It’s not easy to save for a home deposit these days.
Some might argue the basics of working hard, buying cheap, being frugal, and controversially .
But it’s not always that simple, especially in some of Australia’s biggest cities.
In any case, here are a few small ways to help you get to your goal, even if it might take a while!
1. No more smashed avo
We have a lot of things to be thankful for in Australia, but $5 coffees are not one of them! Day after day the little things can really add up.
Smashed avo was recently thrust into the spotlight as an enemy of the young persons wallet, and some would say it’s time to leave smashed avo brunches for catch ups with a friend and opt for a simpler (and cheaper) start to the day. A loaf of bread and a fresh avocado or two from the supermarkets can keep you going for a week at a fraction of the cost!
Avoiding smashed avo certainly won’t build a deposit overnight, but reducing overall entertainment expenses could help the savings tick up.
2. Reduce entertainment expenses
Pre-owned games are your friend. Gumtree is your friend. Tuesdays at the movies are your friend.
While the costs may seem small, subscription services eat little chunks out of your monthly budget, so keep an eye on how many you have running.
Love a catch-up? Rather than socialising at a restaurant (see smashed avo, above), event or club, could you celebrate with friends in parks or homes instead?
Cutting down some entertainment costs, bit-by-bit, may help your balance gradually claw in the right direction.
3. Buy less clothes
Do you REALLY need that 5th pair of shoes? The new suit? Another dress? That leather jacket… In summer?
There are also many ways to save a penny when it comes to clothes: shopping online, buying basics from value retailers … not everything has to come off the runway at New York Fashion Week!
Remember in 2014 when Macklemore and Ryan Lewis made thrift stores popular again? As long as you don’t mind looking like an extra in an Austin Powers film – now’s your chance to save cash AND be on trend!
4. Get less haircuts
It’s not going to stop growing – so what’s another week or two? Say you got a haircut every month, that’s 12 haircuts a year and a hefty chunk of cash – especially if you’re all about that colour and blow dry.
Push that out to 6 weeks and you’re already down by 3!
8 weeks? You’ve halved your hair budget!
You’re still cutting your hair, but now you’re cutting your costs too! If you wanted to be super-efficient, every kitchen has a bowl and a pair of scissors…
Do you have any little ways that can help save for a home deposit?