Financial advisor Nick Lucey of Nest Advisory Group and buyer's agent Lloyd Edge of Aus Property Professionals share the small changes that can make a big difference to your savings goals in 2022.

Use a budget planner

First things first, both Mr Edge and Mr Lucey agree a budgeting tool can help kickstart your financial goals.

"Most people think they know what they spend each month, however if they go through their statements for the last few months they are often way off the mark on what is actually spent," Mr Edge says.

"A good budget planner can make all the difference. A basic excel spreadsheet will do the trick or search for a good budget tracking app that works for you."

Choose one habit you can do without

Mr Edge believes everyone has at least one bad habit they could do without. Takeaway coffees, alcohol, eating out and shopping are just a few, he says.

"Once you choose the habit you want to ditch or at least reduce, buy a glass jar and place it on the kitchen bench," Mr Edge says.

"Every time you go to purchase the item out of habit, remember the new year resolution you made and place the amount you would have spent on that item into the glass jar.

"It's quite motivating to watch the jar fill up throughout the year and a great way to physically see the sacrifice you are making towards achieving your goal of buying a home."

Set up a meeting with your mortgage broker and conveyancer

"As a starting point, you need to know what your borrowing capacity is so you can get an idea of what is achievable to borrow," Mr Lucey says.

He says a mortgage broker or financial planner can offer tips and strategies that may strengthen your application and help first home buyers understand what government assistance is available.

Mr Lucey says it's also a good idea to start working with a conveyancer early on in the process.

"They will help you understand what is in a building contract and how they will help with the contract exchange and settlement," he says.

Set a 'non-negotiable' savings goal

Once you've determined your living costs, Mr Lucey says the next step is "deciding when you want to buy and then working out how much money you need to save each week to get to that target".

"Using the budgeting that you have already done, now you need to work out what things can be cut, make a plan and stay accountable to it," he says.

Mr Edge says it's important to set a savings goal that will be achievable each week.

"You can always add to it, but don't fall short from the set amount. Opening up a bank account that is separate to your normal account is always a good idea so you are separating the savings," he says.

Chop up your credit card

"If you have a credit card, cut it up!" Mr Edge says.

"A lot of people get themselves into debt through credit cards and they are simply not needed.

"Secondly, allow payments to pay off any credit card debit in your above budget planner. Once paid off, you can then add items and goals into your budget planner that you wish to work towards using money you have saved."