4 ways to help save for a house deposit 

The home deposit. It’s the Joker to your Batman, the mongoose to your cobra, the windy day to your directional haircut. You’ve designed every detail of your dream home or planned out your real estate empire… but the need to save six figures blocks you at every turn. Saving for a home deposit shouldn’t feel impossible. At Bankwest, we know that with the right approach, your deposit won’t slow you down for long – so with the help of our Unlikely Expert – artist & illustrator Dom Friday, we’ve put together these four hints to tip the balance in your favour.

1. Follow the money

Nobody likes the sensation of not knowing where your pay check goes, and there’s a good reason for that. The sooner you get rid of that feeling, the sooner your deposit could grow.

When you’re tracking your personal expenses, the little details are important. To gain a real understanding of your spending habits, print out your transactions from 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 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 budget a bit more realistic, you’ll find that saving for your house deposit doesn’t feel so arduous. To that end, it’s worth checking out some online budgeting tools. Finding a tool that works for you can be a massive 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 transaction account, the bigger the chance that 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 payday. That way the saving’s done from the get-go, and with a savings account that rewards you for putting money away, you could be earning some interest as well.

Set up your 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 payday.

4. Give yourself less credit

There’s something mysteriously easy about spending money on a credit card. Even if you’re aware that you have to pay it off this month, it seems easier to swipe away with a credit card than it is 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, and you also get to dodge the interest charges that come with a credit card. Plus, you could avoid an annual fee altogether.

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Things you should know

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 48123123124 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.