7 ways to save for a deposit

Making saving for a deposit for a home a breeze with these easy to achieve tips.  

If owning your own home is the top of your Christmas list then maybe now is the time to think about how you are going to do this. As the end of the year approaches we are probably contemplating the thought of New Year’s Resolutions. For many this could be to spend less. Whether this is to increase your rainy day fund or to save up a deposit for a home, how can you do this with ease?

1. Reach for your calculator. 

The first thing you will want to do it work out where you money goes. Create a spreadsheet and track your outgoings each month. You can categorise these into groups such as food, entertainment, rent, bills, transport, etc. in order to see what you spend the most money on.

2. Set a budget.

Once your spreadsheet is complete you may be surprised to see how much money you are spending on one given category. Now maybe the time to give up your shopping trips to Villa in favour for a trip to the local wet market instead. Set yourself a budget for those that aren’t fixed, such as shopping and entertainment and try and stick to this budget.

3. Make one saving at a time.

To save money or to save even more money you will need to make a cutback. Whether you ditch the morning freshly brewed coffee from your favourite barista for a cup of instant at work, opt for public transport instead of your own car, eat out only when you have an online meal deal or give up the subscription to your favourite magazine. Cutting back on all of the things you enjoy is hard, and is less likely to be a success. So start with cutting back on one and once you do not notice that this is missing you can cut back on more.

4. Shop around.

In addition to making cutbacks another way to make savings to secure yourself a better deal. Are you paying for single rides on the BTS Skytrain but it would be cheaper to buy a block of trips? Could you negotiate your electricity rates if you are paying above government rates? Are you using up all the free data and minutes on your monthly mobile phone rental? Could you look for a better car insurance deal? Cheaper health insurance? Home internet? Look at all your fixed outgoings and speak with your provider to see if they can reduce the cost for you, and if not, seek an alternative service for a better deal.

5. Set a monthly and total saving target.

Once your finances are in order you will be in a better position to set a monthly saving amount. You want to set aside any disposable income but remember to make this a realistic figure otherwise you will never stick to it. And remember to have a total goal of how much you need to save too.

6. Open a separate savings account.

Having a different savings account makes it easier to save. You will be able to track your increasing deposit and if you open one that makes it hard to withdraw money, such as one without a debit card, you are less likely to dip in. Set up an automatic transfer into this account the day that you get paid so that the money has instantly gone. Then if you have any money left at the end of the month you can transfer this into the account too.

7. Stick to it.

Remain strong and don’t give up easily. Saving for a deposit can take time so stick a picture of your dream Bangkok condominium on the fridge to help spur you on. Dedicate time each week to browse Thailand Property to whet your appetite to keep saving. There are ways you can increase your property deposit even quicker by cutting out on bigger luxuries such as holidays or big purchases such as the latest phone. Additionally, if you get a bonus at work then transfer this straight to your savings account. You will be surprised at home quickly your savings can accumulate.