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Penny Pincher with Cheyanne Enciso: Prioritising key to keeping luxuries as a first homeowner

Headshot of Cheyanne Enciso
Cheyanne EncisoThe West Australian
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Knowing how to prioritise means I don’t have to cut all the luxuries I used to enjoy, even with a mortgage and bills.
Camera IconKnowing how to prioritise means I don’t have to cut all the luxuries I used to enjoy, even with a mortgage and bills. Credit: Sephelonor/Pixabay (user Sephelonor)

Excited, nervous and stressed — they’re just some of the emotions this 23-year-old has felt over the past few months while embarking on a home ownership journey.

And now just days away from moving into my very own one-bedroom apartment, I’m not oblivious to the fact that some things will have to change, particularly on the money side as living costs and interest rate continue to rise.

Saving habits have been embedded in me from a very young age, and so while I now have a mortgage and bills to pay, knowing how to prioritise means I don’t have to cut all the luxuries I used to enjoy.

Business reporter Cheyanne Enciso.
Camera IconBusiness reporter Cheyanne Enciso. Credit: Danella Bevis/The West Australian

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For instance, there were two events I was keen on buying tickets for, but knowing I had a house deposit coming up I had to weigh up which one I wanted to go to more.

My mortgage repayment is set up on a weekly basis because I figured it was less painful to see small amounts deducted more frequently than one big chunk at a time.

I’m a big fan of mobile banking, with most, if not all, of my transactions done and managed on my Bankwest app.

I have an automatic direct debit set up every week that sends money to my separate savings account, that way I know I’m saving money without having to constantly remind myself to do so.

The account rewards me a couple of extra dollars every month when I make a minimum contribution of $200 and make no withdrawals during the month — every dollar counts.

While choosing and buying furniture and appliances for the new place has arguably been one of the best part of the process, it’s also been stressful trying to stay on-budget. I’ll never buy anything full-priced and I always make sure I shop around other stores to see what they have on offer.

Mum and I also share a Flybuys account and have managed to accrue a significant number of points, some of which have been used to buy some new kitchen appliances like a Nespresso coffee machine.

If I’ve learned one thing during this entire process, it’s that being a homeowner doesn’t mean I have to tighten the entire belt, it can just be a notch.

We want to hear how your family is managing soaring costs and the creative ways in which you’re keeping your household budget under control. Email us at yourmoney@wanews.com.au, or comment below.

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