101 savings tips for FHB

[weg]

Umm yeah! lol no..I just think it takes 2 incomes to afford a mortgage these days! If I have a $240,000-270,000 mortgage I'll have to make repayments of about $400-$500 per week. That's a really large amount for one person to pay! It would be much easier for a couple!

One income can do it if you don't mind living like they did in the 'good ole days' where you had second hand/hand me down everything for a few years and lived like a porper .

If you want the comfort of a second income and you're single get a boarder or do a few extra hours at a second job.

If you can easily save 30K a year you can easily afford to pay a mortgage.

 

[Cupcakes]

One income can do it if you don't mind living like they did in the 'good ole days' where you had second hand/hand me down everything for a few years and lived like a porper .

If you want the comfort of a second income and you're single get a boarder or do a few extra hours at a second job.

If you can easily save 30K a year you can easily afford to pay a mortgage.

But I've lived like that for 3 years already and it's really tough. It gets so depressing never having a cent to spend on yourself. All I do is work and study and I feel like I'm never going to have chance to actually have a life! I wish I could go out with my friends and travel. Who doesn't want that stuff? By the time I've finished "living like a porper" life will have completely passed me by. I'll be one of those sad middle aged women trying to recapture their youth by going clubbing when they're 50 and getting face lifts and dressing like a teenager

 

[weg]

Geez Cupcakes, so you're single, studied and worked for 3 years, and found it really tough and depressing, then you'll probably be in for a rude shock going into the next few years .

Hint: it has nothing to do with unaffordable mortgages.

 

[Cupcakes]

Geez Cupcakes, so you're single, studied and worked for 3 years, and found it really tough and depressing, then you'll probably be in for a rude shock going into the next few years .

Hint: it has nothing to do with unaffordable mortgages.

University has really been a struggle for me financially. I just can't imagine having to live this way for even one more year. Next year is going to be absolute heaven in comparison to what I've had to endure these past few years as a student. $50k ish per year ..I won't even know what to do with myself!

 

[buzzlightyear]

I'll be one of those sad middle aged women trying to recapture their youth by going clubbing when they're 50 and getting face lifts and dressing like a teenager

Cougars are the new black. Embrace it

 

[joanmc]

cupcakes I hope you aren't doing a maths degree! you said you can save 30k per year easily and have a 60k deposit in 2 years. The repayments on 240k are less than 20k per year........
How can you afford to save 30k (supposedly while renting) but can't afford 20k in repayments?
To save 30k in one year is nearly 600 per week.

 

[skater]

Umm yeah! lol no..I just think it takes 2 incomes to afford a mortgage these days! If I have a $240,000-270,000 mortgage I'll have to make repayments of about $400-$500 per week. That's a really large amount for one person to pay! It would be much easier for a couple!

cupcakes I hope you aren't doing a maths degree! you said you can save 30k per year easily and have a 60k deposit in 2 years. The repayments on 240k are less than 20k per year........
How can you afford to save 30k (supposedly while renting) but can't afford 20k in repayments?
To save 30k in one year is nearly 600 per week.

You beat me to it. Not only would she have to save the $600pw for her $30k, she would have to pay rent on top. If you can save that much in a year, then the mortgage is easy.

Lets just assume that your mortgage comes to $500pw ($100 less than you say you are currently saving), and you get a friend to board with you and they pay a low amount of $150pw. You now can save $250pw after paying your mortgage. Plenty to save for your holidays AND go clubbing with. What's the problem?

 

[VYBerlinaV8]

I think saving a deposit is the easy part! I think I could save $30k per year. So in two years I'd have $60k, that would be enough for a deposit on a $300k apartment.

It's the repayments that scare me! They would easily chew up 50% of my wage! I'm just going to make sure I find a bf who earns a good amount of money and put off having children for a very long time!

So have a few more years of saving the $30k each year, and coome to the table with a m uch larger deposit.

 

[Monopoly]

Cougars are the new black. Embrace it

Amen to that!!!

 

[Monopoly]

But I've lived like that for 3 years already and it's really tough. It gets so depressing never having a cent to spend on yourself. All I do is work and study and I feel like I'm never going to have chance to actually have a life! I wish I could go out with my friends and travel. Who doesn't want that stuff? By the time I've finished "living like a porper" life will have completely passed me by. I'll be one of those sad middle aged women trying to recapture their youth by going clubbing when they're 50 and getting face lifts and dressing like a teenager

Cupcakes YOU WILL have a life eventually, once you get your bit of paper, get into the real world and really EARN one. In the meantime keep up the good work, endure the struggle a bit longer and eventually it will pay off, but you have to (as they say) be patient grasshopper!!

Besides being middle aged isn't a crime, athough dressing like a teenager is / should be!!!

By the way, sorry to be picky but I assume you meant living like a PAUPER and not a (dyslexic) PROPER life???

