A young working woman who wants to travel and save a mortgage deposit is cutting out essential groceries and buying heavily discounted groceries close to the due date to fund her lifestyle.
Ange Touch, 25, recently moved from Melbourne to Brisbane and is working from home in a marketing job.
Amid the cost of living crisis, he wants to save for a mortgage deposit and still travel – something he has done successfully so far, having been in Europe for the past year.
He now plans to visit Japan, Cambodia and Thailand on New Year’s Eve, and hopes to see more of Southeast Asia and the United States in the coming years.
But to achieve this difficult goal, he has reduced spending on everyday items at the supermarket to increase his savings.
“Like many others, I have had to make some adjustments in response to the rising cost of living,” he told Daily Mail Australia.
‘Shopping, shopping and going out are areas I have cut back on as the money doesn’t seem to come in as much as it used to.
“We are all feeling it in our own way, but I have had to prioritize certain expenses over others during these difficult times.”
A professional who works from home has revealed she is cutting out on essential foods so she can save for a mortgage deposit and travel.
Now you also buy fruits and own brand products at a discount.
“I’m definitely going to go with a few and reduce the quality of the fruits and vegetables I use in my cooking,” she said.
‘I also don’t spend much on snacks and packaged foods, as they are always more expensive.
“I’ve found that I much prefer private label items and only buy things on sale, at least 40 percent off, unless it’s a real need, and I even buy products close to their expiration date to get the big deal.” discount”. .’
Also buy meat and seafood in bulk and store more in the freezer.
“I prioritize buying the best quality products, like meats and seafood, so I only focus on buying products in bulk to save money and freeze them,” he said.
Touch has also cut back on spending on restaurants and fitness classes.
“I’ve become smarter about shopping: I prepare meals for the week and limit how much I eat out,” she said.
“I’m also more conscious of social activities and how often I spend on things like festivals, fitness classes and other outings.”
He aims to buy a house in Melbourne’s south-east with a 20 per cent mortgage deposit and has invested his savings in a Stockspot account to boost his returns.
“I aspire to be a homeowner in the next few years,” he said.
“Home, sure, I’d love to have a backyard.”
He wants to buy a house and continue traveling, having recently spent six weeks in Europe and one week in Cambodia.
‘Although I still prioritize traveling and seeing new places, my savings ultimately go towards the house deposit.
“For me, it’s about finding a house I like, not just fulfilling the traditional Australian dream of owning property.”
South-east Melbourne still has pockets of affordability: Frankston North has a median house price under $600,000, making it affordable for the average full-time worker on a salary of $100,000.
This is significantly cheaper than a comparable outer suburb in Brisbane like Caboolture, where $726,735 is the midpoint.
Property values in Melbourne have fallen over the past year, due to the state government’s $975 investor tax, but in Brisbane, values have risen 24 per cent thanks to strong interstate migration.
Touch is not too worried about entering the market without a 20 per cent mortgage deposit, to avoid lenders’ mortgage insurance, and sees the potential for grants for first-home buyers.
He aims to buy a house in Melbourne’s south-east with a 20 per cent mortgage deposit and has invested his savings in a Stockspot account to boost his returns.
“There is no set deadline, maybe in the next two years, but without any rush,” he said.
The professional said she hoped to achieve her goals without completely depriving herself of life’s luxuries.
“My advice is to find a balance between saving and spending to maintain a healthy relationship with your finances,” he said.
‘Save as much as you can, especially if you’re working towards a goal like a holiday or a house deposit.
“But don’t deprive yourself either: if you can afford something you want, do it.”
“After all, you’ve worked hard to earn your money and it’s up to you how to spend it.”