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Seven ways to (really) save for a deposit

March 25, 2015 Leave a Comment

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Whether you’re squirrelling money away for your first home or are a seasoned property shark, the process of saving for a deposit can be a thrill or a challenge… depending on how you tackle it! But the most effective techniques for building a rock solid deposit involve injecting a few crucial money-saving techniques into your everyday. Before you realise how effective the following tips are, they may have built you the perfect diving board to jump headfirst into the property market.

Photo credit: Rosewood
Photo credit: Rosewood

Tip 1: Have a smart goal

When setting yourself a savings goal, be realistic – it’s not going to happen overnight. Give yourself a timeframe to keep you on track, for example: “I’d like to save $50,000 in three years.” Doing this will allow you to analyse all your outgoings and deduct this from your income to give you an idea of what you should be aiming for – and what is realistic – to save each month.

Tip 2: Separate your needs from wants

When analysing your outgoings, be ruthless –are these needs or wants? You can’t survive without food or electricity, but do you really need to spend half your income on updating your wardrobe? Sometimes wants are borne from habit and there is a psychological connection between payday and treating yourself to new purchases. For example, celebrating payday with a visit to Westfield. These habits need to be reevaluated when you’re serious about saving for a property.

Tip 3: Learn how to snowball

So many people struggle to make the connection between knocking over debts and saving money. Snowballing is the art of paying off debts in order of their size, as hitting smaller commitments first will knock them off the to-do list while simultaneously eradicating any interest or further obligations you have to them.

Tip 4: Set up auto-savings

A separate savings account with automatic payments will allow you to directly debit some money from your everyday account each payday. No matter how big or small, they key thing here is that you’re saving some cash regularly and watching your home deposit dream get closer to reality.

Tip 5: Cut down on coffee

Before you get all panicky and up-in-arms, the important focus here is to minimise your cafe-bought intake, not completely go without your java. Simply giving up one coffee a day (assuming your coffee is $4) could save you $20 each working week which, over the course of 12 months, will add more than $1,000 to your savings. Bringing your lunch in from home just twice per week could net you more than $2,000 in savings per year.

Tip 6: Lock it away

Want to fast track your savings? Term deposits are a great way to avoid the temptation to dip into your savings. The best bit? As well as keeping your money locked away for a fixed period, some have high interest rates, so you’ll be making more money just for being smart with your savings!

Tip 7: Don’t go it alone

Do you have a friend who is also planning on saving for a deposit? Or are you saving to buy with a significant other? Use each other for motivation and make a pact to keep each other on track. For example, if you and your partner each commit to saving $100 a week toward your deposit, you’ll not only have a dedicated savings plan, but any amount you put aside will be matched by the other person. Using the above example of $100 per person per week could leave you close to $1,000 per month closer to your dream home.

The days of simply putting your pennies away and hoping for the best are long gone. If you want to call yourself a homeowner, follow these strategic tips and make it happen sooner.

— Bessie Hassan is the editor at finder.com.au, one of Australia’s largest comparison websites. She’s passionate about real estate, renovating, and helping Australians find better. 

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Do I recommend a timber vanity top? A big fat NOP Do I recommend a timber vanity top?

A big fat NOPE! 💧 

Which is why we have recently covered ours with a Caesarstone top (thanks to @justinplace_sydney for the advice and supply) and the sweet RELIEF of not having to worry about this high traffic area anymore, I'm telling you!🤗

Doesn't matter what they tell you or how many times it's sealed, I'm not sure it's a great idea in a room which is so, well, wet!

I love having the warmth of timber in the bathroom and it's a beautiful piece, but timber on the top? Never again.

Ours probably lasted a year (if that) before it started to go downhill (and we want a good decade out of a bathroom, right?!). 2.5 years on, everything else in this bathroom looks virtually brand new and the water marked vanity top was really letting the side down and making me sad!

But I'm so pleased with this solution, I have to say! Took the plumber less than an hour to remove the sink, install the top and connect the sink back up. We didn't need to move the tap and it isn't too close to the basin.

The kids are allowed to brush their teeth and wash their hands (liquid soap 🥴) in here again and I can leave my hair straightener on there with gay abandon 😆

The reflective surface (which I can clean with whatever I like!💪🏻) brightens the room up too!

Next week I'll tell you what I really think of my brass tile trim too 😉

#interiorsaddictbathroomreno2 #interiorsaddictfamilyhomereno #timbervanity
Is there a more decadent and delicious soup than F Is there a more decadent and delicious soup than French onion?

I think not!

Grab the recipe on the blog this morning via link in bio.
Get to know me! I haven't done one of these in YE Get to know me!

I haven't done one of these in YEARS so there's possibly thousands of you who don't know my back story. Here's a few things you may not know about me!

