1. Look At What You Are Spending
You should do this before you are thinking of saving for a deposit for a home. You need to be able to account for every dollar you spend.
You need to look at all of your spending and cut out any unnecessary spending to save for your house deposit. Tallying your income against your expenses, credit repayments and savings can help you find where you need to reduce your spending.
2. Assess Your Lifestyle
Take a look at your lifestyle and ask yourself how much you’re willing to sacrifice to reach your house deposit goals.
Take a look at discretionary items and ask yourself how much do you really need them. Are you willing to sacrifice social events, new clothes, going out in order to save for your house deposit? Are you willing to move back home or getting somewhere cheaper to save a deposit?
3. Budget and Save
Budgets should be Flexible and Realistic, for a home loan your budget needs to be aggressive.
Most people spend 50% on necessities 30% for wants and 20% for savings. You should allocate more money to savings because it’s for a house deposit.
Cut down areas in the wants and necessities section by moving back home, renting somewhere cheaper and using public transport instead of your car.