How to keep your budget on track after buying a house

Like getting up on Mondays and dodging questions about when you’re getting married or having kids, budgeting is tricky. Buying your own home is a big commitment and it doesn’t stop when you pick up the keys.

You saved hard for your deposit. Now let’s put those habits into practice. It’s time to say “yes!” to making timely payments and “maybe!” to Uber Eats.

Here are our first home tips for keeping your budget on track for the long haul.

1. Put it in writing.

Getting started is easy: figure out what you’re going to be paying each month. Begin with regular bills like power, phone, internet etc. Then, look at costs specific to your new home, like council rates, strata levies and land tax.

Now estimate your monthly loan repayments . If you’re currently renting, you could find your loan repayments aren’t much more – or even less – than your current rent payments.

Finally, factor in all the different costs that make up your daily life – petrol, groceries, insurances, clothes, education, health and entertainment. Using an online budget planner can help you check you’ve accounted for everything.

2. Budget for now and the future.

Unless you’re a spreadsheet freak – and let’s be honest, the best people are – putting a budget together can seem like a lot of work. But it’s worth the effort. A clear picture can make it easy to keep track of progress and spot trouble areas.

Just like how it helped you save for your purchase deposit, your budget will let you see how well your finances will stand up to home ownership. The practice you gained living within your budget while you saved for your first home can also help you enjoy a streamlined transition now you’re a fully-fledged home owner.

3. Reward yourself when you get it right.

You did it. All your bills are paid and there’s even a little bit left over. Give yourself a chance to feel good about it. Periodic rewards will act as a reminder that showing up is worth it. You might even add a line in your budget for celebratory nibbles when you meet your targets.

Don’t make budgeting hard work for yourself. It can be challenging, but you’re playing the long game. Set up and stick to a budget before you move in. Look for opportunities to sustainably cut back on costs. Be accountable for sticking to the plan.

And remember: with your own home and a mortgage you can afford, you’re working towards a bright and secure future.