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.