As a 25-year-old female aspiring to buy a house, I’m eager to start saving for the necessary deposit. Please share some practical tips and strategies to begin saving effectively.
Chrisley Botha, Wealth Adviser at PSG Wealth:
Embarking on the journey to homeownership at 25 is commendable. Saving for a house deposit can be challenging, but with the right strategies, it’s achievable. Here are practical tips to get started:
Set a clear goal: Determine the price range of homes you're interested in and calculate the deposit required. Banks typically require a deposit of 10% to 20% of the property value. For instance, if you’re looking at a R1 million house, aim to save at least R100 000 to R200 000.
Create a budget: Develop a detailed budget that tracks your income and expenses. Identify areas where you can cut back, such as dining out or entertainment, and allocate those savings towards your deposit fund.
Open a dedicated savings account: Consider opening a high-interest savings or investment account specifically for your home deposit. This keeps your savings separate and earns you interest, accelerating your
