The challenges to scrape up that deposit

There are challenges of getting started to become a home owner, for example:

• Saving for a 20% deposit to avoid paying mortgage insurance.  Why? Because that is likely to cost an extra $100 a pay.
• Looking at the existing rent and how that puts a big hole in the weekly savings.

We will look at a few calculations to get an idea of where we are heading with this savings plan:

• What if the weekly rent was $35 a week better off, eg from $420 a week down to $385. Calculated $1,820 savings a year
• Looking at other ways of increasing the weekly savings, for example, cost of fuel, parking, lunches, take-aways, outings, impulse buying, cheaper rent, that might bring the savings up to $50 per week. Calculate $50 x 52 = $2600.

Another positive idea is to live on one wage and save the second income:

• Imagine, just working on a modest hourly rate, one shift a week could mean an extra $150
• Cumulatively, that $150 plus the $35 saving on rent above adds $185 x 52 weeks = $9,620 a year

I love putting pen to paper as it seems to highlight any flaws in our system!  KEEP ON KEEPING ON!

PS - My "shares" to the blog articles has risen to more than three hundred.  It would be great if anyone who has followed any of the ideas in the blogs could write a Review/Testimonial.