How to Take Control of Your Finances (Even With Rising Costs)
With the cost of living continuing to rise — from groceries and fuel to insurance and interest rates — it’s no surprise that saving for a home deposit can feel overwhelming.
For many people, it’s not just about earning more. It’s about taking back control of where your money is going and making intentional decisions that support your long-term goal of home ownership.
If buying a home still feels important to you, here are four practical strategies that can help you move forward with more clarity and confidence.
1. Use the 60/20/20 Rule to Structure Your Fortnightly Pay
One of the simplest ways to regain control of your finances is by creating a clear structure for your income.
For example, the 60/20/20 rule breaks your pay into three categories:
60% for essentials (rent, bills, groceries, fuel)
20% for savings (your home deposit)
20% for lifestyle (dining out, subscriptions, shopping)
Instead of trying to save whatever is “left over” at the end of the fortnight, this approach prioritises your savings upfront.
Your ratio might look different to 60/20/20 if, for example, you have a large family or are taking care of elderly parents, but that's ok. The point is that this clear structure allows your savings to be prioritised.
Without a clear structure, there often isn’t anything left at the end after expenses. This method ensures your deposit continues to grow — even when costs increase.
2. Cut Out Non-Necessities by Doing a Financial Audit
When money feels tight, most people assume they need to make drastic changes. In reality, small, consistent leaks in your spending often have the biggest impact.
Start with a simple audit:
Review your last 2–3 months of transactions
Identify subscriptions you no longer use
Look for frequent “small spends” that add up over time
Be honest about what’s essential vs what’s optional
This isn’t about cutting out everything you enjoy — it’s about being intentional. Even freeing up an extra $100–$200 per fortnight can significantly accelerate your savings over time.
3. Adjust Expectations — and Focus on the Long-Term Win
One of the biggest mindset shifts in today’s market is understanding that your first property doesn’t have to be your “dream home.”
With borrowing capacity impacted by higher interest rates, many buyers are needing to:
Consider different suburbs
Look at smaller properties
Compromise on certain features
While this can feel like a step back, it can actually be a powerful step forward.
Getting into the market earlier allows you to:
Start building equity
Benefit from long-term property growth
Avoid being priced out further over time
In many cases, your first property is a stepping stone — not the final destination.
4. Consolidate Debt to Reduce Your Overall Interest Burden
If you’re carrying multiple debts (credit cards, personal loans, car finance), high interest rates can quietly slow down your progress.
Debt consolidation is one strategy that can help by:
Combining multiple debts into one
Potentially securing a lower overall interest rate
Reducing your monthly repayments
This can improve your cash flow and make it easier to redirect money toward your deposit. It can also strengthen your borrowing position when it comes time to apply for a home loan.
You Can Take Control
In a time where so much feels out of your control — from inflation to interest rates — your financial habits are one of the few things you can influence.
Saving for a home in today’s environment isn’t about doing everything perfectly. It’s about creating structure, making informed trade-offs and taking consistent action over time
If you’re working towards buying a home and want to understand what’s realistically possible based on your situation, speaking to a mortgage broker early can help you create a clear, personalised plan forward.
