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Simple pocket money scheme to help bust into the property market

Domain editor Emily Power has shared her journey to saving to buy a home after what she calls “financial illiteracy” and it involves a simple pocket money scheme.

Power, who also co-hosts Saturday’s Weekend Breakfast on 3AW, came in to speak to Ross and John about getting out of debt and the unique role her parents played.

It’s all in her new book, ‘How To Buy A Home’.

“I’m in the unique position that I’m a property editor but I’m also going through the journey with readers who are trying to get on the property ladder after a price boom,” she said.

“In adjunct to that, I had stuffed up financially over the years and needed an aggressive solution to get into the market.

“I am frozen out of my salary, my salary goes into a bank account in my parents name.”

From there, she’s given $200 a week to live on.

And she’s got some sage advice for first home buyers, stop being suburb snobs.

Click PLAY to hear more on 3AW Breakfast