No doubt, saving up for a deposit on a house will require lots of commitment. One of the most frequently asked questions we receive from first home buyers is how to develop a savings plan or, more generally, how to save at all.

The answer is simple: discipline.

You don’t need to have a masters’ degree in finance to develop a solid savings plan. You also do not need to develop a strict budget where you monitor every dollar that you spend.

All you have to do is:

  • Place aside a portion of your pay into an account dedicated for saving;
  • Set a time frame for when you want to achieve your goals;
  • Automatically transfer the money when you get paid; and
  • Watch the money grow.