Saving for a house deposit is no easy feat. It won’t take a year, not even two. Housing prices are rising and it’s better to have more in the bank to secure your Australian dream. Here’s a few tips to help you plan, save for and nab that two-bedroom stunner you saw on Real Estate.
- Sit down with your accountant
Your accountant is your financial strategist, your coach and cheerleader. If you have a goal, they’ll help you get there. Book a meeting to make a proper budget. The accountant will make it realistic enough for you to stick to.
- Start generating interest
Chances are your bank has a high-interest savings account that slowly boosts your savings. It’s a handy little trick to help you save some passive income. Have an everyday debiting account where you can access your money anytime as well as a high-interest account. Put your savings there and watch the numbers grow.
- Look into grants
The First Home Owner Grant is a government handout for first-home buyers that will ease the financial burden slightly. Starting from January 2018 the amount goes down to $15,000 but this is still a significant amount that you can contribute to your house deposit. There’s some conditions applicants need to meet in order to get approval.
- The home must be a new build (off-plan or building it yourself)
- You or your partner have never owned a home before
- The total purchase price is under $750,000
- You’re a permanent Australian resident or citizen
- Make the occasional cutbacks
Budget is a b-word that most people loathe but it’ll pay off in the long run. Simple switches like meal-prepping for the week and only having one take out coffee instead of a dozen will save you heaps of money annually. Make eating out a treat instead of a ritual habit. Ubereats and Deliveroo is great when you can’t be bothered but save it for Friday night.
The gig economy is booming and if you have some spare hours, why not charge for them? Upwork is the biggest freelance hire/search site on Google, making it a great place to start. If you already work part-time or full-time it’s going to present a challenge. If you have amazing scheduling and balance skills however this shouldn’t be much of a problem.
- There’s an app for that
Thanks Apple and GooglePlay for making apps that cater to all our first-world needs, including budgeting. Check Frugal and Thriving for some of the top ranked.
Need more advice? Read these.