How to save a deposit for your first home

If you are saving for your first home deposit, it can be difficult to live the life you want but on a budget! We’ve created tips on how to save a deposit without completely changing your lifestyle.

Introducing healthy saving habits into your day-to-day life can be a challenge if you don’t have the right tools. Money doesn’t grow on trees, but it can grow in the bank. That’s why saving should be at the top of your financial to-do list. Whether you’re saving for a new car or want to make the milestone investment of buying your first home, saving starts with your mindset. 

Here are our best tips and tricks to savings for your first big investment.

Set Yourself Goals

The best way to ensure that you’ll have what you need is to be intentional with your savings. In simple terms, write both your personal and financial goals down on paper. When deciding on your saving goals, it is very important to be reasonable about yourself and understanding of your financial situation. 

The key to healthy saving habits is to start small and think big. Committing to saving small is the best way to develop effective saving habits. Start with easier tasks and work your way up to bigger financial challenges. In turn, this will assist in breaking down some of the mental barriers of saving into achievable chunks, which will build your confidence. By focusing on the positive outcomes of your saving journey, you’ll reach your goals much faster than you anticipate!

QPG’s Big Tip: Plot your progress! When you’re working towards something, it can be really motivating if you can see evidence of the progress you’re making. Draw or create a visual representation of how you’re coming closer to achieving the goal you’ve set for yourself!

Saving Around The House

Now that you have plotted your goals and have a grasp on your new saving habits, the best thing to do is to evaluate your consumption in both your household and workplace. Saving doesn’t always infer cutting down. Maximise your income and buy your household goods in bulk. 

Get to know your kitchen and be more aware of what type of foods you’re purchasing and how much waste your kitchen produces each meal. The best place to start is by buying your groceries in bulk. Not only will this save you a few extra dollars in the long run, but it is a great way to portion your meals and reduce waste by only using what is needed. Wasting food is wasting money! Freeze your unneeded produce and leftovers, and you’ve got a cheaper and healthier alternative to take-aways and shop-bought snacks. 

Although there are many ways you can save money in your household, only DIY when it makes sense. Doing major repairs on your own won’t save you money if you end up having to pay a professional to fix your shoddy work. However, if you are feeling a bit creative, a great way to increase your cash flow is by selling unused household furniture and knick knacks.

Saving In Your Workplace

Perhaps one of the more challenging environments to save money is in your workplace. Changing your spending habits and mindset about money is one of the most useful ways to grow your saving confidence. Cut down on unnecessary spending and try making your lunch at home or make the switch from a large to a small coffee. It’s important to know where your money is going so avoid pointless spending. 

If you normally drive a car to work, a great way to save some extra dollars is to consider your public transport options. Cut down on fuel and invest in a Go-Card! Not only will you save on fuel expenditure, you’ll also miss out on peak hour traffic jams. Don’t forget to check out your local council’s list of free shuttles buses too!

If you’re still studying, get to know your discounts! Many companies offer discounts for students whether that be for travel, retail, food or software. There’s something for everyone, you just have to look. Keep an eye out around your workplace for any employee discounts too!

QPG First Home Support Program

As you build your saving confidence and begin to reach some of your smaller financial goals, it is important you revise and educate yourself on what your more complex saving goals are. If buying a house is on cards, start researching what areas you would like to live in and what type of home you are after. However, it is important to focus on your finances first so you can browse according to your financial ability. If you feel overwhelmed by debt, are struggling to save for a deposit or just don’t feel ready to take the leap into owning a home, consider joining our QPG First Home Support Program.

The QPG First Home Support Program is designed to assist those who just don’t feel ready to make the jump to homeownership. It offers guidance, industry updates and saving tips for first home buyers as well as a FREE Financial Health Check to re-evaluate your financial situation. 

For those interested for more information or to join our QPG First Home Support Program, please send an email to [email protected].

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