PHOTO: After intensively saving from the age of 15, Ms Tran was able to buy her first home at 24. Picture: Supplied.
Growing up in public housing, Linda Tran started saving to buy a property at the age of 15. But she admits her strategy might not be for everyone.
Starting at the age of 15, Sydney woman Linda Tran saved intensively and by the time she was 23, she had amassed an impressive $100,000 for a home deposit.
The child of Vietnamese refugees, Ms Tran set the goal of moving her single mum out of government housing and saw property as a way to gain financial independence.
A year later she bought an apartment in Sydney’s southwest that she lives in with her mum.
“My mum is the biggest cheerleader for me and I want to make her comfortable, especially since she’s lived in government housing for her whole life,” she told news.com.au.
The marketing manager saved by working multiple part-time retail and casual roles at sporting and music events, as well as tutoring from the age of 15. While at university she also scored a full-time marketing role that allowed her to supercharge her savings.
“It’s all about disciplining your mindset and putting action behind what you want to work towards. That way you can hit those milestones, which leads to a bigger goal,” she says.
Ms Tran says she saved rigorously and would catalogue her expenses and income in a spreadsheet that she reviewed every six months. She also used a high-interest bank account and invested her money in the ASX and cryptocurrency as well.
“I did a lot of expense sheets which I drew up manually and would correlate back to my bank account,” she explains.
“This included what I spent, what I’d foresee to spend in the next three to six months and what my disposable income would be as well.
“This was really important when I went to buy my property and had to do my pre-approvals, income checks and get three months of expenses.”
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