3 Powerful Ideas For Saving Your Deposit

There have been a lot of reports recently in the media about first home buyers and the cost to them of getting into their own home. Arguments are carefully detailed but there are few helpful answers. I think the hurdle of saving a deposit is huge and it has also been huge at times in the past but I would like to focus on ideas to support home buyers rather than analyse what happened in the “good old days.”

This post is therefore written for anyone who has set a goal of buying their own home regardless of where they live.

1. Set A Goal and Set A Deadline

My first tip is that you write down your goal and put a date on it. It could be a year or two or five years – it doesn’t matter. You need to write it down, make it into a screensaver or a poster and remind yourself of it every day.

Put it on a sticker and stick it on your eft-pos and credit cards. Put it on a small card and keep it with your cash in your wallet. Name your savings account on internet banking with the word House and the year you will buy. Commit to the goal and remind yourself of your commitment whenever you can.

2. Make A Financial Plan Of Attack

Once you have done that then you can work out a financial plan to make it happen. That probably sounds like the wrong way around but successful people know that having a goal they are committed to inspires them to find ways to make it happen.

Your plan will need to detail the amount you are planning to save from every pay as well as an extra amount which you will save every month.

With a plan done you can now decide on the small actions you will take every day or week to make it happen. I have written previously about tips to save money and to increase your income so those may be starting points and a quick internet search will identify loads of other ideas.

3. Form A Group Of Like-Minded People

So far so good but over time it gets harder to keep sacrificing and the goal seems a long way off. My third tip is to create a small group of like-minded people to support each other. You may have friends who are also determined to own their own home or you may make contact with others through groups or forums. You can share ideas and support each other via email, meet-ups or a private facebook page or any other way that suits the group.

What the group can help with is accountability. If everyone shares their goal and their steps to achieve it then each month you can talk about how well or badly you’ve done. Being accountable to others is really important when temptation is lurking and you want to choose today’s pleasures rather than tomorrow’s security.

Groups can also pool ideas for increasing income and reducing expenses and can be a great social way to share the ups and downs with people who get it and care just like you do.

Trying to buy a home without an in-your-face goal, a plan and a group of supporters is so much more difficult so try a new way and let me know if it makes it just a bit easier.

Robyn Forryan

Property Magic

0800 800455

Robyn has been in the real estate industry for more than 20 years. She has sold houses, rented houses, traded houses and now she is doing what she loves best – helping house buyers. Because of her varied experiences her advice is practical and honest as well as being independent because she is not a real estate agent but a house buyer’s consultant. She keeps her community informed about the property market, gives tips on how to buy a house and tries to help buyers with the techniques that will help them secure their dream home at the best possible price and with the least possible problems.