Newly separated, starting from absolute scratch (no savings left since leaving DV). Now the kids and I have set our goal to buy us a home! My question being, where to start??
I'm embarrassed to admit I'm in my 30s and I'm not even sure the best way to start saving??
Should I see the accountant? Financial advisor?
Any help would be amazing!
In NSW
Buying a home
Buying a home
Posted in:
Life Lessons, Mental Health, Self Care, Health & Wellbeing, Money
8 Replies
Just start putting money into a separate account and when it starts getting significant like over 10k see a financial advisor about what account to keep it in etc. Theres not much to it until it reaches a good size.
A financial adviser won't be interested in 10k savings, maybe a financial counsellor could help or even contact your bank about their highest interest products for that amount.
A financial advisor can do their job if you have zero in the bank, I advised 10k not for the advisors benefit but because that is enough to start investing and help it grow quicker along with continued savings. She would also get advice on super and whatever else. What does a counsellor do besides help with budgeting and people going through hardship? Not really the right person to help someone save 50k i wouldn't have thought?
With compliance how it is now, and having to write SOAs for every piece of advice given and what's involved in that, it just isn't viable anymore for 90 percent of advisers to assist with this. Soas cost on average 2k to 3k, add in ongoing fees, which would be very little even on 100k, she just isn't the right clientele.
Buy yourself the barefoot investor. It is a great starting point!
Financial advisors are a great help, but very expensive & you can get the info for budgeting elsewhere.
It wasn't for me, but barefoot investor has helped a lot of people I know who had little financial knowledge. You're taking steps to improve your knowledge & setting goals, which is a pretty amazing step!
Our strategy which has just paid off our home, is to know our money situation well, and get best value products. Expenses, bills, savings, spending, holidays, (and mortgage until recently) all go to different accounts that are automatically transferred. We learnt the difference between want & need, how to get things cheaper, diy, and free family fun options. But leave some money for fun.
Good luck!
just start saving....when you have about 5-10% of the purchase price of homes in your area, you can start getting serious and contact a mortgage broker.
Get a full time job and up skill to increase your salary. Access the free advisory services through a website called “The Separation Guide”, put savings into a high interest account, read the Barefoot investor and follow it to a tee, create a budget and stick to it, pay down any debts ASAP. Good luck.