Saving that deposit as a Single Parent

Hadley reminding her fur sister who is really the boss of the house...

Being a single parent is hard. Between rent, childcare and day to day life having a decent amount of savings can seem like a totally unreachable goal. When I first became a mum I had HUGE plans on how I was going to get that ultimate goal, my own home. When you're in the newborn trenches though its a totally different ballgame. I longed for the days when the only unsolicited opinions I was reading where to 'eat less Avo on toast'.

There are a lot of excellent ideas out there.

Here are some of the simple and achievable things I have learned, and use myself.

Write it down

Compile a list of every regular expense you have.

Every direct debit ( even that subscription tv you keep meaning to cancel).

Be realistic.

If you like having coffee from that coffee cart near work three times per week add it to your list.

Trim the fat

Do you really need four streaming services?

Can you have one less coffee every week?

Look at where you're spending your money and choose what things can stay and what you can do without while you charge towards your goal.

How can you make more money?

Do you realistically have the time to add another income producing activity to your list of never ending tasks?

Yes?

Ok, great. Now what?

In the age of the side hustle what can you do to add an extra income stream to help reach your goal?

Can you do a short shift once a week with another business? Pick up more hours at work? Are you creative and can make things to sell online?

The options are endless, but go with what fits easily into your life to help reduce the potential for burnout. Even an extra $50 per week is $2600/year closer to your goal than you were before.

Have a dedicated savings account

Having a separate savings account for your house deposit helps you see clearly how much closer you are to your goal every time you login.

If watching the account doesn't help, open an account with a different bank so you aren't watching the kettle boil.

Talk to a professional

A Mortgage Broker ( like me!) can help you identify what is an achievable loan size based on your individual circumstances. Don't be afraid to have a chat and ask the questions, we want to help you.

Discuss what may have a negative impact on your ability to reach this goal.

What does your credit score look like?

Have you made mistakes? That's ok! You aren't likely the first and you certainly wont be the last.

A great broker will have a network of other professionals that may be able to help.

The great news is, there is government support out there to help as well. The First Home Guarantee, First Home Owners Grant and even stamp duty concessions. These programs do have eligibility criteria but by speaking to someone in the know, you can discuss if any are a good fit for you.

Work on it like you're obsessed..

When something is important to you, give it your best.

If owning a home is your biggest goal then making short term sacrifices is how you get there.

Whatever your vices, they will still be there in six and even twelve months down the track when you are sitting on a nice little savings account because you gave this goal your focus.

Print out a picture of your dream home and stick it to the mirror.

Make it your screen saver.

Make sure you have a daily reminder of what and WHY you're doing these things and like learning any new skill it will get easier with time.