If you’re renting a house, it can seem almost impossible to build up enough savings for a home loan deposit. You may not think it but there are ways to improve your savings and have your dream of having your own home become a reality quicker than you expected. Here are our top tips;
Cut down on the avocados-
As silly as this may sound it is true – get rid of the unnecessary expenses,
* have your breakfast dates at home. This can be just as fun, get your friends to all bring ingredients over and cook up a storm together and enjoy food with your loved ones without breaking the bank.
* Make your own coffee, if you and your partner are buying a coffee every day for three years that’s your house deposit wasted.
* Use the outside as your gym, its free!
* Costs of tv- do you really need the extra tv channels? Do you even watch them?
* Park your car in an all-day free car park and walk the rest of the way to where you have to go, this benefits your wallet and your health.
Cutting back on unnecessary costs, doesn’t mean you will miss out- just think to your self “do I really need this at the moment, is it benefiting me?”
Go back to the nest-
I know, I know it sounds horrible, and for some, this option isn’t available, if not get someone into your current rental and share the living costs of rent, power, water etc. Remember, it’s not forever and the reward is so worth it.
* An alternative while you have moved back home is housesitting, you have no bills to pay for if you do this – because you are moving around you also get a feel for the
* suburbs for when you do start looking for your home.
Stash your money-
There is nothing more devastating than building up big savings and thinking ‘I can afford to spend some of it’ then to spend all of it and totally regret it. Make a saving account that you cannot get into, some banks offer high-interest reward accounts where you need two people approvals to be able to access your savings.
* In addition to this, if you receive extra funds through a bonus, taxes or pay rise, asked if it’s not yours – put them straight into your savings account.
If you’re renting a house, it can seem almost impossible to build up enough savings for a home loan deposit. You may not think it but there are ways to improve your savings and have your dream of having your own home become a reality quicker than you expected. Here are our top tips;
Cut down on the avocados-
As silly as this may sound it is true – get rid of the unnecessary expenses,
* have your breakfast dates at home. This can be just as fun, get your friends to all bring ingredients over and cook up a storm together and enjoy food with your loved ones without breaking the bank.
* Make your own coffee, if you and your partner are buying a coffee every day for three years that’s your house deposit wasted.
* Use the outside as your gym, its free!
* Costs of tv- do you really need the extra tv channels? Do you even watch them?
* Park your car in an all-day free car park and walk the rest of the way to where you have to go, this benefits your wallet and your health.
Cutting back on unnecessary costs, doesn’t mean you will miss out- just think to your self “do I really need this at the moment, is it benefiting me?”
Go back to the nest-
I know, I know it sounds horrible, and for some, this option isn’t available, if not get someone into your current rental and share the living costs of rent, power, water etc. Remember, it’s not forever and the reward is so worth it.
* An alternative while you have moved back home is housesitting, you have no bills to pay for if you do this – because you are moving around you also get a feel for the
* suburbs for when you do start looking for your home.
Stash your money-
There is nothing more devastating than building up big savings and thinking ‘I can afford to spend some of it’ then to spend all of it and totally regret it. Make a saving account that you cannot get into, some banks offer high-interest reward accounts where you need two people approvals to be able to access your savings.
* In addition to this, if you receive extra funds through a bonus, taxes or pay rise, asked if it’s not yours – put them straight into your savings account.
