House deposit saving plan – $70,000+ needed in 9 months

by Kylie on January 10, 2014

In exactly 11 months from today, my lease is up and I do not want to renew. I will be buying my own home. That is the goal in this family. My daughters are on board and we are committed.

With settlement taking 6 – 8 weeks I really only have 9 months to get my deposit together. I need $70,000 – $100,000 for a 20% deposit on a home in Canberra. I’m starting at $0. I do have money in the bank but would like to keep that as my emergency fund.

I was going to save up and get my teeth done as I mentioned here. I have had a stack of work done, but for now will forgo the veneers or braces and my dentist says wisdom teeth removal is a bit risky given the fact my roots curl around my nerves, it might cause more damage, so we are monitoring it instead.

With the focus being on a house I have steps I have created to formulate a proper goal and help me focus. I posted about 10 steps to success with goals and am basing my house deposit goal on that method.

I know quite a few of you are also saving for a house deposit and it would be great to hear what you are doing to achieve that. Leave a comment or feel free to contact me about doing a guest post.

I will be sharing a step to take every day to bring you closer to your goal of owning a home. I already started on Facebook with some steps, but if you are on twitter I will be using the hashtag #kohousedeposit to keep all the tips together and easy for you to find. Feel free to share your own tips and use that hashtag too.

Step 1 was a pantry clean out. I will be using up everything I have and not buying food unless I absolutely have to. I don’t have my kids for 3 weeks and plan on not shopping for those 3 weeks. This will save me a few hundred dollars. I will post about it later, including a menu plan. It was shared on Facebook here.

Step 2 was to check all my accounts and ensure I am getting the best deal. Mentioned on Facebook here.

Step 3 I went over DIY beauty and while I did post how I do $12,000 worth of beauty for only $1,000 earlier this year, there are many things I want to try and will be testing over the next 3 weeks. If there is something you want me to try, let me know and I will test it for you.

Step 4 was reassessing my time. I travel to and from Sydney regularly which is 6 hours in the car each time. I know I can utilize this time better.

I’ll be sharing lots of tips for both making and saving money and posting about the different tips as I do them, what results I get and the changes I see in my lifestyle.

My overall plan is as follows:
- Create my graph for the goal
- Watch real estate prices and go to open homes to be aware of the market and what I can get for my money
- Set up a high interest saving account for the house deposit money
- Eat out of the pantry and reduce groceries as much as possible
- Go over my budget with a fine tooth comb to see where I can cut expenses while not depriving my kids of things
- Make more money (see below for more on this)
- Break the goal into small chunks as per my graph
- Include my children
- Sell off everything I don’t need
- Streamline all processes I can and work on making the best use of my time

How will I make enough money?
I already have various forms of income and am increasing them. A lot of the things I will be doing to make enough money focus on expanding my business through:

- 104 public speaking gigs in 2014. I set this as a goal at the end of last year and within a week had already secured most of them.
- 2 new books. I have finished the manuscript for my book about people who were homeless and are now successful. I have another manuscript due in April on a non-finance topic.
- Buying more websites. I have just purchased one and would like to buy and maximize 5 – 10 this year. I have a little system in place now and it is mostly passive once set up for these sites.
- Limiting advertising on here while expanding advertising on other sites
- Completing my 3 eBooks. They all got started in 2012 but never finished!
-Fixing up the affiliate programs for my current books and creating better affiliate opportunities through my work to help you make money too
- Sell off everything I can

I am also going to be accountable by telling you exactly how much I have made each month. This is not something I tend to do, share my income and so on. I will strictly be sharing how much I have put towards the savings each month and how I have achieved that.

Ways YOU can make more money
- My affiliate programs when I launch them
70+ ways to make money from home
Top 10 ways I have made money from home
17 ways to make money in school hours
Ways to make money

If you are saving for a house deposit, have you set your exact goal? How are you saving money and what are you doing to make money? How much do you need to save?

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{ 10 comments… read them below or add one }

Michelle January 11, 2014 at 6:41 am

Wow! That is definitely a large goal, but it sounds like you have a well thought out plan.

We are wanting to save as much as we can for our next house purchase. However, it does help us in that we already have a house and we don’t NEED to move right away.
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Kylie January 12, 2014 at 6:46 am

It is a very large goal, but I am focused. I can choose to stay here, I just don’t want to, so it is not a need to move. I just don’t like renting. Good luck with your savings too!
Kylie recently posted..House deposit saving plan – $70,000+ needed in 9 monthsMy Profile

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Michelle January 11, 2014 at 12:42 pm

Ok, can I just say that Australian real estate is so expensive! I think that is a huge but doable goal because you are focused and working your plan. Sending you good vibes-you can do it!
Michelle recently posted..Side Hustles 101My Profile

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Kylie January 12, 2014 at 6:47 am

Ha ha, they are. We are often classed as one of the most expensive places to live. If you are curious, this site is the one I prefer for looking in my area for homes http://www.allhomes.com.au/ If you click on ACT, that is Canberra.
Thank you!
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femmefrugality January 12, 2014 at 2:44 pm

I was thinking the same thing as both Michelles! So high! You can do it, though, if anyone can! I’m going to follow the hashtag for sure. That is so awesome that you have all those gigs lined up already, and I want to read that book about the people who were homeless and have now found success!
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Kylie January 12, 2014 at 3:07 pm

It is high and a huge goal.

Thanks re the book. I will let you know when it’s due to come out :)

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Michelle January 13, 2014 at 12:00 pm

I love looking at Real Estate. Thanks Kylie!

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Mel January 17, 2014 at 9:11 pm

Hi Kylie, I know you said you want to buy in November, but it might help some of your readers might benefit from this tip!

There is a 1st time buyers savings account where the government will pay you 17% interest for the 1st $6000 lodged per year, not sure what the rate is after that, you have to keep the account open for at least 4 financial years and can only use it to buy a house or it will go into your super.
But you could open the account on the 29/06/14 and then close it on the 2/7/16

But it’s really good if you are serious about buying a house

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Kylie January 19, 2014 at 10:06 am

Yes, the first homebuyers accounts are great if you are not planning on buying for a few years. Thanks Mel.
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Renée (@nickelbynickel) March 16, 2014 at 7:25 pm

Ambitious plan! (to me it sounds like an insane amount as a deposit because it almost covers the ENTIRE purchase price of my little house haha) good luck!

I’m just hobbling along with my 10k emergency fund goal at the moment.
Renée (@nickelbynickel) recently posted..Link-love #24My Profile

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