In our parent’s day, saving for a house deposit was achievable. And many of them could afford to live in that house and raise kids on just one income. These days though, millennials are finding it increasingly difficult to get on the property ladder.

Property prices continue to rise, and most millennials are still dealing with student debt, a lagging job market, and a housing shortage.

If this sounds like you, you may feel like buying a house is completely out of your reach. But this couldn’t be further from the truth. It may involve a little sacrifice but if you work hard, you can also save for a house deposit- and stop paying off someone else’s mortgage.

Here are some top tips for saving for a house deposit:


Look at your outgoings

Boomers like to sneer about our addiction to lattes and avo toast. But many millennials have decided that they don’t want to give up the small things that make them happy in order to save for something they may never be able to afford. Here’s the thing though. It’s entirely possible to still enjoy the things you love while still moving forward with your savings.

If you go out to eat a few times a week, take the time to buy some groceries and cook a few more meals. Then, you’ll really enjoy going out once a week while still saving. If you’re buying a Starbucks latte every day, take coffee every third day and bank that money- small amounts add up, but that doesn’t mean you can’t enjoy life.

Talk to your boss

When was the last time you asked for a pay rise? If you’re a woman, the answer to this question is likely to be “never.” If you’re nervous about talking to your boss about a pay review, bring it up a few weeks in advance so they can’t brush you off. A simple “Are you available next week to have a chat” will work well.

Then, make a list of all of the reasons why you’re irreplaceable. Look at the things you’ve done to move the company forward, and if possible, back these reasons up with numbers.

Entertain at home

This goes for people who are social, and those who just like to keep themselves entertained. Instead of spending hundreds of dollars each month on dinners, movies, drinks, and trips to the casino, bring it all inhouse. Play some of your favourite casino games online, spend more time with Netflix and a few close friends, work on your cooking skills, and invite people over to relax and catch up at yours.

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