Can You Save a House Deposit in 1 Year?

https://www.youtube.com/watch?v=5Tc8OZKmdd4

If you're looking at getting into the property market, the first thing you need to do is save your deposit. And if you're anything like me, you don't want that to take an extremely long period of time, you just want to get it done as quickly as possible, invest in property and move on towards your financial freedom journey. But is it possible to save a deposit in just one year?

Book in a free property strategy session

0:00 - Introduction0:45 - The 6 steps to working out if it's possible1:16 - #1: Work Out How Much You Need To Save2:05 - #2: How Much Do You Need To Save Per Pay Cycle2:33 - #3: Is That Actually Possible?3:15 - #4: How Much Extra Do I Need To Make?4:05 - #5: What Else Do You Want To Do This Year?5:45 - #6: What's Your 10 Year Goal?

Recommended Video:

How Much Do You Need For a Property Deposit?

Transcription

If you're looking at getting into the property market, the first thing you need to do is save your deposit. And if you're anything like me, you don't want that to take an extremely long period of time, you just want to get it done as quickly as possible, invest in property and move on towards your financial freedom journey. But is it possible to save a deposit in just one year? That's what we're going to look at in today's episode. Hi, I'm Ryan from OnProperty, helping you on your journey to financial freedom. And I set the goal of saving a house deposit next year, but I don't even know if that's actually possible. And if you're in that same position where you want to save a house deposit, see how quickly you can do it, save it can be done in a year, then follow me as we work that out. And I show you how to do it yourself as well. So it's really quite simple to do you need to work out how much do I need to save, break it down into you pay cycle monthly, fortnightly weekly, how much I need to save every month or week, etc? Then ask yourself, Is that even possible? And if it is possible, great. If it's not? How much extra Do I need to make? And is that possible? And also at the end, ask yourself and assess the situation say Okay, what else do I want to do with myself next year? And does this align with what I want my year to look like? So let's go through that now starting with number one, which is work out how much you actually need to save. So I recently did a video with Simon Everingham exactly on this topic, which I will link up to down below. But the basics of it is you want to save around a 10 to 20% deposit for your property, as well as about 6% in closing costs. For me, I'm looking at a $450,000 property times by a 10% deposit, and 6%. So you hear 45 grand for a deposit as a 10%. And then around 26 or 27 grand in terms of the closing costs. So all up, you're looking at around $72,000 that would actually need to save. So you can see there, there's my pretty simple calculations. So let's round that up to 70 grand, that's how much I would need to save. Now we're to go ahead and take that $70,000 and then we divide it by our pay cycle. So for me, I kind of work on a monthly schedule. So okay, how much would I actually need to save every single month? Or if you work on a weekly schedule, you divide by 52? How much do I need to save per week super rough estimates because I don't have my calculator on me, but I need so grand six grand a month, around 13 $150 per week. So that's how you break it down super easy. Next question to ask is, can I actually do that? Is that actually possible for me? Well, for me right now, my business is paying my way. So it's paying for my life and everything. My business income is pretty passive in nature, but it's just paying for my life. It's not giving me an extra $70,