Saving money for any purpose is never easy – what with food, bills, general living expenses and rent on top of all that, it can be hard to scrape together the money you need for that certain something you've been after. This is doubly so when that certain something happens to be your first home loan, which is a lot more expensive than the average dream. 

To successfully save for your first home loan, you'll have to be careful about cutting down your rental costs to make it a reality. Here are a few ways to do so. 

Find partners in crime

Whether you're a couple or it's just you by your lonesome, being the only ones to pay for bills and rent on a property can be hard on the savings account. You may want to maintain your independent living situation, but saving for a first home buyer loan means you'll have to make some sacrifices.

Living with friends will take financial pressure off you, with costs being spread ​among other tenants. You could even move in with your parents, who are likely to charge you a discounted rent, if not jettison it altogether. 

Where the 'hood at?

If you're paying what seems like an extortionate amount on rent, it may pay to think about the location you've chosen to live in. If it's a particularly affluent area or closer to the city centre, then rental costs tend to be more expensive.

Rather, consider moving to a location that's perhaps less upmarket but still offers what you need in a home – plenty of amenities and convenient public transportation, for example. 

Tame those expenses costs

Bills can be devastating to your ability to save, particularly in winter when you're blasting the heat. However, with a little care and attention, you can get those costs under control. Switch off power at the wall for appliances and technological items when you're not using them – there's no need for them to be using energy while you're asleep. Also, be sure to turn off running water when you spot it, or invest in energy-efficient appliances.

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.