My husband and I did things back to front. We had my daughter after only being together for 2 months. We wanted the kids close so we had our son 2 years later (they are now 4 and 2) and we got married last October. Now all we need is our own place but saving and still giving our kids a good life just seems out of reach. We could afford the repayments of a mortgage along with bills but the deposit is the killer. We worry that the longer we wait the less chance we have of being able to afford a house with the price rises. Any advice would be appreciated. Thank you.

 

 


Posted by kdaelmans, 22nd July 2014


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  • It’s going to be very hard on just one wage. You might have to wait till the children are at school and then maybe look for some paid work, whether full time or part time and it will help.



  • Times have changed. Years ago when we got married we got a house and land package off Jennings for $13, 554 . The land was a standard house block and the house was 14 squares in the old language. It was beautifully built and finished off. we loved it and lived there till the eldest child was 12. We paid it off in less than 6 years on one wage and we had 4 kids. It can be done although I THINK IT MUST BE A BIT HARDER TO DO THESE DAYS. Still wages in our day were not that much and things were not that cheap comparing prices of those years with todays prices and wages. Years ago you had to save up to buy a new fridge or washing machine now you can buy one with 2 weeks wages if you know how to budget!



  • It will be hard, but can be done. Really cut out all non essentials and stick to a budget. Prepare all meals take home made picnic lunches when on outings. Cut corners wherever you can. Check our op,shops children grow so,quickly and there are good bargains in op shops. Spend good quality family time together, creating wonderful memories, this is so much more important than monetary gifts. Gifts do not have to be expensive and of the latest fad. Attend as many free events that you can, you will be surprised at how many free or inexpensive things are available.



  • Yes. I believe you can. Budget budget budget. Cut out all the extras – no takeaways, no coffees from the cafe at work, no Foxtel, drop subscriptions, cut back on hair cuts, stop getting nails done etc. I think it is all about priorities. Save at least 20% of the proposed purchase price or 80% plus costs if you want to avoid mortgage insurance. Good luck.



  • Can you afford to put a big lump sum to start you off with the repayments??



  • get the budget out and re-work it for your goals. sacrifice what you can and stay in control. plan events where you leave the house and will spend money, shop around and cook wisely, a night or two on baked beans or noodles won’t hurt and the budget will be happy



  • Plenty of people have done this, depends on how much the one wage is and what your living expenses are and if you can cut down on them in order to save.



  • Get the books written by Anita Bell called My Mortgage and paying off my home loan in 5 years (by the woman who did it in 3) she has brilliant tips and ideas in there about how to best save money. There are other things like I see others have commented like have a budget and really stick to it – home make foods / cakes etc rather than buying and try and save money in other areas where you can – eg the shopping switch to home brands – pay your bills on time where you can to avoid charges or at least call the companies to say you need more time then you won’t get penalities.



  • Every little bit helps when saving money from stopping buying junk food, snacks etc to putting a few dollars a week by. there are a couple of blogs on here on how to save money with some great ideas.



  • Is there any family members that could give or lend you a deposit to kick start you?



  • You need to get serious about a budget. And maybe look to see if you can increase your income, even temporarily. But it is possible!



  • It depends on how much your wage is. If it is a substantial wage then it would be easier to save for a deposit. One has to make sacrifices in order to save. It may take some time.



  • It’s possible to save a deposit but I think its a matter of sitting down & dissecting your finances. Looking at exactly where your money is spent & on what it is spent on. I know that as a parent you just want to give your children everything but really do they need to have it. Set limits eg Xmas & birthday presents. Do they really need hundreds on $$ spent on them. If you have credit cards or any other loans consolidate them. Speak to your bank about setting a goal saving account or something that’s going to give the best interest rate. Good luck in reaching your goal



  • we did the same! pregnant after dating 2 months, now pregnant again 1 year later and we got married inbetween. we bought a house before our first was born as the repayments were cheaper then the rent we were paying. i haven’t returned to work at all so we do it all on my husbands wage. Luckily my parents helped with our deposit – do you have anyone that can go guarantor? Its nice to own your home, rent is such wasted cash.



  • I think it is very manageable, budget is important so look at that and also for 1 month write down every spend. It may seem crazy but you can see where all those little expenses are and cut them. We have 2 little girls and only hubby works… we are saving for our first home also and are using our 1st home grant as part of the deposit so no need to save as much, also ask family for money as gifts for birthday and christmas and cut out buying new for a while. you can get great bargains on gumtree and ebay. Good luck.


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