Congratulations on embarking on your Rapid Home Deposit journey! In this personalized guide, we will help you save for a home deposit as quickly as possible. It’s truly exciting that you’re starting to think about the next stage of life and get serious about saving for your own home. Kudos to that!
Get ready for an absolute ripper of an article! Inspired by Case Study 2 from our best-selling book, “Make Money Simple Again,” this article is packed with captivating graphs, charts, tables, and real-life scenarios. Discover life-changing tips and strategies that will revolutionise your finances. Don’t miss the chance to download the book for FREE and embark on a journey to financial freedom!
You have a solid income, and while you’ve enjoyed the freedom and fun of inner city living, you’re now focused on building a sizable deposit of $100,000 to secure a property closer to the city. Let’s dive into the 7 steps of the Money SMARTS system to help you achieve your goal.
To embark on this journey to financial freedom, you must first assess your current financial standing. Gather your financial documents, including payslips, bank statements, and credit card statements. Familiarise yourself on where to look for those information cause you’ll need it soon. Is it on an online banking platform? What’s your log in to it? Or is it a paper trail? Do you know where you’ve stored them? Or perhaps, is it in your email inbox?
Take a deep breath, and let’s dive into the numbers. Understanding where your money goes and identifying your debt is essential to crafting a plan for the future.
Step 1 & 2 – Gather & Sort:
Combine your finances by setting up a joint bank account. This will allow your combined money to work harder for you, improving your overall outcome. If you prefer separate accounts, you can still use the Money SMARTS system with virtual Jars to track your surplus amounts.
For the Gather stage, go hunting for your financial documents including payslips, bank statements, and credit card statements. Familiarise yourself on where to look for those information cause you’ll need it soon. Is it on an online banking platform? What’s your log in to it? Or is it a paper trail? Do you know where you’ve stored them? Or perhaps, is it in your email inbox?
And for the Sort stage, with your financial documents in hand, it’s time to sort through the numbers. Record your income, savings, assets, and outstanding debts. This process will provide you with a high-level view of your financial position and help you identify areas for improvement.
Motivation: Keep your goal in mind – owning your own home. Place a motivational message on your fridge to remind you of the bigger picture.
How can Moorr Help?: Create your free account in Moorr, log in, and follow the prompts. You’ll be asked to enter some numbers. Don’t worry if you don’t know it off the top of your head. Just put in a rough figure, and you can update it once you know for certain.
Once you have the financial documents, update each section on Moorr, particularly the income, assets, and borrowings sections. We’ll work on the expenses next.
Step 3 & 4 – Calculate & Banking:
Calculate your income and expenditure using the Money SMARTS virtual Flour Jar categories. Identify discretionary spending and areas where you can cut back to increase your surplus income.
How can Moorr Help?: Let’s track your spending!
Once you’ve completed all this, check out your Dashboard on Moorr! This is the coolest part because it tells you how much surplus you have and more. It’s like a profit and loss statement. If the dashboard shows that you should have a surplus in place, but you don’t, it means you may have overestimated your income or underestimated your expenses/repayments. Make sure to check and update accordingly.
This could be a reality check, but use this opportunity to motivate yourself!
For Step 4, you might remember that we mentioned about combining your finances by setting up a joint bank account. Additionally, leveraging our years of experience in money management and insights from the thousands of users we’ve served, we’ve incorporated our account structure recommendations for each category of bills and spending. Please note that this is a general recommendation based on all our users and MoneySMARTS, and it may not be customized to your unique spending habits. So, feel free to tweak it as you see fit.
Once you’ve reorganised your banking structure, make sure to update it in Moorr!
Step 5, 6 & 7 – Check-Up, Tweaks & Rollover:
Regularly review your progress and make tweaks to your spending to stay on track. You’re doing great so far, but you can always do better. We’re going to be upfront with you… The first few months of MoneySMARTS are the hardest. From our data, most users tend to understate their expenses. That’s mainly because we’re simply not aware of ALL the transactions.
As you progress on your financial journey, you will need to make adjustments to your plan. Be open to tweaks and improvements that will help you reach your goals faster. Focus on reducing discretionary spending and increasing your trapped surplus money to build the deposit more quickly.
Rollover any surplus money each month to accelerate your savings.
How can Moorr Help?:
Monthly check-ups allow you to track and understand your money and cashflow position in a shorter timeframe to give you some clearer insights into how well you are progressing and controlling your money. In short, you are assessing the cashflow for the month – money in and money out – and tracking it against your yearly targets.
The great news here is, when set-up and it’s running smoothly, this check-up should take less than 10 minutes a month to do! To see the full reporting and insights, you only need to input three figures in Moorr:
And while doing your monthly rollover, if you noticed either of these scenarios:
Review it, ask yourself if you can optimise this and get fitter with the spending and update Moorr. Stay grounded in reality, but never lose sight of the ultimate goal—to pay down your debt and achieve financial freedom. Moorr is here to support you every step of the way, providing the tools and resources you need to succeed.
For the annual rollover, we’ve made it super easy for you on Moorr! Simply head to the rollover section on the MoneySMARTS page and follow the prompts.
Now you’ve calculated your finances, identified discretionary spending, and set up your banking for a Rapid Home Deposit. The Money SMARTS system and scenarios provided will support your goal of homeownership even faster.
Stay focused, disciplined, and motivated, and your dream will become a reality in no time!
Let’s explore different scenarios to see how soon you can achieve your home deposit target. This section below is based on the numbers and scenarios in the Case Study 2 of our best selling book, Make Money Simple Again. There are heaps more graphs, charts, tables and examples so make sure you check it out. It’s free to download!
Continue with your current spending habits.
In the case study, the couple reach their target by March 2025.
Review your discretionary spending and save nome extra each week.
In the case study, the couple saved an extra $250 from discretionary spending each week and reach their target by February 2022.
Increase your savings by cutting back on discretionary spending.
In the case study, the couple saved an extra $500 each week and reach their target by January 2021.
Move in with the folks! By contributing to their expenses and paying them board, you’ll save even more.
In the case study, the couple reach their target by July 2020.
We’re glad you’re here. If you’ve found what you’ve read so far interesting, we’d love to offer you a free copy of “Make Money Simple Again.” It’s got some cool charts, graphs, and tables that make things even easier to grasp.
Just pick the adventure that suits you best below, drop in your first name and email, and it’ll be in your inbox within the next 5 minutes. Enjoy!
With determination and sacrifice, you can reach your goal. Imagine owning your own home from the deposit that you’ve saved – that’s true financial power!
Implementing the Money SMARTS system and following these scenarios will empower you to achieve your dream of homeownership sooner than you ever thought possible. Stay focused, motivated, and disciplined. Your future home is within reach, and you have the tools to make it happen. Let’s get started on your Rapid Home Deposit journey!
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