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How to Save for a House Deposit

How to Save for a House Deposit

7 Tips to Help You Save for a House Deposit

Owning your own has long been the dream for many, especially if they are planning kids. I owned my first home in Sydney but sold it when I got divorced. Since then, I have travelled around a lot, lived in different locations and now am on the Sunshine Coast where I might buy in a year or so. 

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How can you save for a house deposit? 

Image of woman in chair holding a dog and surrounded by plants inside a room. Text reads how to save for a house deposit. 7 tips to help you save faster.

1. Research ALL Upfront Costs

A house deposit is only one part of what you need to buy a house. There are conveyancer fees, building and pest inspections, insurance, connections such as electricity and internet.

Plus you will need to have some money set aside for maintenance or emergencies. You don’t want to buy a house, use all your money then have the hot water system blow up.

Get a complete picture of how much you need then set that as your goal.

2. Set A Realistic Budget

Tell your money where to go instead of waiting for payday to come and paying things as you go. Sit down and go over your bank statements to see where you are spending and where you can cut back. Often when we do this we are surprised where we are wasting money.

The cash envelope system is great for many people as it shows you exactly where your money is going because the cash is being used. Read this post for how to set and stick to a budget.

3. Treat Savings As A Bill

When working out your budget be sure to include a specific amount for savings and treat it the same as any other bill. It is something you have to pay! Open a separate account for it and start saving. As you reduce expenses or make more, add that to the savings account.

When you open a separate account, be sure to get the bonuses for it e.g. ING has their $100 sign up offer on. Meaning, if you have never been a customer of ING you can get $100 for opening an everyday account with them.Here’s what you need to do:

  1. Open an everyday account and put the promo code CNW116 in the promo box
  2. Deposit $1,000 into the account
  3. Make 5 settled transactions
  4. Open a Savings Maximiser
  5. Make a deposit into the Savings Maximiser

Then you get your $100 the following month. You only have until July 31, 2021 to do it.

Get $20 from 86 400 in minutes! I’ve used 86 400 for a year now and they’ve been great. Right now, they have increased their bonus offer to $20. It takes a couple of minutes to join for free. It’s fee free banking and online only. Use the code S7VL6WF when you join free here to get your $20.

Get $5 from Up bank which I have been using for a while now. Get your $5 for joining in minutes.

4. Do a Full Financial Review

Go over every expense and look at ways to cut back. Compare your insurance providers, electricity, phone, anything you spend money on and reduce it. I once saved almost $5,000 when doing my annual financial review.

Image of house with a pool. Text reads how to save for a house deposit.

5. Look For Ways To Make Extra Money

There are only so many ways to cut back but you can always make more. Once your budget is sorted and you know you’re getting the best deal on everything, start making more money.

Check out how I made $33,277 on the side in 12 months, 43 ways for single mums to make money, 19 ways I made money from home and remotely for ideas.

6. Get Visual

Create a vision board with the house and things you want. Print off a house savings chart you can colour as you progress with your savings and stay focused. Visual reminders such as these can help keep you motivated.

7. Look for Government Bonuses

These change but be sure to check out what there is available to you. First home buyers grants, building grants, no stamp duty and similar are all available in certain circumstances. Find out what can help you and what you are eligible for then use it. 

What did you do to save for your house deposit?

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