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Saving up a deposit: Tips for first-time buyers in Carlton

By Louise Morrin

Saving up for your own home deposit can be a difficult and drawn-out process, especially if you're purchasing property in Carlton for the first time. Chances are you'll be paying for rent and your regular expenses at the same time, which can make life a little financially tight at times.

However, stick with it and work through to the end. After all, by the end of it, you'll be the owner of your own slice of real estate! The security and sense of achievement that comes with this is immeasurable. Here are some tips to help you achieve your financial goals. 

One thing that works exceedingly well is to simply set up an automatic payment of a certain percentage from your wages to go into a separate account – one that you can't see or touch at any given moment. 

The best part about this is that you will adjust to working with the remainder while your deposit buildings build – untouched – over time. Securing a great interest rate for this account is also another thing to check out. 

Furthermore, cutting out any superfluous spending and putting these funds toward your home goals is a good idea. Reducing the amount of times you eat out each week and cutting back on the number of coffees you buy can have a major impact on your weekly savings. 

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