Are you looking for ways you can save for your deposit? With the right tips and attitude, saving for the deposit on your new home becomes a LOT easier. Read on to know five money-savvy things you can do to get started on saving for a house right now!
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One of the best ways you can save for your deposit is to set a budget. Sit down and take a look at what and how much you’re spending every month. Doing so helps you see which expenses you can cut back on.
You can record your budget in a variety of ways. There are many free mobile apps and computer programs that can help you set up your monthly budget. You can even go old-school by writing things down with a pen and paper.
Creating a budget won’t just help you cut back on your expenses. Having your costs planned out also motivates you to stick to your budget, which will help you in the long run.
If you’re saving for a house or unit, it isn’t enough to have your expenses budgeted out. One great way you can save for your property deposit is by making savings a part of your budget.
Here’s what we mean: people often spend the majority of their income on necessities and wants. The only time they get to save is when there’s some money left over.
The problem with this approach is there can be times when you might not be able to save anything at all. There’s a better way of portioning your income so you can make savings a part of your budget.
Here’s how much of your income you should be spending on your monthly expenses:
Let’s say you’re earning $4,000 every month. If you tuck away 20% ($800) of it to savings, you’ll have $9,600 by the end of the year! You can use this to build your deposit.
Another way you can save for your deposit is to sell things in your house that you’re no longer using. Some of the things you don’t need might end up being more useful for someone else. You can start by setting up a garage sale right in your community. Invite your neighbours and friends.
Maximise your reach by selling your stuff online, too! Websites like Gumtree, eBay and Amazon are useful platforms for selling brand new and second-hand items.
Selling the things you don’t need won’t just help you with your deposit. It’s also a way for you to declutter your own home.
People often try to live off less when they’re saving for a house deposit. There’s nothing wrong with doing this. It’s what saving entails.
The problem with living off less is you might end up feeling deprived. Remember, you don’t have to live off less so that you can save money. A better way to look at it is to spend more wisely.
When you shop at discount stores, you can get your everyday essentials for almost half the price. By buying at discounted prices, you can shop for twice as many items with the same amount of money.
You can set aside the money you save shopping at discount stores for your deposit.
Perhaps one of the best ways to save for your deposit is to find another source of income. You can look into getting a part-time or freelance gig to complement your regular 9-5 job.
Websites like SEEK and UpWork offer many home-based jobs you can go into for extra money. You can even do chores around your neighbourhood for a fee.
The idea of raising money and saving for a house might sound like a scary process. Yes, it is challenging, but it is by no means impossible to save for a house. By practising these five practical tips, you can save for your deposit easily. Stay committed to your budget, and you’ll be staying in your dream home in no time!
Up Next: Tips for a Smoother Settlement
A9 Property is a team of property specialists helping first-time homebuyers and property investors on their journey into the real estate market. Our weekly real estate blog touches on industry trends, market shifts, and investment strategy, providing you with valuable insight into your property purchase journey. We are experts who specialise in off the plan properties – a popular investment strategy in Brisbane and Australia. Check out our carefully selected portfolio of off-market properties for sale or contact us for an obligation-free chat to discuss the best strategy to start building your portfolio.