Is smashed avocado and coffee really stopping you from saving a deposit for your property?

There’s been a lot of discussion recently about the youth of today spending too much money on smashed avocado and coffee is stopping you from saving a deposit for your property, I would really like to know how many smashed avocados and coffees are you having every week?

Every individual has different aspirations and goals in life, some want to travel the world, some want to learn a new language, some want to have their own café/restaurant and some want to be property investors.

Working in the finance industry, I come across many different people in various professions and I get to learn many things from them.

Of course you need to save some money in order to buy your first property, unless you have your parents who are willing to help with the deposit or as a guarantor I cannot see a reason why young people can’t buy their first property without losing their lifestyle.

I know a lot of my young clients have travelled the World, go out and socialise with family and friends and have still been able to save and put money towards the deposit of their house.

Here are a few tips which can help you save money quickly and effectively while maintaining a decent lifestyle.

  • Record and analyse your spending habits over a month to reveal opportunities for savings. There are lots of apps that can help you track this. Include everything from rent, transport, coffees, ubers to meals out. These everyday extras can add up over time. For instance, two takeaway coffees a day can cost up to $200 a month; money that could be put towards a deposit for your first home.

  • When you have a good understanding of what you spend your money on each month, prepare a budget and stick to it. Avoid spending on non-essential items and impulse purchases, as this type of spending delays your dream of owning your own home.

  • Open a separate savings account for your deposit and set up a direct debit for every pay day. The money will be transferred into the account before you have a chance to spend it. After a few months it will have loads of cash in it that can go towards your deposit. Make additional deposits whenever possible.

  • Set yourself a savings goal and break in down to goal amounts for 1 month, 3 months, 6 month milestones so you can track your progress.

  • Do a wardrobe clean out and sell items that are still in good condition on eBay. You could generate some serious cash. When it hits your PayPal account, transfer it to your deposit account.

  • If you want to take a holiday, plan it well in advance to get the best deals, and travel outside peak seasons. You could save hundreds, maybe thousands and that extra cash can go straight into your savings.

  • Move back in with your parents. Sure, this may not be for everyone, but board at your folk’s place is probably going to be a lot cheaper than your rent, which can be as much as a third or half your monthly salary.

  • When going out for brunches and dinners, choose venues that are reasonably priced and allow BYO. Dining out becomes expensive when you’re buying bottles of wine and cocktails.

  • Pay off your credit cards and any personal loans or hire purchase agreements. Reducing or eliminating these debts will help you increase your borrowing power.


If you put a few of these tips into action, with some small, short term sacrifices and plenty of planning, you’ll have a deposit for your first home in no time.

To understand your borrowing capacity and to get some advice with regards to budgeting, please gives us a call on 0487 344 352 for a free no obligation service.

Disclaimer: The Information is general in nature and does not take into account your particular investment objectives or financial situation. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and is not an invitation to take up securities or other financial products or services. No decision should be made on the basis of the information without first seeking expert financial advice. Your full financial needs and requirements would need to be assessed prior to any offer or acceptance of a loan product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

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