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The Mortgage Finance Association of Australia (MFAA) recently conducted a survey to find out exactly what potential buyers are willing to give up, in order to buy a home.
Some of the most popular lifestyle changes mentioned in the survey included eating out less often and taking lunch to work. Others also tried to reduce their household costs, took cheaper holidays and tried to avoid splurging on luxuries like clothes and movie tickets.
While the above may not seem like huge sacrifices though, it’s amazing how quickly they can add up and allow people to get closer to their savings goals.
MFAA’s survey found that on average, those who had made sacrifices such as the ones mentioned above were making savings of around $15,500 pa, which represented 16 per cent to 23 per cent of their total take home income.
It’s the little things that add up and prevent a lot of us from saving. So start to think about what you spend your money, and what you could cut back.
Do you need to buy that coffee every morning or do you need to buy that must-have gadget? If you avoid these small luxuries you could have enough savings for a home deposit in just a year’s time.