Remember when you were a kid and you thought your life would be together by the age of 20? Lol.
Yes, we all thought we’d have it together by now – a house with white picket fences and a garden that was always kept, but we were wrong. The truth is that in today’s day and age, the South African property market is not as young as we thought, but rather older. Could this be due to property and economic cycles? Or are our younger adults just not financially sharp enough?
Studies show that the average buyer in the property market is 44 years old; that’s six years older than in 1980, when the average buyer was 38 years old.
The Youth have taken a big step back from property, but could this be because of their lifestyle? Their credit scores? Or even their restricted knowledge and access to information about the property market?
Saving money and investing is not very easy but with the right mind-set and goals, you can afford the property that you want with some time, thought and consistency.
It’s time our younger adults take back their lives and prepare to fulfil the dreams we all set as teenagers. It’s time to adopt healthier financial habits.
- BUDGET, setting a realistic budget can really help you save or invest at the end of each month, and remember – it doesn’t matter how much you save, as long as you save.
- Forget YOLO and think FUTURE. Start paving your future now by cutting out bad spending habits; don’t stop living, but always think before you spend.
- Work on building a positive credit score.
- Save any extra cash you get. Anything that’s not worked into your budget –SAVE!
- Set financial goals for yourself and work on achieving them.
- But, most importantly, teach those around you about this too; help others change their spending habits, be the game changer.