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?