It is completely possible to save a house deposit in less than 12 months and I am going to show you exactly how you can do it.
Saving for a house deposit can be a daunting task because it is likely going to be the largest sum of money you have ever saved in your entire life. There is a famous quote that says:
"A journey of a thousand miles begins with a single step" or to put it in a more humorous way "How do you eat an Elephant?... one bite at a time". By breaking down your goal of the deposit for your first house into sizable ฝากขายบ้าน chunks it will be more motivating for you to stay the course and save up your deposit.
1. Work Out How Much Money You Need
First you need to work out exactly how much money you need to save. You can work this out by multiplying the price of the house you want to buy by the percentage of the deposit you are willing to pay.
For example if you want to buy a $200,000 house and you are trying to save a 5% deposit then you would need to save $10,000. ($200,000 x 0.05). Be sure to also include costs of purchasing the property (eg. Stamp duty, solicitor fees etc).
2. Divide That Amount By Your Pay Schedule
Now take the amount you calculated above and divide it by your pay schedule. By pay schedule I mean the amount of times you get paid each year. If you get paid monthly it would be 12 times, fortnightly would be 26 times and weekly would be 52 times.
If you needed to save $10,000 and you got paid weekly then you would need to save $192.31 per week ($10,000/52) in order to reach your goal within 12 months. If you got paid monthly you would need to save $833.34 per month ($10,000/12)in order to achieve your goal.
3. Save That Money Every Single Pay
Now comes the hard part. As soon as you get paid you need to put aside that money and DON'T TOUCH IT! This goes against the grain of traditional saving techniques that say "Spend as little as possible and save the remainder".
What you are going to do is save the full amount straight up front and then aim to live off the remainder. Well you aren't even going to 'aim' to live off the remainder you are going to find a way to live off the remainder!
4. Find Ways To Live Off The Remainder and Increase Your Income
Now that you have saved the right amount of money in order to achieve your goal you now have the difficult task of finding a way to live of whatever is left. This is where you need to get creative.
Firstly, find ways to save money. Cut back unnecessary spending wherever possible and save money wherever you can so you current cost of living goes down as much as possible. Then secondly looks for ways you can bridge the gap between the income you have left (after you saved for your deposit) and what you need to comfortably live.
That might be $200/week. So you need to find a way to earn an extra $200/week. Maybe you can get a part time job, get a pay rise, get a job promotion or start a side business? Or possibly you could even sell off some of your unwanted items to help make up that deficit.
It is possible to save for a house deposit in just 12 months. However, it does require you to be diligent in saving and creative in spending.
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