Women share their top tips for saving for a house deposit – including living off one income if you’re in a couple and trying ‘conscious spending’
- Women have revealed their top tips for saving for a house deposit quickly
- Hundreds of homeowners shared how they managed to save up for a property
- Tips include living off one income if in a couple and getting rid of credit cards
- Others recommended following The Barefoot Investor and giving up luxuries
Women have revealed their top tips for saving for a house deposit – including living on one income if you’re in a couple and cutting out all unnecessary spending.
Writing on Facebook, hundreds of homeowners shared how they had managed to save for their property, providing plenty of inspiration for young people to get on the housing ladder.
‘What is your best advice for saving for a deposit?,’ one user asked the group, Mums Who Budget and Save.
Women have revealed their top tips for saving for a house deposit – including living on one income if you’re in a couple and cutting out all unnecessary spending (stock image)
She was quickly met with more than 200 tips and tricks for boosting your bank balance – fast.
‘If there are two of you and both of you work and have two [bank] accounts, live off one of the accounts and bank one wage,’ one person wrote.
‘It’s a trust and commitment… It’s hard. But if you do it for one month, you will see the benefits.’
Another advised the woman to ‘get rid of her credit card’, while a third encouraged the idea of conscious spending.
‘For me, I find the question “is this item worth ___hours of working?”,’ the woman wrote.
Others recommended cash over card as a way to see exactly how much you are spending.
‘For me, I find the question “is this item worth ___hours of working?”,’ the woman wrote (stock image)
Many recommended the extremely popular book, The Barefoot Investor, which they said is full of tips and tricks on how to boost your bank balance.
‘Cut out non essentials (phone plans, Netflix, beauty treatments) downgrade cars,’ one person wrote.
‘Pay bills first and then with your leftover money, save at least 50 per cent of it. Put aside money for bills every week so that you are constantly saving up for them.’
While some recommended moving home or in with family for six months as a good way to quickly drum up cash, others said there are different ways that don’t mean you have to uproot your entire life.
‘Going without 80 per cent of luxuries,’ one person said.
‘Have a reasonable reachable goal,’ another wrote.
‘In six months go over your bank expenses and highlight all your eating out and spending and you will find a pattern.
‘Cut back on that pattern and put those (potential) spending into your house savings.’
Previously, finance expert Canna Campbell (pictured) has shared her top 10 tips and tricks for getting on the housing ladder fast
Lastly, some said something as simple as physically staying away from the shops can help.
One woman shared her own personal story of how she managed to get on the housing ladder:
‘We saved our deposit in a little over six months,’ she wrote.
‘We did it on one wage, whilst renting and raising 1.5 babies (I was pregnant and had a toddler).
‘It came with A LOT of sacrificing. We had no life, basic food shops and my husband worked himself to the bone.’
She said he did this by working as much overtime and doing as many cash jobs as possible.
‘We only saved a seven per cent deposit (so the bare minimum) which means we got LMI, but (and I cant stress this enough) LMI is NOTHING to be afraid of.’