Saving On Autopilot

A tip on saving for children living at home. When I was living at home, I was paying some nominal board and saving lots of money. That money turned into buying my first home. Currently, the climate has changed. Credit is harder to get, deposits are increased, there's no 100% loans. It's all got to have a deposit saved over a period of time. Mum and dads that help their kids out shout out to you guys, it's fantastic. But when you come to save money by living at home, there's a danger that you may not save money at all. One of the things that could come into place is that you actually have advice on how much deposit you need, what the repayments are going to be on your ideal mortgage and then whatever Mum and dad need, pay them that get your mortgage amount. Mine is what you pay to mum and dad and put that buffer back into your savings, put the amount of money that is not what you pay to parents back into your savings account. And better still, you might be able to lock that up a little bit by having two people to access. If it's you and your partner, you and girlfriend, you and your wife, you can have two people to sign as access onto that account to slow down accessing extra money that you don't have right now whilst you're trying to save for a mortgage. Just a tip, take what you're paying in the rent board, whatever, then look at the major amount of repayment that you would have to make on your mortgage. Save that and if you can do more, that will just speed up your ability to buy your next home. Alright, It's Aaron from Diagnostic Finance. Enjoy your day.