 

[BuildingBlocks]

How do you save $30k per year when you are earning $50k per year before tax, assuming best case that $50k is not a package including super?

Prepare for your glorified post-study dreams to be shattered.

 

[Sheryn]

Cut own (& families) hair instead of going to hairdresser.


Regards
Sheryn

 

[tarah]

I have to agree with most Gen Ys when they say it is harder to afford mortgage repayments on your own. I remember when I bought my first house in 2000 I had no problems with repayments and I was in my first year of working full time after uni. If I was to buy a house in the same area now (wasn't even the best area) I think it would be a bit tight. Wouldn't be able to travel overseas very often but maybe that's the problem these days - we have too many options and see all of our friends doing fun things living their life!

I agree with you Cupcakes. You can't live like that for too long! I lived very tightly for 4 yrs building my portfolio and the only way I had a bit of a life (going out for dinner) was to work 6 days some weeks. It depends on your personality. Some people can be tight all of their lives but some find it plain miserable to do this for too long. I mean, we are supposed to enjoy life!

So I guess FHB could work on making/earning more money rather than spending too much time trying to save small amounts of money? Easier said than done, I know!

 

[wylie]

I have to agree with most Gen Ys when they say it is harder to afford mortgage repayments on your own. I remember when I bought my first house in 2000 I had no problems with repayments and I was in my first year of working full time after uni. If I was to buy a house in the same area now (wasn't even the best area) I think it would be a bit tight. Wouldn't be able to travel overseas very often but maybe that's the problem these days - we have too many options and see all of our friends doing fun things living their life!

Crikey - ANY travel was out of the question when I bought my first house. Overseas travel was not even on the menu.

This is a big difference in my opinion. Many kids these days have tasted a bit of overseas travel and think it is "normal" to be able to afford a mortgage AND overseas travel.

 

[Monopoly]

Crikey - ANY travel was out of the question when I bought my first house. Overseas travel was not even on the menu.

Overseas travel on the menu?? Hell, I didn't even have food on the menu half the time!!

Only travel I did was going from home to work, and from one job to another. If I did get time to enjoy life it involved sleep (whenever I could get a moment long enough for a quick shut eye).

It really ticks me off when I hear people say "but we can't do it" and "you had it so much easier"!!! Yeah sure I did, my portfolio just fell into my lap. There I was walking along minding my own business when low and behold the riches of the world just dumped themselves on top of me!!! Puleez....

 

[Property Meister]

I have to agree with most Gen Ys when they say it is harder to afford mortgage repayments on your own.

thats not a generation thing, its just plain logic, if you have 2 people contributing, everything is easier!

Wouldn't be able to travel overseas very often but maybe that's the problem these days - we have too many options and see all of our friends doing fun things living their life!

Bloody hell, travel overseas often??? that made me laugh

the sense of entitlement in todays people ESPECIALLY the young ones make me laugh!

yes when I was saving everything like a crazy idiot, I went and rewarded myself for a CHEAP budget overseas holiday every 3 years, but it was worth it

no , I didn't have foxtel, no I didn't have an iphone or iphone equivalent, no I didn't rack up $100s of phone bills per month and complain about it, I went out, but Iwent cheap, I bought all the cheap stuff, I shared a 3 bdr house that had 4 people in it. i drove a crappy car.

What makes anybody under 25 for example think that they should, have to and is entitled to travel overseas!!!

my elderly parents are fully retired and could do a round the world trip every 3 months if they wanted to , but they only do it once every couple of years!, and NO , they don't have foxtel , they don't see the justification of it, plus their mobile cost them $40 from safeway OUTRIGHT!

geez, grow a pair people

 

[skater]

I have to agree with most Gen Ys when they say it is harder to afford mortgage repayments on your own. I remember when I bought my first house in 2000 I had no problems with repayments and I was in my first year of working full time after uni. If I was to buy a house in the same area now (wasn't even the best area) I think it would be a bit tight. Wouldn't be able to travel overseas very often but maybe that's the problem these days - we have too many options and see all of our friends doing fun things living their life!

That is the point. When I bought my first place ANY travel was out of the question. Living life and having fun does not have to be expensive. Overseas travel is not a rite. It is expensive and thinking that it is 'normal' for people to do it each year is just plain delusional.

 

[skater]

It really ticks me off when I hear people say "but we can't do it" and "you had it so much easier"!!! Yeah sure I did, my portfolio just fell into my lap. There I was walking along minding my own business when low and behold the riches of the world just dumped themselves on top of me!!! Puleez....

Oh, don't you know, you were 'lucky'.

 

[Monopoly]

Oh, don't you know, you were 'lucky'.

Of course, must be having one of my senior moments, I'd completely forgotten about that!!

 

[tarah]

I don't think they feel they are 'entitled' to travel overseas. They just need to realise they can't have it all when you are starting out and if you travel overseas it will probably set you back a few years from getting your first home.