| by Kenneth Chase | 1 comment

How to save money on rent and save for a house deposit

Did you know that more than 2.5 million Aussies, young and old, say they’ll never own a home? Some people call this Generation Rent. If you’re one of the millions of Aussies
renting, this video can help you save on your rent now and if you are keen
to buy someday, smash debt and build your savings toward a deposit First up, let’s talk about some ways you
can save on your rent. Offer to pay several months’ up front in
exchange for a price break Not everyone can obviously afford to do this but offering a lump sum up front often can result in a discount. Don’t limit negotiations to just the price of rent Maybe the landlord won’t budge on the rent,
but are there appliances due for an upgrade? Could new a new stove top change the place? For example, my wife and I asked for new screen doors on our place when we moved in Make sure you know the ins and outs of your
building and those nearby Do other properties in the same area or building have these amenities with similar rent? The more you know about a building, the more
leverage you’ll have to negotiate. If you don’t ask, you don’t get. Now that you’re saving on your rent, maybe you’re ready to start saving up for a deposit for your own home. At the moment, home loan rates in Australia
are among the lowest we’ve ever seen. If you have a deposit saved you are spoilt for
choice when it comes to getting a deal. Whether you are saving already or you are
ready to start, here are a few tips to jumpstart that effort. Get a handle on your expenses and create a budget Once you know what is coming in and going
out, you can knock out your debt and build your savings every month 2. Set a savings goal It’s hard to get to your target, if you don’t know what it is. Set a savings goal and track your progress along the way Look into high-interest savings accounts Rates are a bit lower now than they were a
few years ago, but you can still get more than 2% on your money. A good option is to
have a certain bit of your pay deposited into this account every month so it’s out of
sight and earning in the background. Finally, consider rent-vesting This means buying where you can afford but renting where you want to live This way you’re building equity but you’re not making any sacrifices when it comes to your lifestyle We’ve got a whole video on rentvesting,
check out the link bel Whether you’re renting for now or will be
forever, there are tips you can do to build your savings and save on your current housing costs. Got any ideas of your own? Share them in the
comments section below, and make sure to subscribe for more videos just like this one. If you need more help saving for a deposit,
or buying your first home? Finder.com.au makes it a whole lot easier. Click the link here,
or in the description below for our comprehensive guide guide:

1 Comment


Aug 8, 2019, 2:41 pm Reply

Completely agree with point on renting where live and buying as investment. This is a big one.

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