Mum knows best

Are you starting out or trying to save money to buy your first home or investment property? With Mother’s Day this Sunday, mortgage broker Mortgage Choice offers some of mum’s tried and tested tips for saving.

Saving a deposit for a property often poses a significant challenge for potential buyers, who are typically juggling the goal with the cost of living and maintaining an enjoyable lifestyle.

However, establishing good savings habits can be as simple as taking a back to the basics approach.

“Try asking your mum for some pointers, as she was probably in your exact same position once upon a time, and might have a few good ideas for you to take on board”, suggests Mortgage Choice spokesperson Belinda Williamson.

“It might sound simple, but the golden rule of saving is to spend less than you earn”, she added.

“By putting together a comprehensive savings plan, and sticking to it, you will be sure to do just this and ultimately will achieve your savings goal.”

Taking a few tips from mum, Mortgage Choice offers the following ideas to help increase your savings and be closer to owning your first home or investment property.

Eat home cooked meals – Rather than buying your lunch each weekday, why not prepare your own meals by making a weekly trip to the supermarket. A savings tip is to write a shopping list (like your mum probably does) and always make sure you go to the supermarket with a full tummy – if you are hungry to begin with, you may buy more food than you need.

Waste not, want not – Eliminate some of the little luxuries that you can do without. Try cutting back on takeaway coffees, fashionable items that have a short life-span, pay-television, internet or data usage etc. You could even change your social plans and invite friends and family to get-togethers at your place rather than going out where you will be tempted to spend more money.

Do it yourself – Instead of regularly paying somebody else to clean your clothes, wash your car, style your hair etc., try taking time out to do these things yourself and save money in the process. After all, every cent counts in your savings plan!

Become a loyalty shopper – Follow in your mum’s footsteps and sign up to be a loyalty member at your regular shopping spots. Whether this means you will get a few dollars off per ticket on a trip to the cinema, receive sale prices at your favourite clothing stores, or earn a supermarket discount voucher for collecting points.