What did you do to save for your first home deposit?
Deposit For First Home- Tips
ladolcevita on 30/07/2017 - 08:49
Last edited 30/07/2017 - 10:23 by 1 other user
Last edited 30/07/2017 - 10:23 by 1 other user
Comments
Budgeting is the most important thing you can do to create savings. If you do not know where your money is going, how are you going to know how to manage it in the first place ?
Identify your frivolous expenditure, and cut it out of your budget. The more thrifty you are, the more you can save. It all comes down to how much are you willing to suffer in the short term, to save for the medium to long term.
I set about a 80% to 20% rule. Where 80% goes to all expenses. 10% goes to an emergency fund, and the other 10% goes to savings. The more you can cut out expenditure from the 80%, that goes to a future investment fund.
If you are partnered or married. We survive off one income and save 100% of the other, all spending is if we cant do it on one income we dont do it. We also have goals with the income we use to end the month with a bit left over, doesnt always work though.
bank of mum and dad.
its the only way unless you can slug it out for a decade. staying at home until you are like 30 seems to be new trend
Get a better job. That way you can also have a car.
That way you can also have a car.
80k high yielding investments only or dont bother.
Got a better job, sold one of our cars, saved hard, worked overtime whenever it was offered.
Side income through eBay.
Import headphones from colombia.
Spent less than I earned.
Be a serious tight ass and watch your life pass without doing anything interesting with your life
Then buy a house or apartment and watch your friends still struggling to save deposit money but hey they are well travelled and have gotten a brand new iphone every year.
bravoooo
Worked in a desert for a few years enjoying 45 degrees heat and tax free income
My sister is doing just this. Her contract been extended so she been there at least a couple of years.
Kudos to the brave lady. Not for faint hearted but the end result is totally worth it.
I was fotuntate enough to get a family gaurantee. Made a world of difference and parents didn't even have to dig into their hip pocket.
No smashed avo.
What has the world gotten to where one has to choose between a house deposit or a smashed avo on toast?
Not just for my first home deposit, but for saving in general, I basically set aside a percentage of my pay into a separate savings account before I pay any bills.
This forced me to live off what was remaining, including bringing lunch to work most days and not always going out for coffee each morning.