It seems everyone I speak with about property has trouble finding great deals, but after a few weeks or months in the market, people always seem to be able to find a bargain. The next problem people have is finding the money, both with the deposit and the finances to complete the purchase. With what’s happening in the marketplace in regards to loans and lending I suspect that the emphasis will be on bigger deposits to mitigate risk for the lenders.

I have always found the first $10,000 -15,000 of any deposit savings plan is the hardest goal to get past. Once you get past this point the interest really adds up per month and your money compounds really fast.

Below are some tips I have used in the past to save money, these can be used for a deposit or anything worth saving for:

• Write a budget and stick to it. There are some awesome ones for free online.
• You will surprised at the value of your unused items. Sporting gear, surfboards, skis, bikes and other stuff can be sold to a second hand shop or EBay.
• Cash in or sell your unproductive assets, shares, bonds, bank deposits.
• Move your savings online and get a massive 6.8% with online banks, e.g., Bankwest or ING Bank.
• Really simple things like eating at home more, buying a jar of coffee for the office rather than a caffe latte on the way to work each day.
• Make your lunch before work or the night before, instead of going to the sandwich bar each day. This one alone saves a minimum of $1500 if you are spending $7 per lunch on Sandwiches.
• If you can realistically work from home, ask your boss if you can do so , maybe only staying at home for a day per week. This will cut down transport costs and time involved with getting into the office each day.
• I know people who are confident at teaching something they are passionate about, being paid to do it as a form of pocket money. You may be able to do this too in your chosen field.
• Get a “Pay as you Go” mobile phone plan rather than a contracted plan over 48 months.
• Use shopper dockets when you go out, if you need to go out for birthdays and celebrations.

Use direct debits to take money directly from your salary each and every week or month. I have been doing this for years and after a while you don’t see it therefore you are less likely to spend it.

Make getting a house a priority and have faith that you will get there.

Don Christie

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