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Record high inflation has gripped the entire world and rising living costs are making it extremely difficult to save for a first home. Fortunately, there are some things you can do to make it easier to put away money for a new house.

 

Set up recurring deposits – Every time you get a paycheque, immediately transfer a portion to your savings account.

 

High-interest accounts – Just like you would compare your home loan options, it’s worth comparing different savings accounts and term deposits.

 

Change your living arrangements – If you’re trying to get a home of your own, it could be worth living in a share house and taking on housemates, or even downsizing your rental to help you get ahead.

 

Pay down debts – It’s hard to save when you’re paying interest. Get your financials in order and pay down any high-interest debt like credit cards.