Why It’s Your Fault You Can’t Get Into The Market (and You Don’t Even Know Why).

Why It’s Your Fault You Can’t Get Into The Market (and You Don’t Even Know Why).

Why It’s Your Fault You Can’t Get Into The Market (and You Don’t Even Know Why).

When my PA came up to me with a screen shot of a question she saw in her stay at home mum forums, little did she know how common was the question being asked.

You see a new mum was asking how everyone is surviving financially as they are low income earners at $115,000 combined annual income and can barely make ends meet.

That’s right. You read it correctly. $115,000 was what her family brought home annually, and they were struggling.

What Happened Next?

As you can imagine the conversations became rather heated between everyone who participated. There was lots of arguments as to what constituted as a ‘low income earner’ but for the most part the consensus was “our combined income is $50,000 and we survive???”.

Turns out when the original poster started breaking down her necessities – they weren’t necessities at all in the grand scheme of things. Netflix, gym membership, work lunches, over the top birthday parties for kids…the list went on.

In her eyes they were basic living expenses. She had already eliminated so many expenses such as golf classes and family restaurant dinners (and a few other bits n bobs) but still she couldn’t understand how people lived on incomes far lower than hers.

What Does This All Mean?

Now I am not here to judge her lifestyle BUT it did illustrate a VERY important piece of information to my PA (and now to you all reading this here) – IF you TRULY want to afford an investment property, you can.

If you want to save for your next property deposit, YOU CAN. You simply MUST take a serious look at your spending habits and take a good hard look at what’s a true necessity and what isn’t.

Sometimes the best lesson comes down to when you don’t have a choice. When you must be creative with your money because you don’t have anything left at the end of the week.

The best budgeters I know are often single mums! I know because I was one. With no one to back you up, you didn’t have a choice to add in life’s little luxuries such as “nails and coffees with the girls” – you had to make sure that the  basics were covered and any extra went into a buffer account for when big unexpected expenses came by.

If money is the reason you can’t get into the property market, I can assure you there is a very REAL chance it’s because you don’t understand where your income is truly going.

It’s not because of interest rates.

It’s not because of the tax man.

It’s likely to be 101 small incidental splurges that have added up.

I encourage you to track everything for a month. Every cent spent and trust me – what an eye-opening experience it shall be!

If you would like help working out what a) figure you want to work towards savings so you can crack the market and b) where this is going to come from based on your current spending habits – comment below or send me a private message and let’s chat.

Christine

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