You found the ideal rental property in Hobart through Baxton, and you know you can afford it, but you have plans! You’d like to save up for that dream holiday, your retirement, or even the deposit you’d need to buy a property in Hobart yourself. Saving makes excellent sense, but how can you maximise your nest egg.
Choose tools to budget realistically and track that budget
“If you fail to plan, you plan to fail.” This saying goes for just about anything you do, but it’s particularly true of budgeting. However, setting up a budget and tracking your expenses can be a time-consuming business. Luckily, there are loads of free budgeting tools out there.
Budgeting apps take the sweat out of budgeting, and some of them even allow you to track expenses in real time whenever you make a payment or shop. Check out these free budgeting apps, and choose any one of them.
Utility costs can really mount up, and saving water is good for the environment too. Make sure your rental property in Hobart has been fitted with water-saving taps, toilets, and shower heads. Taps and shower heads are easily changed, and if you keep the old fittings, you can always take your money-saving goodies with you when you move on.
If the toilet doesn’t have water-saving features, simply pop a closed plastic bottle full of water into the cistern. The water you use every time you flush will be reduced by the same volume as that which the bottle displaces.
Gardens, and especially lawns, can use a lot of water. But before you start ripping out grass, do check whether the property owner approves of your plans! Save water unobtrusively by mulching beds with lawn clippings, and don’t use a hose to spray down paving or wash your car. You’ll find even more water saving tips on the Taswater website.
The 2016 energy crisis in which a faulty undersea cable severely limited Tasmania’s power supply is still fresh in our minds. Aside from reducing pressure on utilities and the environment, saving electricity saves you money.
The Tasmanian government produced a comprehensive guide to saving electricity – even in winter. It’s an excellent publication, and well worth printing out and saving. Discover where your electricity guzzlers are and how to get on top of energy use.
Leave your credit card at home
Credit cards are so convenient! Instead of saving up to buy things we want or need, we can just charge it – but credit card interest rates are quite appalling! If you’re a disciplined shopper, you can get worthwhile rewards from using your credit card. You simply pay down the balance before interest is levied. But if you find it hard to resist budget-busting impulse-buying, it’s better to leave your credit card – and your debit card at home. Just take enough cash to cover the purchases you have planned.
Gamify it: Every bit counts
Every dollar you consciously save to put into your special savings account will compound over the years, helping you to reach your target faster. Get the whole family involved and track the savings they’ve made.
Even small children can participate. For example, they can improve their numeracy skills and learn good spending habits by helping you to compare prices when you shop. Admittedly, kids will want to use their own savings on priorities that differ from yours, but teaching them to manage their own money ultimately saves you a lot of cash and a few grey hairs.
As for family savings targets, add an element of playfulness by including rewards that you can enjoy together as a family when each milestone is reached. Saving money can be fun! Remember to update the family on progress to keep them motivated.
Rental property in Hobart: Don’t forget to enjoy your stay
With so many free things to do in Hobart, you’re sure to enjoy your stay, even if you’re keeping a tight rein on your budget. Baxton Property Management is here to ensure that your rented home’s maintenance and repairs are carried out as per your lease agreement. Not being responsible for these expenses is one of the reasons why so many people are considering rental property in Hobart over buying.
After all, unless you’re planning to keep a home forever, the cost of the mortgage can outweigh the benefits of ownership. However, it’s worth considering the income opportunities you can gain by owning rental property in Hobart too – talk to us if you’d like to consider this option.
Written and syndicated by
– Baxton Media.
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