Saving for your home deposit

• Create a budget and stick to it. This will help you track your spending and ensure you’re not overspending.

• Cut back on unnecessary expenses. Do you need that daily latte? Or that expensive gym membership? Take a look at your budget and see where you can cut back.

• Set up a savings account specifically for your home deposit. This will help you stay motivated and on track.
• Make a plan to increase your income. This could mean getting a part-time job, starting a side hustle, or asking for a raise at work.

• Consider government assistance programs. There are a number of government programs available to help first-time home buyers save for a deposit.

• Be patient. Saving for a home deposit can take time. Don’t get discouraged if you don’t reach your goal right away. Just keep saving and you’ll eventually get there.

Here are some additional tips for saving for a home deposit:

• Make saving a priority. Make sure you’re putting money into your savings account every month, even if it’s just a small amount.

• Automate your savings. This will make it easier to save money without having to think about it.

• Don’t touch your savings. Once you’ve put money into your savings account, make sure you don’t touch it unless it’s an emergency.

• Celebrate your progress. As you reach milestones in your savings journey, take some time to celebrate your progress. This will help you stay motivated.