Saving for a home in 2018? Here’s three tips to keep you on track

Get into an exercise regimen, make new friends, read more books – last year, these all topped Twitter's list of the most trending resolutions around the globe. Australians, however, tended to be a bit more financially minded, with resolutions like 'pay off debt', 'focus on a new career', and 'invest in property' leading the way on's survey. 

At Direct Mortgages, many of our clients come to us with their real estate goals – whether that's to get into their very first home or add to an already extensive investment portfolio. Financial responsibility and adequate planning is always a critical part of reaching these aspirations, which is why we think 'saving more' should be everyone's resolution. 

Achieving this can be difficult, however. In fact, by the end of January more than one-third of Australians will have already broken their New Year's resolution says To this end, we've come up with three easy ways to save more in 2018 so you can afford to purchase the perfect property. 

By the end of January, more than one-third of Australians will have already broken their New Year's resolution.

1. Make your savings goal specific and realistic

Simply setting out to 'save more' in 2018 is impractical because it's too vague – there's no way to measure your success and very little to hold you accountable. Instead, make a measurable goal, such planning to save $200 each week. 

Before January rolls around, take some time to evaluate your income, your expenses and what you can reasonably afford to put away each week. According to, two in five people who fail to keep their New Year's resolutions admit that they set their goals too high. To avoid this pitfall, make sure you're reasonable. 

2. Make saving automatic

Even the most controlled budgeters can be swayed by temptation – the urge to buy that new dress, go on holiday, splurge on dinner out. Avoid this by stashing your savings away before you ever have access to it.

We recommend setting up an automatic transfer into a savings account every payday. If you get a raise, ask your employer to automatically put this new chunk of income into a savings account. You'll still have access to all the money you're used to and not even notice you're building your savings. 

3. Track your progress regularly also found that tracking progress was critical to resolution success. Especially during the first few months when goals tend to fall apart, make sure you regularly check statements see how much money you're accruing.

Be honest with yourself as well – are you failing to meet your goal week after week? Take a look at why: have you simply set it too high? Or are you spending frivolously? 

Don't be afraid of your bank statement - use it to guide your savings goals. Don't be afraid of your bank statement – use it to guide your savings goals.

If you do the work all year, you'll be that much closer to buying Melbourne real estate by the end of 2018. The perfect home starts with the perfect home finance, so be sure to get an experienced mortgage broker on board early. At Direct Mortgages, our dedicated team is here to offer advice and help you plan your finances around purchasing property. To find out more, reach out today

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