm really bad at sticking to meal plans etc but if you can do it you will save a bunch. Buying the basics only, fruit, veg, basic toilet paper, rice, pasta, milk and always looking for the cheaper option does make a big difference. Getting used to living on a single wage really helped us, it was hard but you get used to it. We also cut off foxtel, changed to dodo cheap internet and both got pre-paid mobile phones - this saved us heaps, pre paid is awesome! Call Telstra and ask them how you break contract - $350 a month is a lot to spend on those things, that's over $4000 a year!

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    Each fortnight I take out my grocery money from the ATM and leave $0 in my ATM account. I find you think a lot more about spending money when you're handing over cash from your wallet and can physically see that there's $70 left for the next 4 days until payday.

    meal plan and don't buy lunches/coffees out. Don't buy things unnessacerily because you think you might use then later on.

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    At a $200,000 loan your looking at needing about $20,000 which would cover a deposit - look for one with 5% deposits - and other fees. Our house was $180,000 and we had a $10,000 deposit plus first home owners. Our repayment is $1080 a month.

    Figure out what you have coming in and going out and go from there. If you're serious about it it won't take long. Go and see a planner and work out a budget. Call Telstra and fine out what the early exit few is. Our home phone and Internet is $100 a month. I own an iPad and laptop and think paytv is a waste

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    Regarding the groceries, I have started to do a fortnight meal plan. I was getting shocked when I was going to do groceries and I was just buying things (not sticking to a list) and we were paying between $300 - $350 a week for a family of five. Last time I went through my pantry and wrote down what I could use and planned meals and wrote on a list what other things I required to make it through a fortnight. I spent $186 on groceries when I did that, so feeding a family of five for $90 a week is pretty good (I think). Definitely keeping to this idea as saving $200 a week is more money in our pockets :-)

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    Decide how much you can put away each pay cheque rather than spend it.

    So if your income is $3000 a month, say you'll put away $1200 a month no matter what. Take that out and open an savings account (which can be turned into an offset acct once you start paying off the loan).

    Don't touch that account unless it's a matter of life or death!

    Commit to not being OTT with bday or Xmas presents this year.

    Use layby rather than credit cards.

    Buy fruit & veg from the markets rather than from the supermarket.

    All the little things add up I guess!

  8. The Following User Says Thank You to misho For This Useful Post:

    siennasyummymummyxxx  (10-07-2013)

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  11. #10
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    Quote Originally Posted by Mum2b87 View Post
    At a $200,000 loan your looking at needing about $20,000 which would cover a deposit - look for one with 5% deposits - and other fees. Our house was $180,000 and we had a $10,000 deposit plus first home owners. Our repayment is $1080 a month.

    Figure out what you have coming in and going out and go from there. If you're serious about it it won't take long. Go and see a planner and work out a budget. Call Telstra and fine out what the early exit few is. Our home phone and Internet is $100 a month. I own an iPad and laptop and think paytv is a waste
    We have the deposit of 20% how can you find a 5% deposit one? That would benefit us heaps more as we need a car!!!! We get 7,000 first home buyers here for an existing property.

    I will call them today! Thank you


 

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