Saving for a house deposit!
Does the idea of coming up with a house deposit scare you out of trying?
Let’s explore some simple hints and tips to help you along your way.
The first thing to remember is that as the saying goes “if it was easy, then everybody would be doing it”. So set and manage your expectations from the start, it is a marathon not a sprint.
In order to reach your goal deposit, you need to have a plan. It’s as simple as working how much you need to save and dividing it be the number of years, you’d like to have it saved by, and then dividing again by either 12, 26 or 52 depending if you want to know the weekly, fortnightly or monthly amount.
Sacrifice and compromise are two words that are applicable when saving for a house deposit because if you want to achieve the deposit you are going to need to make sacrifices and compromises along the way. It is realistically not achievable to have everything and still save, not in this current environment. So, work out what’s important and what potentially you can compromise on.
Set up a separate bank account with no card access. This one is a no brainer!
Come up with a budget. I have heard many excuses about why people don’t believe in budgets but put simply – if you have one you have a plan and a clear visual on when your money is coming in and where it’s going.
Use technology to help you. More specifically use your internet banking app tracking system to help you manage your money. There are many great apps out there that can help you save.
When spending, weight up whether it’s a need or a want. If it’s simply a want – encourage yourself to go without.
Save, save, SAVE! It’s as simple as making a start and not giving into the temptation of spending.
If you are requiring further assistance, be sure to reach out to the FIMA team. Happy saving!
