Saving for your first home usually means choosing long-term wealth over short-term spending: fewer luxury holidays, a cheaper car and less on non-essentials, so your savings can build towards a deposit. It comes down to whether you're trying to keep up with the Joneses or build wealth for your future.

In this short video, McKern financial adviser Shahin Tehrani talks about the two kinds of people he sees: those whose spending rises to match their income, and goal-focused people who are willing to go without now to get into the property market sooner.

General information only, not personal advice.