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How to Save a Home Deposit Quickly

Saving for a deposit is no easy task. For first home buyers and investors alike, it can be challenging to stash money aside and accumulate a growing fund despite the already-draining everyday expenses. The good news is that while it is difficult, it is still possible with a bit of planning and determination.

If you’ve been thinking about it for some time but haven’t made much progress to save that much-needed deposit for a new home, don’t be discouraged. In a shorter amount of time than you’d expect, you can be signing the contract to your very own property. And we’re here to help you do just that with some handy tips.

Recognise Your ‘Now’

Before diving into the deep end with uncontained ambition, it’s necessary to step back and take a look at the current situation in your life. What kind of income are you earning? Do you owe any debts? Are you committed to any compulsory payments?

Write down what you earn and what you spend week-to-week, month-to-month. It will give you a more thorough understanding of your financial situation, and helps for the tips below! Be real with yourself about what you’re saving now and what potential you have to save even more.

Set a Goal

Do a bit of research and learn about the kinds of properties on the market. Investigate the difference between various suburbs and the types of housing, and see what they have to offer. From there, you’ll understand what to expect from different price brackets and, most importantly, how much of a deposit you’ll need for the kind of home you’re after.

Find something reasonable and attainable, keeping in mind your ‘now’ position. Once you have a rough figure, you’ll then have a clear goal in mind. Never steer away from the goal!

Prepare & Plan

Get yourself a big calendar or diary and jot down everything that you’re anticipating to pay for over the upcoming months – everything from family trips to Christmas presents. Budget how much you plan on spending at each event and occasion.

While forecasting your upcoming social events, if you find that you have spare weekends or a less hectic schedule, the greatest thing to do would be to utilise that time with a second job. A second income means more savings!

Be realistic about what you can commit to without finding yourself in a state of exhaustion. Review your plan and see what you can sacrifice to reduce spending over the year.

Cut Out the Luxuries

Speaking of sacrifice, in order to put a little extra money in the piggy bank, you’ll need to learn the power saying of ‘no’ to yourself when wanting to indulge. No to $5 barista-made coffees (instant will do!), no to $30 gold class cinema tickets (movies at home are just as fun), no to fashion sales (if you don’t need it, it counts as a luxury) and whatever else comes your way as a spending temptation.

Of course, you’re not meant to be miserable while saving, but allow yourself a splurge by anticipating it. If you know you’re catching up with friends at the latest restaurant in town, make that your splurge for the week and enjoy it. It’s all about balance and being conscious of your spending. Set aside whatever you would have spent and you’ll see your savings skyrocket before your eyes. To put things in perspective, a coffee a day equals to almost $1500 at the end of the year – that’s a huge saving from just one small luxury!

Stay Consistent & Conquer!

All of these tips will make you successful on your saving journey only if you have a focused mindset and determination. Remain consistent with your commitments and positive changes, and you can have a sufficient fund for a home deposit much sooner than otherwise. Speak to a New Living Homes team member today about how affordable a new house can really be!

Testimonials

Building a New Living Home has given me confidence that I can easily embark on building a home rather than buying a place, and get a better house/ home rather than a small flat. But you have to choose a builder that KNOWS how to build, that builds exactly how the design dictates. A builder who can deliver what they say, when they say. A house that won’t look daggy in years to come is important too, and New Living Homes did just that. The overall investment has worked out well too, growing in value is a short period of time.

G.Pace

”The idea of our brand new home is still really sinking in as we never dreamt of building or ever own. A VERY big thank you to New Living Homes for giving us a brand new home! You’ve made our dreams real!”- Grevillea 4.1, Elegance Facade

L & M King

We would just like to say a massive thank you once again for all your help with the house. We moved in on the weekend and we are loving it ! So thank you for being part of the team that made our dream come true.

Belinda, Jordan Springs, Acacia 4 Urban

I love that my new home is mine!!!! There is nothing I don't love about it. The finishes are great and it is just perfect! I love showing it off to people and all of my friends and family love it and always compliment the design and workmanship.

B.M - Spring Farm  

‘’From the very beginning, our experience with New Living Homes has been nothing but amazing. From our very first meeting at Spring Farm, to the accounts team, to the pre-construction team, and our Construction Manager on site, nothing was ever an issue, or a question too stupid’’.

Rebecca & Steve - Jordan Springs 

‘’I have been extremely happy with my experience with New Living Homes and have told anyone and everyone about our build. Everything went smoothly and yes there were a few problems but our site manager sorted them out as quickly as he could.. Throughout all the build, nothing was too much trouble for our site manager’’

Debbie & Brian - Jordan Springs 

After hearing some horror stories of people building their homes we were fairly nervous to see how it would all
unfold however from the very first dealing with New Living Homes we could not fault a single thing. I would like to
give special mention to Emma from the Brooks Reach Display who was very accommodating with us pestering her
with what seemed like every week as we would be checking different things in the display home.

Tim & Kara - Flinders

My experience was excellent. This was the second house I have built in 4 years and the whole experience was a pleasure from start to finish. All of the sales team were very helpful and very responsive to each and every enquiry I had.

Damian & Lauren - Spring Farm 

Building with New Living Homes has been a pleasant and enjoyable journey so far, and we know we have Sandra to thank for this. Her customer service is second to none, and has made all the difference in building this time round. My husband and I just wanted to make sure recognition and praise was given where it is due. Thanks again for everything Sandra! We are looking forward to more builds with NLH. 

D.E, Marsden Park 

I always thought that building a house in Australia would be a nightmare like everyone told me but it was more than a pleasure as I was never troubled about anything. The process was as smooth as a butter.

Thank you guys, its because of your amazing team work, good flow of communication and the zeal to work hard to let people achieve their dreams, has gotten us what we really wanted. -

Monika & Mayur, Elara 

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