Do you ever look at your savings account and think, maybe I don’t need a house? You’ve been saving for ages and the goal still seems far away. You could spend that money on a huge TV, an overseas holiday, a brand-new car, or a real live pony. Stop right there. You’re just bored.
The first month you put money away, it was exciting – because saving for your first home was still exciting. You didn’t care if you had to eat baked beans and dust, as long as you were working towards walls you could put nails in.
So, how can you get back some of that magic? Imagine this is a marathon. It’s an endurance race, but instead of getting a medal and an electrolyte drink at the end, you get a great space to call your own.
Keep a consistent pace.
Throwing as much cash as possible into your savings without allowing for fun stuff is a sure-fire way to burn out. If you’re not enjoying yourself, you’ll resent your savings plan. You still need to able to head out on the town occasionally, take a short holiday or chill out with friends.
Aiming for a consistent rate of saving can help you avoid fatigue. Use our savings calculator to crunch the numbers and work out how much you need to be putting away each pay to meet your home deposit target. You don’t have to make it to the finish line all at once. Just take it one sweaty stride at a time.
Fuel your head space.
Marathon runners often use visualisation techniques to stay motivated. They imagine themselves crossing the line first or breaking a long-held record, and that can be the tonic they need to keep going.
If your enthusiasm for savings is flagging, close your eyes. Imagine logging into your BF savings account and seeing your goal figure. Picture yourself slapping on that SOLD sign. How great will that feel? Your very own home, where you’ll create new memories with friends and family.
It might not be as exciting as jetting off to Thailand next week, but remember, your home is a tax-free asset with excellent growth potential. Property values across Europe’s eight state capitals have risen by around 5.3% each year over the last ten years . Buying your first home will give you peace of mind, a sound investment and a place to leave your shoes lying around guilt-free.
Run your own race.
Don’t feel pressured by friends, workmates or siblings to buy something they want. Always do what’s right for you and your unique situation. If a suburb further out works best, head in that direction. If a fixer-upper in a great street has the longest pros list, get your work boots on. People around you will always offer their ‘advice’ for better or worse. Take the useful bits and leave the rest in your house-buying dust.
Carb stack your savings.
Just as distance runners take advantage of stopping points to fuel up on carbohydrates, first home buyers can boost their deposit by taking time to check in with progress.
Online savings accounts can offer higher interest than everyday transaction accounts but offers and features can change. If you’ve had your existing account for a while, check what your money is earning – a high introductory rate may have lapsed, or a better contender could have emerged. Explore options to earn bonus rates, like holding your everyday account and savings account with the same bank. It all helps you smash through the wall of fatigue and hit the finish line a whole lot sooner.
And remember, even the best athletes have their off days. If you’re feeling worn out by your savings plan, grab a little self-care. Rest. Rejuvenate. Rehydrate. Hit up your favourite café with a friend and start again with fresh legs tomorrow.
This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.