4 ways to help save for a house deposit 

You’ve designed every detail of your dream home or planned out your real estate empire… but the need to save up that deposit blocks you at every turn. The good news is, with the right approach, your deposit doesn't have to slow you down for long. With the help of our Unlikely Expert – artist and illustrator Dom Friday – we’ve put together four tips for you to try.

1. Follow the money

Nobody likes the feeling of not knowing where their money goes. The sooner you lose that feeling and start tracking what you’re spending your cash on, the sooner your deposit could grow.

When you’re tracking your personal expenses, the little details are important. To get a real understanding of your spending habits, take a look at your transactions over the last 90 days and do a self audit. By categorising where you spend your money, you’ll be able to see where you can afford to spend less.

2. Your budget shouldn’t break you

As a budgeter, you have a breaking point. Let’s face it, if you take away every last treat, you’re actually more likely to fall off the wagon and you’ll end up saving nothing. Pick one or two things every month that you’re not going to feel guilty about – a movie, a massage, a night out – and really savour it.

With a more realistic budget, you’ll find that saving for your house deposit doesn’t feel so arduous. Our online budgeting tools can be a big help.

Activate Bankwest Easy Alerts so you know when you hit your savings goal.

3. Your savings need a saviour

The biggest danger to your savings is time. An unexpected dinner here, an extra coffee or 20 there, and suddenly the decimal place in your account has jumped a couple of places to the left. The longer you keep your savings in your everyday bank account, the bigger the chance you’ll chip away at them until they’re gone.

So save your savings. Set up an automatic transfer from your everyday transaction account to your savings account every pay day. That way, the saving’s done from the get-go. Keeping your savings separate from your everyday transaction account means you’re less likely to spend it on everyday purchases. And with a savings account that rewards you for putting money away, you could be earning some interest as well.

Set up Bankwest Easy Alerts so you know when you’ve hit that savings goal

Set up an automatic transfer from your everyday transaction account to your savings account every pay day.

4. Swap your credit card for a debit card

It can sometimes be a bit too easy to spend money on a credit card. Even if you’re aware you have to pay it off that month, it seems easier to swipe away with a credit card than it does with a debit card.

If you can, use that fact to your advantage and use a debit card instead. You might find yourself thinking twice before spending. After all, a debit card is linked to your everyday bank account, so your spending money is limited to your available balance. You also get to dodge the interest charges that come with a credit card, and you could avoid an annual fee altogether.

Want some motivation to save or budget?

Need some help with saving?

Browse our range of savings accounts.

Ask an expert 

Get in touch with one of our Home Finance Managers, and they'll respond within one business day. 

Things you should know

Bankwest Easy Alerts are available for your mobile personal transaction and savings accounts. Limited alerts only are available for credit card transactions. You must have access to Bankwest mobile online banking, and enable Bankwest Easy Alerts via the Bankwest App to receive the alerts. Terms of Use apply for Bankwest Easy Alerts. Bankwest Easy Alerts is currently supported on iOS 9 and Android 5.0 devices and above. Bankwest Easy Alerts is not available on tablets and Windows devices.

The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.