How to save for a de­posit

The Weekend Post - Real Estate - - Front Page - PETER KOULIZOS

money for your ex­penses such as rent, elec­tric­ity, car, in­ter­net and phone ex­penses.

When the bills ar­rive, you won’t get such a shock and you won’t be scram­bling around look­ing for loose change to pay the bill by the due date. • Mon­i­tor so­cial out­ings. It is easy to think you’re pretty good with so­cial spend­ing and don’t go out that much, but if a few friends are ask­ing to catch up with you, it is not hard to go out to din­ner two or three times a week. Add taxi fares and wine or beer in ad­di­tion to the din­ner bill and that amount will add up very quickly.

In­stead of go­ing out too of­ten, have friends over for din­ner and ask them to bring their own wine or dessert.

Home-cooked meals are far cheaper and you can cook ex­tra for lunch the next day. The only prob­lem is the dishes!

• This leads to the next sav­ing tip, which is pack­ing your own lunch.

This can save you a lot of money, es­pe­cially if lunch is just leftovers from the night be­fore. Al­ter­na­tively, make a big batch of soup or pasta on the week­end and pack into con­tain­ers for your lunch dur­ing the week. You might need to in­vest in some good Tup­per­ware!

• For some big-scale sav­ing, con­sider re­lo­cat­ing.

There may be cheaper ar­eas or cheaper prop­er­ties in your cur­rent area that will help you save some rent money with­out sig­nif­i­cantly com­pro­mis­ing your lifestyle.

If mov­ing isn’t an op­tion, con­sider bring­ing in a house­mate or have a friend move into the spare room. This will also help cut down your other liv­ing ex­penses and your rent.

Sav­ing for a de­posit may be chal­leng­ing but if buy­ing prop­erty was easy, ev­ery­one would be do­ing it.

Mak­ing sac­ri­fices now will pay off in the long run when you have a home you can call your own.

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