Getting a place to live, whether buying or renting, can be pretty expensive. Monthly payments might be doable, but the upfront deposit can be tough to handle. If this is something you’re dealing with, it might be time to come up with a plan and start saving. Fortunately, saving for a home might be easier than you think.
Create a Budget
First things first, figure out exactly how much money you need to save. Use tools like the Mirvac Residential property search to check out different properties. Even if you’re not ready to buy right now, this can help you get a ballpark figure. Knowing the cost of your dream home gives you a solid target to work toward, making your saving goals more focused and achievable.
Change Your Shopping Habits
Once you have a clear saving goal, think about how you’ll get there. Most of us don’t have that kind of money just lying around, so we need to change our spending habits. Saving money can be as simple as changing how you shop. We often spend money on things we don’t need that could be used for our home deposit instead. Be mindful of your purchases and divert any savings toward your housing fund.
Eliminate Expensive Behaviors
To boost your savings, look at cutting out costly habits. Smoking is a big one—it’s a daily drain on your wallet. Quitting could save you a lot every day. If quitting is too difficult, even switching to cheaper alternatives like electronic cigarettes can help.
Get Help From Loved Ones
If you’re saving for several months, don’t be shy about asking your friends and family for help. Instead of traditional gifts for special occasions, ask them to contribute to your house deposit. They could also give you DIY or homeware vouchers, which will be useful when you move in and help you save money for perfecting your new home.
Effective Saving
Make sure your saving efforts pay off. The key is to channel this saved money directly into your home fund, so it doesn’t get spent elsewhere. Open a savings account or start a home jar to collect coins and small savings. Setting this money aside ensures it goes toward your house deposit.
The main idea is to save smartly and frugally. The good news is that these cost-cutting methods don’t have to hugely impact your quality of life, keeping you motivated on your journey to owning a home.