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3 ways to save more money for your deposit

By Andrew Bell

If you are thinking about buying a home in the near future, you likely know that you’ll need a sizable deposit totaling as much as hundreds of thousands of dollars. Of course, it’s not easy to find room in the modern family’s budget to set that kind of cash aside quickly.

The following tips should help you bolster your savings and get to the point where your deposit is truly impressive:

1) Don’t let all your money sit in checking

One of the biggest problems many Australians face in their quest to save up for a home is that they spend more of their money than they think every month. On Property recommends taking whatever amount you want to save out of your paycheck and putting it into savings as soon as you get it. That way, you don’t feel like you necessarily have extra money to “play around with” over the course of the month, and you can also start accruing interest more easily.

2) Look at what you spend each month and find ways to cut corners

As you might imagine, just taking a few hundred dollars out of your paycheck each month isn’t going to be enough to build up a deposit all that quickly. Consequently, you also need to find ways to save money in your everyday life to aid in this process. That could include using coupons at the supermarket, shopping and dining out less often, or scaling back the number of subscriptions you have.

3) Understand the timeline

While you likely understand that saving for a deposit is a long process, you might not realise just how much financial work goes into it, Moneysmart.gov.au said. In general, you want your deposit to be as close to 20% of a home’s value as you can, and saving up tens of thousands or more can certainly take time. The average Australian may need to save for more than four and a half years to get to that point. You need to be ready for that kind of time commitment.

When you are getting to the point where your savings is large enough to afford a home, it’s time to connect with a real estate professional who can help you navigate the sales process with ease. At Ray White Surfers Paradise, we have closed countless sales for both buyers and sellers, and would love to be able to do the same for you. Get in touch with us today to learn more about how we can help.

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