✔️ I'm English 🏴󠁧󠁢󠁥󠁮󠁧󠁿 and I moved here (just for one year) back in 2008😆 

✔️ I can't end the day without a bath, even if I get home really late or on a really hot day. It's a mental health thing and my happy place. 🛁 

✔️ Before becoming a blogger and running my own small business, I was a journalist from the age of 18. My favourite news gathering times were as a newspaper crime reporter (bit different to interiors!) 📓 

✔️ I once worked at New Scotland Yard in London 🚔 

✔️I had an interview at Oxford (didn't get in!) but chose not to go to uni at all after being offered a job on the local paper #universityoflife 😁

✔️ My mum died when I was 3, I have an excellent dad and one sister (younger) in the UK ❤️ 🇬🇧 

✔️ At school, my favourite subject was French 🇫🇷 and I was head girl 🤓🤓

✔️ I'm addicted to ☕️ , long hot baths and💄 (been wearing it since I was about 14!)

✔️ I'm not a phonecall person and will never ever pick up an unknown number. Ever. They can leave a message 😁

✔️ My favourite cuisine is Japanese 🍣 🍜 and Damian and I honeymooned in Tokyo and Venice 

✔️ I have zero design qualifications. I just started blogging about my passion, which is trying to persuade everyone to #heartyourhome That was 11 years ago...

✔️ My favourite tipple is a good GnT or🍷 

✔️ Cheesy as it sounds, 💁‍♀️being a mum is my absolute biggest joy in life 🧒👦

✔️ I will never give up my old school paper diary! Has to be A5 and week to view 📖 

✔️ My official surname isn't Bishop. I kept my maiden name for work after I got married but changed it for everything else. Often confuse myself!

✔️ I didn't get my Ps until I was 37 and I'm still a terrible parker 😯 🅿️

Hope you feel like you know me a bit better 😘

📸 @vanlowvanlow
Blue, green or lilac? 🎨 @nood_co coloured con Blue, green or lilac? 🎨 

@nood_co coloured concrete basins is a great Aussie business success story. Although co founder Matt Di Costa first found fame as one half of Matt and Kim on The Block, he hasn't relied on this to build his brand.

“We are very honoured to have been a part of The Block, and all they have done for us. I am, however, a believer in letting the product take centre stage,” he says.

Read our interview with Matt via link in bio now.

🙏Share your favourite colour basin in the comments!

#colouredconcrete #noodco #colouredbasin #blockheads #the block #bathroomtrends2022

Pic 1 by @naibudesign_ and 2 by @twostyleinteriors
I'd love to see more colour in Aussie interiors! I'd love to see more colour in Aussie  interiors! 🎨 

At the end of the day though, it's a matter of personal taste. I love pops of colour but it's not for everyone. 

We couldn't resist featuring this Canadian house tour today. The amazing Kelly Green  hutch (swipe) was an upcycled $200 find 🤗

Head over to the blog via link in bio to see the rest including one of the best playrooms we've seen in ages!

Project by @in.house.design
📸 @philcrozier
Create an unexpected city oasis with an emphasis o Create an unexpected city oasis with an emphasis on light and nature.

That was the brief for the conversion of a corner shop and a warehouse bakery into a luxury family home in Sydney's Newtown. And how about the library?!

Take the tour of this very special @annacarindesign project on the blog now, via link in bio.

Pic: @justinalexanderphoto
The things that excite me as a 40 year old 🤭 N The things that excite me as a 40 year old 🤭

None of us enjoy laundry (OK, there are a few of you out there who do. Weird!) but we have to do it. And often. So if your laundry bin can be as good looking, functional and space saving as this, then why wouldn't you?!

I've lost track of how many baskets I've thrown out because they've gone soggy or mouldy. They look pretty, sure, but they're not fit for purpose and they're often messy and overflowing.

Here's what I love about his @brabantia_australia one:

✔️ ventilation holes
✔️ no need to remove the lid for small items plus it hides your dirty laundry from view
✔️ easily removable and washable inner laundry bag that velcros back on 
✔️ corrosion resistant so fine in bathroom or laundry 
✔️ Brabantia make things as sustainably as possible
✔️ compact, sleek, European design
✔️ 10 year warranty
✔️ tall and skinny so takes up less floor in my tiny laundry

The Rolls Royce of laundry bins? I think so 👌🏻

TOLD you this was going to be exciting!

Now I need to know, do you have your laundry basket in the bathroom, the laundry, every bedroom? We used to have one in each bedroom but moved to the laundry-only situation which I much prefer (one for colours and one for whites). My boys know to put their used clothes in the bin in the laundry each night and they're 7 and 3!  #raisingfuturehusbands

#gifted
"Living rooms are important spaces where our publi "Living rooms are important spaces where our public and private lives intersect."

So says stylist @nataliewalton in her gorgeous new book Style, the Art of Creating a Beautiful Home.

"They are where we gather to welcome guests and entertain. But they are also where we decompress and relax at the end of the day. Increasingly, they are open-plan spaces and need to work within a greater scheme. Bringing all the elements together cohesively requires care and consideration. And, if you want a space that lives up to its true potential, make it personal and create with conviction."

Read an extract, the chapter on elevating your living room, on the blog today via link in bio.

Published by @thamesandhudsonau Pix by @chriswarnes 

#livingroomdesigns #nataliewalton #coffeetablebooks #designbooks #interiorsbooks #livingroominteriors #elevateyourspace
Kids and husband messing with my vignettes again🤨

PS. The coaster was RIGHT THERE 🤪
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About Olivia Shead

When she's not writing for Interiors Addict, Olivia is now a TV and radio news producer. She's a journalism graduate of UTS Sydney.

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