Top 4 tips for making your home deposit happen

Want to know what you need to save for your home deposit? Simply put, discipline. Saving for a home deposit sounds like a tremendous task but realistically, you only need to make some tiny changes. Check out our top four tips for finally making your home deposit happen.

1. Don’t budge on your budget

Think strictly about your savings. If you’re not mathematically inclined then now is the time to hire a financial advisor for at least one hour— it will pay off, no pun intended. You need to get your finances in order so you can really look into the future. It’s not as difficult as it sounds; sit down and work out how much you pay for traveling, food, electricity, fun and more. Once you have that figured out, draw a hard line and separate wants from needs. Subtract items you can work around like lattes, lunches out, magazines, clothing and more. Your reality check will make both you and your savings get real.

2. Question your credit cards

Speaking of debt, have you reconsidered your credit cards? Paying all that extra interest won’t benefit those in your real life! Sure, they’re convenient, but that comes with a cost. There’s a reason why so many people can’t afford a credit card and if you really want to save for your home deposit then you might be one of them. Think about it this way: without a credit card you can own a lot of stuff, but what’s the point if you never have your own house to put it in? Ditch the plastic!

3. Sell stuff

If you’re one of those people who owns a lot of stuff, now is time to sell it. If you want to save for your home deposit then Ebay might just be your new best friend. Ditch everything you’re not using: think computers, TVs, clothing, dishes…anything is up for grabs. Capitalize on the paradigm that one man’s trash is another man’s treasure. Remember that this isn’t permanent. Once you’ve moved into your new place you can really get to work on investing in killer items you want to keep around. Want a really good tip? Sell your stuff on Saturday and Sunday, statistically speaking, that’s when Ebay gets the best volume.

4. Sell yourself on the idea of a second income

Now we’re getting real with you…if you want a home deposit then you definitely have to work for it. That means you might have to get a second job. Capitalize on your talents and think about adding a few extra hours of work per week by picking up some extra shifts or trying your hand at something new. What are you good at? Can you freelance on your off hours or use your skills to get another paycheck? You can practically live off your primary income while using your second income for your savings. Trust us, your imagination is your only limit.

Good luck on saving for your home deposit. We promise our little tips will make a huge change.

Cristy Houghton