Financial Health Check

I’ve been listening to a bit too many podcasts about money lately…as you can probably tell. I was listening to one particular podcast where someone on the show was making a website based on getting you better deals by allowing you to compare side by side what the different banks were offering in terms of things like term deposits, loans, etc. I can’t believe how much time it saves! So today, post work I have set about moving some money I have been saving up for my future house deposit and put into a 3 month term deposit…I highly doubt I will be able to purchase a house within the next 3 months, so better to maximise the interest I can get while it is in the bank.

I have a second account in which I have some emergency funds that I can use for spending, because I don’t want to lock away all my money in a fixed term deposit. I will use this money for things like unexpected expenses I may incur or for expensive things like specialist appointments… *Sad face*.

I wish I had done this earlier! It takes a lot of time though, trying to sort out your finances. As I also have multiple bank accounts across three different banks and so manyy bank cards…it’s hard to keep track of how much money I actually do have…xD yet great in a way, because unseen and forgotten money means I spend less!! I also have to remember to keep checking up on my stocks and to keep an eye out for good prices..and to remember to keep growing my rather small portfolio.

I still have much to look in terms of the superannuation..I think I will look further into it after I finish up my current contract…as I will have to combine that super with my other super account…somehow…

So many things to think about as an adult…who knew looking at your financial health was so important and took so much time? *sad face* BUT in the end, if you look after your finances, it will look after you in the future. *happy face* (hopefully).

How to *Think* about buying a house

If you know me in person, I probably would have told you this, I want to work hard so that I can buy my own place and finally get another dog! Childish? Maybe. I’ve been saying this, in addition, telling people I want to travel overseas to London and Europe…which is probably off the cards for the next few months. I’ve said it for a long time and one of the reasons why I haven’t got there yet is because I have procrastinated and not done much research on how to buy a house :(.

I don’t know how other people seem to have got there so fast! Maybe it is because I am picky and because I want to save up as much as I can for that initial deposit and get a decent house… There are so many things to consider! Asides from having to have a stable income to be able to pay the mortgage for the house, you also need a good credit score. It might be also beneficial to get a mortgage broker to help you liaise with mortgage lenders to get you the best rate that you can get.

You also have to research a good place to buy a property and also consider things that are around the property such as which schools that property is zoned for. You might not have kids of your own, but if you ever want to resell, you could get a higher price if you are in the zone of a good school. I think it is important to consider buying a property that will increase in value over time and not depreciate…Otherwise, you might be selling at a loss if you have to ever move for whatever reason 😦

For the type of house, you probably don’t want to invest in an apartment or a one room unit, as they will be difficult to resell later on and you may even lose money in the process. I have also read it is not advisable to purchase a house that hasn’t been built yet! They could end up dodgy or not what you expected… Personally, I don’t want a house that requires a lot of work to be done on it…because with that money I could have gotten a better property for a bit extra that didn’t require so much work. Because I am lazy and I also probably won’t know what I am doing.

There is so much to think about, how did my parents manage to do that? I suppose it was different for them, house prices were lower and they had help from my dad’s parents. I remember when we were house hunting for the house we currently live in. My parents asked me for my opinion of the house and I still remember saying, “I like the tiles in the bathroom, let’s get it”  and we got it. I am still very picky about the bathrooms to this day and YES it will still determine whether I get a particular house or not.

Oh, the joys of adulting. Earning your own money finally, but it never seems enough. It’s more than you ever had, but it STILL isn’t enough to afford a house in this day and age :(. Oh, the joys of millennial life 😦