Bob works full time as a store manager in at the mall. He has one child and he is considering buying a house within the next 2 years for his family. After becoming a member of Fin15, we found out that he had already consolidated his super and also has great insurance in place which we congratulated him for. So we focused on his goal of saving for a house.
Fin15 worked with Bob to analyse his cash flow and create a plan to save $45k by himself in the next 2 years so he can use that as a down payment for his property. His wife, Elisa, is doing the same and she is saving $50k in the next 2 years towards their first home. We recommended Bob to make salary sacrifice of $15k per annum for the next 2 years. Also created a savings plans of $150 a week. Now, Bob and his wife can have peace of mind knowing they can make a good size down payment and avoid paying mortgage insurance on their loan. Now they are enjoying their beautiful house waiting for a new member of the family!
Bob earned $65,000 per year at his fulltime job. We recommend salary sacrifice of $15k each year, which allowed him to save $25,500 in super through the first home buyer scheme while allowing him to pay fewer income taxes. Bob ended up receiving about $5,400 tax returns each year due to his Salary sacrifice.
We also created a savings plan of $150 a week, saving him $7,800 p.a. So by the end of the 2 years, he ended up saving $46,500 for his down payment.
Let us show you how we can make your money work for you! just like we did for Bob. Financial freedom is only a click away!