How to spring clean your budget to buy a home

Buying your dream home is one of the biggest and most exciting purchases you are ever likely to make. Saving the necessary deposit can be difficult without making a few adjustments to your finances. Spring cleaning your budget is an important step in helping make this dream a reality.

The first port of call is to look at how much you want to spend, how much you already have saved and any additional fees and charges that you may incur when making your purchase. Budgeting helps manage your spending and regular outgoings and allows you to direct the surplus into savings. When preparing your budget, it is important to consider your current financial situation by working out your priorities – how much you need for basic living expenses and the little things that you can do without.

Budget basics

  • Begin your budget by listing all sources of regular income. There are plenty of online resources and templates that you can use to start.
  • Collect your bank statements, bills, accounts and other regular expense records to give you an indication of how much you spend each month.
  • List your outgoings (with large items first) by breaking them down into two sections: fixed and variable. Fixed expenses don’t change from month to month and include things like: car loans, rent, personal loans repayments etc. Variable expenses change regularly and include groceries, utility bills, eating out and entertainment.
  • If you categorise your expenses, you have the flexibility to start by making reductions to the non-essential items in the variable spending before addressing your fixed and more essential items.
  • Compare your expenses against your income to and work out where adjustments can be made. If you find that you are not left with as much as you wish, even the smallest changes can make a difference.
  • Give yourself a realistic timeline and encourage yourself to stick to your budget. If you have an exciting goal to achieve, the sacrifices are more than worth it.

Once you’ve got your budget in order you’re well on your way to realising your home ownership dream. If you need any help financing your home loan, get in touch with one of our brokers today.



This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).

Please consult your financial advisor, solicitor or accountant before acting on information contained in this publication.