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Motivation to Save Money and Achieve Your Deposit

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Tips for finding your mojo when your enthusiasm to save for a home loan declines.

As weeks turn into months, it can be hard to summon the same zeal you once had for saving for your home loan deposit. Motivation ebbs and flows, so there are probably times when saving is effortless and other times when you feel like quitting. Let’s look at what it takes to stay motivated to achieve your homeownership dream.

Create rituals

You have far more chance of staying motivated if you create rituals around saving money. For example, your routine is to take a packed lunch to work between Monday and Thursday. On Fridays, you treat yourself to a bought lunch. If you do this regularly and consistently, over time, it will become a habit. And this regular practice of making your lunch most days will soon overcome the temptation you once had to buy your lunch every day.


Create a ritual of adding a pebble to a jar every time you put an extra $100 into your savings account. Position the jar in a prominent place so you can see it fill up.

Make the admin easy

The easier the process of squirrelling your money away, the more chance you’ll keep doing it. Start a new bank account that you dedicate solely to your savings. Set up an automatic transfer from your salary so that each month a set amount is funneled to this account.  To work out what’s realistic to put aside, you will need to have a budget that takes into account each month’s expenses.

It’s true that writing up a budget is not easy. But once done, it’s a great motivator because you will find saving becomes more comfortable when you know where your money goes.  Try our online budget calculator.


Use a budgeting and savings app to view and track your financial activity on a single dashboard.

Set savings milestones

Saving for a home loan deposit can be intimidating unless you break it down into smaller goals. So instead of aiming for $50,000 in five years, break it into a monthly goal of $833. It may help to divide this amount further into weekly milestones – reminding yourself throughout that small goals end up becoming significant amounts.


Treat yourself every time you hit a savings goal. Choose something that you consider special and enjoy (it may or may not cost money!)

Take the first step

Don’t think about the sacrifices

When you go without things, don’t think of it as making a sacrifice. Instead, reframe what you’re giving up in a way that focuses on the end goal. Change ‘I hate giving up takeaway’ to ‘I can live in my own home by cooking my dinner each night.’

And be realistic about what you can and can’t do without. You’re not going to be able to say no to every purchase or experience, so be clear about which things you’re willing to spend money on and what you can miss out on. If some of these decisions are not easy to make, sit on it overnight, and you might find the urge to spend the money has passed by the next day.


Before making a purchase, calculate how many hours of work the price represents. Ask yourself if the money could be better spent getting into your own home sooner.

Visualise the prize

Create a mental image of your future home and focus on this when your motivation starts to wane. Dive into details like how many bedrooms it has, whether there’s a garden and modern kitchen.

If you have a chat with your local Yellow Brick Road mortgage broker, we can crunch the figures to help you work out what type of home you may be able to afford. That way, you can get a clearer picture of the end prize. You could even print out an image of a home you like in your price range. Stick this up somewhere or wrap it around your credit card to dissuade you every time you’re tempted to make a credit purchase!


Set up a Pinterest account with interior design and furniture ideas to keep you inspired and focused on your home ownership goal.

**The information on this article contains general information and does not take into account your personal objectives, financial situation or needs. If you require further information don’t hesitate to contact the branch directly.

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