The usual "grown-up" stuff is getting me flustered: jobs and finances. Don't tell me you don't think about this stuff too.
I threw it out there into the Twitter-sphere last week and had a good chat with some of my "tweeps" about how unaffordable it is to live in the big smoke we call Sydney.
I have only been living in Sydney for about 8 months now and I am understanding completely why it is considered one of the most expensive cities to live in, in the world!
Now, I can't really comment on how much money it costs to live right in the CBD or in the closer metro suburbs because at the moment with my income I can only afford to live in the outer west but still I am noticing the cost of living is ridic!
So many of the girls I chatted to on Twitter agreed. It is impossible for young people to hang on to the dream of owning their own home in this ever-growing city as property prices continue to boom!
I heard recently the average property price in Sydney has risen again but roughly $100,000! Holy smokes!
If I were single and wanted to get some Independence for myself and obtain the "Australian-dream" of purchasing my own home it would be impossible. Simple as that.
Luckily, when it does come time for me to buy, my partner and I can join income-forces and have a better chance of purchasing a home larger than a dog kennel.
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| Image source:admablog.com |
How does a young person save in this day an age without moving in with Mum and Dad and working 24/7? Renting prices are almost as high (if not higher in some areas as one Twitter friend acknowledged) than paying a mortgage! Grocery bills are up, electricity bills are high, not to mention the cost of fuel! Small luxuries like holidays are a thing of the past if you're planning on knuckling down and saving for that house deposit. In fact, there goes my social life completely if I plan to save $10K before 2015.
I know I may sound whingy, but this is not the case at all. I am more interested to know just how people manage to save these days. Is it putting those holiday trips and nights out with friends on hold? Or taking public transport as often as possible? Or is eating two-minute noodles for lunch and dinner saving you dimes?
I'm curious and deadly keen to know how you do it as I feel like I am saving as much as I can and still moving at snails pace towards a large sum in ye'old bank account!
Spread the savings love in a comment below :)
Being grown up suck huh? We have to live with my parents to save up for a house, it's impossible otherwise. Luckily the house is big so it's not a huge deal, but not exactly ideal. The thought of paying rent when we can be paying off mortgage for the same price is annoying.
ReplyDeleteBut in saying that, being 26, we still have separate money that goes into other stuff like holidays so it's not all too bad. We use my money to shove straight into savings & hubby's money that goes into everyday stuff & holiday savings.
I find that putting small things off and putting it into your savings helps, you don't notice it but eventually it adds up. Like buying a coffee machine & not paying $5 a day for a cup of it, budgeting dinners very strictly, not eating out more than once a month etc.
We are in a similar boat to you - although we don't live with my parents (we rent). I totes commend you on living with your folks too, the privacy thing must be tough but it's worth it in the long run I am sure!
DeleteLately I have been doing what you said - putting small things off and putting the $ into savings! This has worked heaps for me so far! We probably eat out too much though, so good tip from you on that one! Thanks MrsB xx
I bought an apartment in the inner west at age 23 but prices weren't as sky-high as they are now and I was living at home so able to save a larger portion of my income. It is super super tough at the moment. I was looking to buy a house in the inner west but have decided to put that on hold and wait for everyone to calm down. My only concern now is whether prices will come down at all.
ReplyDeleteDo you have the home loan savings account where the government will contribute 17c to every $1 you put in? That might be a good start but you have to wait 4 years before you can withdraw that money. Or can you pick up a second job at nights or weekends? You might have to compromise on the home/apartment you want?
It's super tough and many many people are going through it right now so I'm sure you have a lot of support xx
Thanks for commenting Kay! I hadn't even heard of the home loan savings account before you mentioned it so I might need to check it out! I have thought of picking up a second job to help boost my savings but I am still currently studying and working full time so its not really do-able just yet! We haven't really thought of what type of house/apartment we want yet - just working on the savings at this stage! Thanks so much for your advice hun x
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