| posted on September 14, 2017
I WANT to talk about money.
Cold, hard cash.
Dough.
The dollar, dollar bills.
Some say invest everything – in real estate, shares, a business or an idea.
Some say save every dime and penny.
Others will avoid the topic all together, which isn’t particularly helpful when you are a 20-something year old and don’t know if you should buy a house or a bigger piggy bank.
Let’s start with houses.
Houses seem super expensive, particularly when you are used to whinging about a $4 takeaway hot chocolate and the $9.95 postage on Ozsale packages.
I saw a house in the paper last week and it was around the $300,000 mark.
Apparently, this average price is recommended for first-home buyers.
I said to my dad, “How am I meant to buy some- thing like that when I cringe at a $25 taxi bill, let alone a real-life, adult mortgage?!”
“Well, Ash, stop buying chicken nuggets and start saving.”
Yeah, easier said than done, thanks Dad.
So as usual, I went on a 15-minute rant about how impossible saving that much money is, and if I tried to save a decent deposit by putting away a portion of my income each week, I would be buying a house for my 50th birthday.
I would really like to buy a house before then.
Instead of freaking out about house prices like I did, I’d recommend talking to an actually qualified person.
There are loads of financial advisors in town who can work out what sort of loan you can afford based on your current income, and how much you need to save for a deposit.
There are also things like SmoothStart, which offer affordable house packages for first-home owners.
Don’t shut down the idea of buying or building a house before you have properly investigated your eligibility.
You will probably be surprised.
The world isn’t totally out to get us young people, believe it or not.
Only sometimes.
A house or a block of land is a great investment, as it can give you a place to live or build on, or even rent out, as well as holding some financial value.
Real estate is a good way of having something to your name; an asset.
It’s something to think about.
Now, budgets.
Working out a weekly budget is a super important thing, regardless of your situation.
Being left with $2.50 of your wage three days from payday is never a good feeling, so be sure to allocate adequate funds to each of your weekly spends.
Regularly work out how much you need for food shopping, rent or mortgage repayments, car maintenance and the array of utility bills that always sneak up on you a day before payday.
One piece of advice I hope you can take away from today is ask people who actually know what they are talking about!
There are people out there whose job it is to literally advise you on money.
Money worries are common amongst people of all ages, and it’s something that can have a negative impact on your life.
The thing is, it doesn’t have to be a worry you face alone.
But hey, laying off the chicken nuggets and online bargains may slightly help.
So, go; seek, spend, save!
