Saving for a deposit to buy a property is one of the hardest things to do especially if you are renting or you have kids. The cost of living is increasing all the time however are wages are not! It’s harder and harder to find anything left over to put towards your savings.
Here are 3 simple ways to fast track your deposit
Be realistic when it comes to your purchase price.
Unfortunately, a lot of people want to buy their forever home now. This is part of the reason why they just can’t get the deposit needed. They want the big house straight away. Be realistic when it comes to your purchase price. Start small and them move up from there. After a few years you can revaluate your position. Start small first.
Create a savings plan.
Most people don’t save because they don’t have a savings plan. This is vital! A savings plan will help you track all your expenses. I suggest you go through your last 3 months bank statements and track all your expenses. This will help you determine where you are overspending and find ways to cut costs.
Assume you already own the property
This is my favourite. Assume you already own the property you want and now put aside all the expenses you will be paying towards that property towards savings. For example, council rates, strata costs, utilities etc. This will help fast track your savings.
The above it will assist you to save for your deposit and get you closer to purchasing that property!
If you assistance with home loans or financial planning, please get in touch as we would love the opportunity to assist.