Far out Friday: Top saving tips from a 21 yr old homeowner

by NZ Adviser29 Jul 2016
Twenty-one year old Llewelyn Griffiths from Wellington has recently bought his first home, as putting away savings since he was seven has paid off, according to an article by Fairfax Media. 

The architecture student has stepped onto the property ladder with a two-flat property in the Wellington suburb of Northland.

Bought in partnership with a friend, Griffiths can only afford to move in after his studies, but the property is rented out to two young families. 

Griffiths started saving his pocket money at seven years old and then added his paper round money as well when he was 10. 

Each holiday he worked on the family farm and put all his earnings into the bank. 

"I was either saving for university or for a house, but in the end, the house won," he said.

Now he juggles three jobs at a burger joint, a warehouse and as a research assistant while he studies at Victoria University. 

"I don't really need an expensive life, I just take care of things. I still have things most students have ... I don't just act impulsively," saying in his early student years he lived mainly on lettuce and mayonnaise sandwiches. 

His top tips to save money includes avoiding impulse buying; using things until they are worn out;rarely eating out; buying at fruit and vege markets; and cutting down on transport costs by walking. 

He saved over $40,000 for a house deposit and although he didn't reveal how much the property was bought for, he said it had a RV of $620,000.

Federation of Family Budgeting Services chief executive Raewyn Fox said Griffiths' achievement was impressive.

"We always try to stress the concept of saving, but when a family can't feed their kids, you have to pick your moments.

"Everybody has to decide what their goals are and weigh up what you're prepared to do without. But if you don't have goals, you'll never achieve anything."

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