Is 2024 the year you’ll save your house deposit? How to hold yourself accountable

If saving for a house deposit is one of your big goals this year but you’re finding it hard to stay motivated now that the buzz of new year resolutions has worn off and you’ve spent a little more than expected over the summer months, you’re not alone.

Here are some tips to get you back on track and help you hold yourself accountable as the year goes on:

1. Dream Big, Plan Bigger

First things first, dream big! Envision your dream home – the colour of the walls, the size of the backyard, maybe even the type of welcome mat at your doorstep. Having a clear vision for your home will help endlessly with staying motivated on the way toward your goal! Then, make a plan. Break down your savings goal into manageable monthly or weekly targets. Make sure these targets are realistic and achievable based on your current income and expenses.

2. Create a Savings Support Team Who says saving has to be a solo mission? Gather your friends, family, or even join online communities of those with similar goals and values to you. Share your goals and cheer each other on. Having a solid support team can turn the savings journey into a fun and motivating experience.

3. Make a Budget Track your spending, identify areas where you can cut back, and allocate more funds to your home savings. It's not about deprivation; it's about making conscious choices that align with your big-picture goal.

4. Utilise Automatic Transfers Set up automatic transfers to your savings account. Treat it like a monthly subscription to your dream home fund. It's a hassle-free way to make sure you consistently contribute without even thinking about it.

5. Celebrate Small Wins Saving for a house deposit is a marathon, not a sprint. Celebrate the small wins along the way – hitting a monthly savings target, finding a great deal on something you were going to buy anyway, or successfully resisting that impulse purchase. Acknowledge your progress and keep the positive momentum going!

6. Stay Flexible, Embrace Challenges Life is full of surprises, and your savings journey might have a few twists. Stay flexible and adapt to changes. If unexpected expenses pop up, adjust your plan without losing sight of your goal. Challenges are just opportunities to showcase your resilience and determination.

Remember, saving for a house deposit takes time and effort, but it's worth it in the end. By holding yourself accountable and taking action, you'll be one step closer to achieving your dream of owning your own home. Good luck!