Saving a deposit is never easy. These 5 tips below will help you get there sooner.
1. PAY YOURSELF FIRST
The biggest mistake people make is attempting to save what is left over after they have paid all the bills, rent, etc. Put away what you want to save as soon as you get paid and you will be surprised how the bills still get paid.
2. CONDUCT A THOROUGH BUDGET ANALYSIS
Looking through your savings account and credit card $ for $ and obtaining an exact figure of what you spent and not a rounded out figure. This gives you education and confidence to forecast what you can potentially save.
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3. TALK TO BOSS ABOUT PAY RISE OR FIND HIGHER PAYING JOB AND SAVE THE DIFFERENCE
Provide over and above value to your employer and you are in a strong position to ask for a pay rise. This then becomes your savings amount as you were already living off your previous income. Alternatively, look for higher paying jobs and shoot for the stars as you may surprise yourself as to what others think you are capable of.
4. FAMILY MEMBER MAY HAVE THE ABILITY TO LEND YOU PART OR ALL OF THE DEPOSIT
Where this is a will, there is a way. Talk to those close to you that you know have the ability to lend you money and offer them attractive terms when paying them back.
5. JOINT VENTURE OPPORTUNITY
More than half of our portfolio has been built on joint ventures. The time to buy is always right now, so find a way. You both bring something to the table for the positive outcome for everyone (you both put in the cash, you get your hands dirty and find the property). If you put enough vibes out there, something will come back your way.