common you will find on any bucket list. But are the two compatible? Do you have to pick one over the other, or can you find a happy medium where you can be a globetrotter and a homeowner?
The answer is yes! There are a number of steps you can take that means you can tick off two accomplishments, without having to compromise.
Figure out a saving ratio that works
Everyone can save, even if you save just a little bit- every cent helps! The best way to go about saving is to take a look at your incomings and outgoings and figure out a ratio so you can save. For example, 50% of whatever you bring in can go on rent, bills, food, and other essentials. 30% can be for savings, and the other 20% can be for luxuries like eating out and that fancy new handbag.
But of course, you can play around with these ratios to suit your needs. In this case, we can suggest 40% for all essentials, 20% for travel savings, 20% for house savings, and 10% for everything else! This way, no matter what you earn, you are always saving something for the things you want in the future.
Research the housing market in your area
You may have a dream of owning a beautiful new home, but do you know much about the reality of it in your chosen location? Even if purchasing is some years away yet, it doesn’t do any harm to start researching prices, projections, and information on mortgages. This can help you set better goals for yourself and make your saving more fruitful. First home buyers Melbourne should have their goals clearly set and should plan a strategy to meet those goals.
Firstly, decide on a couple of locations you like and check out estate agent websites or property search engines. These can provide you with a good oversight of how the market is at the moment. You can search by a number of rooms and other criteria and then filter by price. Some sites even provide historical data on how prices have increased which can give you some indication of future performance.
You can then visit a mortgage broker and comparison site such as Trussle in the UK. Here, you can input information like how much you have to spend, your income, the size of the deposit, and the term of the loan. This will then provide you with a range of offers from different mortgage providers. Sites like this offer important services to new homeowners but also appeal to those looking to remortgage too.
It’s essential to gain an understanding of the property market and how home financing works before you start trying to buy.
Plan trips in advance
It used to be the case that last-minute trips were cheaper, but this is no longer strictly true. While there are still some last-minute amazing deals to be had, if you plan in advance, you can often get lower prices. Flights, hotels, and trains will likely give discounts for advance bookings as it provides them with security for the future.
Booking one or even two years ahead also means you have more time to save up. By putting a bit away each month, prior to the trip, you can have a bigger budget to spend, without taking a huge chunk out of your savings. You can even book multiple holidays in advance, being sure to space them out. Then your savings can be spread out across those holidays.
These are just some of the ways you can help yourself manage money better. This allows you to enjoy traveling, while still being able to save up for that dream condo!