We understand the struggle first-time homebuyers have in entering the real estate market. With house prices and everyday living expenses continuing to rise, affording a deposit for a mortgage can often seem way out of reach for many people.

But playing in the right market and putting some measures in place can ensure prospective buyers can dip their toes in the property market sooner than expected. Follow these four simple steps and you could be on the way to purchasing your first home within 12 months.

1. Work out a rough budget: Incoming expenses versus outgoing expenses, i.e. what you earn versus what you spend. It’s as simple as that. From there, you can work out how much money you can put aside for your deposit. Calculate a weekly, fortnightly, monthly and yearly budget.

2. Start a savings account strictly for your home deposit: Once you learn what you can put aside each week, find a bank that offers a good interest rate and ensure you don’t touch the money you put aside each week. You will get great joy out of watching this figure grow.

3. Eliminate unnecessary expenses: Do you buy a coffee each day? It’s amazing how much $5 per day can add up to over 12 months. Many people are surprised with how much they can save by cutting out expenses that aren’t necessary. Find creative ways to save money; take homemade lunches to work, see if you can carpool with colleagues or have movie nights at home instead of at the cinemas.

4. Play in the right market: Are you looking at a five-bedroom apartment in a major city? Chances are this is not the right market for your first home. Be realistic and sensible about what you can afford. Once you enter the property market, it’s much easier to move around so sometimes it is wiser to settle for a house that’s not quite perfect than to miss out entirely.

Putting a few simple measures in place can have you feeling in control of your finances and confident when entering the property market.