You’ve done the hard yards, saved for a deposit, and have finally bought your first house. While it’s certainly an amazing feeling, you’ll no doubt have some extra expenses on your hands.  

When you’re living with a mortgage, we know how tricky it can be to stay on top of your finances, especially in the first few years. From rates and utilities, to insurance and home upkeep, it feels like there’s no shortage of fresh bills. But here’s the good news – there are some easy ways to manage it all.

Here are our top three tips to keep in mind.

1. Always keep track

When the bills start rolling in, it’s important to keep track of how much you’re actually spending. A great place to start is with a Budget Planner Calculator.

This handy tool not only gives you a solid idea of where your money is going, but also how much you can put aside. All you need to do is fill in your income details, as well as expenses like household and living costs, insurance and superannuation, and mortgage and credit card repayments.   

2. Plan for the unexpected 

Life’s full of surprises – particularly as a new homeowner. So, make sure you’re ready for anything, from emergency roof repairs and surprisingly big bills, to the costs that come with starting a family. 

Here are a few ideas to help kickstart your contingency plan:

  • Set up a direct debit to put aside extra money into a separate account
  • Stash your spare change (every little bit counts)
  • Trim unnecessary bills and subscriptions, or shop around for better deals
  • Keep your splurging to a minimum 
  • Chat to a financial planner 

3. Protect what matters most

While paying off the mortgage is certainly doable, dealing with a disaster can put a major spanner in the works. That’s why being prepared with the right level of insurance is so important.

Every Queenslander knows how extreme the weather can be, so make sure your home and contents insurance covers against events like floods, storms, cyclones and fires. 

Similarly, planning for life’s hardships isn’t always the brightest of conversations. However, it’s an important one to have. Life and Income Protection Insurance is designed to financially protect you and your family in the event of death or terminal illness, or if you’re unable to work. 

Buying your first home is truly exciting. And while living with a mortgage comes with its fair share of challenges, there’s no reason why the excitement has to end. It’s simply about managing your finances, thinking ahead, and protecting the things that really matter. 


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