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It’s possible to save for a home while renting – here’s how!

By Andrew Bell

While there are some incredible rentals in Surfers Paradise, we understand the desire to buy your own property.

If you're renting but dream of owning real estate, you aren't alone – 89 per cent of non-homeowners in Australia believe it's important to be able to buy your own home, according to CoreLogic. For the majority, however, price is a major obstacle.

Many are discouraged by the amount of time it could take to accrue a 20 per cent deposit on a home, but while saving may be challenging, it's not impossible. Here are three tips to help you get there.

1. Make a clear, reasonable goal

As anyone who's tried to save and failed before knows, it's rarely effective to set out to put away as much as you possibly can.

When you have an unclear, unspecified savings goal, you're unlikely to achieve it. That's because there's nothing to keep you on track or holding you accountable. Instead, begin your path to saving by determining exactly what it is you'd like to achieve and how you'll define success.

Ideally, you'll be able to make a 20 per cent deposit on a home.Think about the kind of home you'd like to buy, how much you can reasonably stash away each week and determine how long you'll have to keep up your efforts.

Be realistic and don't completely sacrifice your lifestyle. If you make yourself miserable, it won't be worth it.

2. Draft a budget and stick to it

Once you know how exactly what you need to save in order to reach your goals in a specified time, figure out a way to make it happen. For most of us, that means coming up with a budget that weighs your income against your expenses.

Think about what you must purchase and what you can afford to cut out. Most budgets will include:

  • Rent,
  • Gas,
  • Electric,
  • Water,
  • Transportation,
  • Healthcare,
  • Cell phone and internet.

Meanwhile , other costs are more individualised. Some, for example, may consider the gym a luxury they can part with, while others think of it as a necessity. Decide what you can and can't live without and plan your budget accordingly.

3. Save your raise and tax refund

When you're trying to save up large sums of money, living frugally can only go so far. That's why it's a great idea to make certain, larger savings automatic.

If you get a raise at work, for example, set up your direct deposit so it goes straight into savings. Similarly, stash away tax returns and large financial gifts before touching them. Think of things like this as 'extra money', different from your income.

One of the best ways to save for a home is to find a rental you can afford. At Ray White Surfers Paradise, we have access to heaps of affordable rental properties in prime Gold Coast locations. Plus, once your nest egg is in place, we can help you find the perfect first home to buy as well. To find out more, reach out today.

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