Hi there. I'm 21 years old, from Australia. It's my goal to own my own home by the time I'm 30. I've done some maths, can someone please check it for me? Also, offer ideas/critique/advice if you have it :) At the moment, I just got a new job where I earn about $900 a week after tax. It's a nice break after being a broke student for so long. I want to be smart with this amount of money, so I decided to start saving for a house.
Here's my maths in saving for a home. I've found a high-interest savings account, and because of my age I won't pay account fees for another five years.
My maximum affordability is $600k. I don't intend on spending that much, but it's my max. I'm gonna save for a $60k deposit, and whatever is left I'll either put straight down on a mortgage or use it to fix up/furnish. I found some house and land packages where I can get a 4-bed, 2-bath, 2-car home with a garden for about $350-400k. Marriage and a family isn't a priority for me now, but I assume it will be at some point so I'd like my home to be able to accommodate that.
My state also has a $20k first home buyers grant, but I haven't factored that in to my saving as that may change.
$600,000 = $60k deposit = save $155 a week over 8 years.
Current income = $900 a week
- $175 rent
- $70 general bills (phone/internet/car insurance)
- $40 petrol
- $150 credit card
- $160 (I like whole numbers) house savings
- $100 general savings account
This leaves me with $205 a week play money - and I never spend it as I don't go out much.
Please check my maths (I have never been much good at it), let me know if I've got my head on straight or am being delusional and offer any helpful advice if you have it. Thank you!!
Submitted May 21, 2017 at 02:26AM by singularpotato http://ift.tt/2rDRny9
