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How to cut your expenses and boost your deposit savings

By Andrew Bell

When you’re trying to buy a home and particularly if it’s your first time you might find that it’s rather tricky to save enough money to make a sizable deposit. A traditional deposit for a home in Australia is about 20%, and while lenders may let you go under that level, it’s better to try to reach it if you can. And given that many homes in Queensland and beyond can cost well over $500,000, that means you have to put away a significant sum.

Of course, life is expensive these days and saving isn’t always easy, so you have to find ways to cut corners in your monthly budget, including the following tips:

Pay down your debts

Paying more money today may not sound like a great way to build savings, but it is in the long run. The Simple Dollar recommended that paying down balances with higher interest rates (like credit card debts and auto loans) will allow you to free up more money later on. Just think: If you aren’t paying $50 or more in interest every month on every one of your accounts, that’s potentially hundreds of dollars that can go into savings instead.

Reduce your utilities use

A big monthly expense is just the cost of living comfortably. But if you can stand to turn the heat or air conditioning down a few degrees, and otherwise get smarter about heating and electrical use on a daily basis, the savings can really add up quickly.

Shop smarter

Couponing has become a very popular pastime and there are deals aplenty to be had if you put in the time to find them, according to Experian. By looking for coupons many of which you can just save onto your phone you may be able to reduce your bills for groceries, clothing and other necessities by more than you expect.

Cut back on subscriptions

Finally, it’s important to note that everyone has a boatload of subscriptions these days. From streaming services, magazines and everything in between, the cost of each one might be relatively low, but collectively it can be huge. Cutting back even a bit can go a long way.

When you’re buying a home, it helps to have an expert by your side at every step of the process, to answer questions and generally make sure everything goes as smoothly as possible. The professionals at Ray White Surfers Paradise are here to help you with the home search, so get in touch with us today to find out more about what we can do for you.

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