Budgeting & Saving
Practical strategies to build your first home deposit faster
Setting Your Savings Goal
Having a specific target with a timeframe helps maintain motivation. Work toward a concrete number — knowing exactly how much you need for your deposit and when you want to achieve it makes it far easier to stay on track.
Tip: Use our KiwiSaver Calculator to see how your KiwiSaver balance will grow and factor it into your deposit goal.
Creating a Budget
Do a budget and work out everything that you need to spend money on. This will help you identify where you can cut back and redirect money into your deposit savings.
Free tools like Sorted.org.nz can help you track your spending against your budget and keep you accountable.
Tracking Your Spending
Those daily coffees or Friday evening rounds at the pub can really add up. Cash spending often goes untracked, so reviewing your bank statements helps reveal your true spending patterns.
Reality check: A $4.50 daily coffee habit costs you $1,080 per year. A $10 daily lunch adds up to $2,400 per year. Small changes can make a big difference to your deposit savings.
Be honest about your expenditure — including shoe collections and work lunches. Essential spending covers food, housing, and clothing, but your budget should also include reasonable treats so it's sustainable.
Practical Savings Strategies
Separate Accounts
Keep your savings in a separate account from your daily spending so you're not tempted to dip into it.
Automatic Payments
Set up automatic transfers on payday so money goes to savings before you even notice it.
Limited Access
Avoid linking your savings account to debit cards or online banking to reduce the temptation to spend.
Shop Rates
Compare savings account interest rates to make sure your money is working as hard as possible for you.
Grocery & Daily Spending Tips
- $Shop around for better prices
- $Make and stick to shopping lists
- $Buy basics in bulk when on sale
- $Purchase seasonal produce
- $Reduce coffee purchases
- $Pack lunches instead of buying
Useful Tools & Resources
Ready to Talk About Your Deposit?
Book a no-obligation consultation to discuss your savings plan and deposit options.