At a recent financial literacy session, I was asked: “How can I put money aside to start saving for a deposit?”
It’s a fantastic question — and the truth is, there are lots of small, practical steps you can take that will add up to something big over time. Here are four strategies that can help you get closer to your first set of keys:
💰 1. Make KiwiSaver Work Harder for You
Did you know the minimum KiwiSaver contribution is 3% of your salary… but you can actually contribute up to 10%?
A smart approach is to increase your contributions when you get a pay rise. You’re already living without that money, so let it work for you in the background. Over time, this can make a huge difference.
✂️ 2. Cut Spending Leaks
Grab the last 3 months of your bank statements and look for sneaky money drains:
- Old subscriptions 📰
- Unused gym memberships 💪
- Forgotten streaming services 📺
By cutting back on things you don’t use, you’ll free up cash to build your deposit — without feeling like you’re missing out.
🎉 3. Use the Pay Rise Hack
Got a pay rise? Instead of spending it all, save half.
👉 Example: If you get $50 extra per pay, pop $25 straight into a savings account.
It’s a simple, painless way to grow your deposit faster — while still rewarding yourself for your hard work.
🌱 4. Build Good Habits Slowly
Saving for a deposit can feel overwhelming, but you don’t need to do everything at once. Start small:
✔️ Increase your KiwiSaver contributions
✔️ Cancel unused subscriptions
✔️ Save part of your pay rise
It’s all about consistency. Small, steady steps will get you there.
👋 I’m Here to Help
If you’d like support creating your own personalised savings plan, I’d love to work with you one-on-one.
📩 Hit reply to this newsletter or reach out anytime.
Here’s to making your first home dream a reality!
Warm regards,
Kara Northcott
027 666 6784
📩 kara@financialconsultant.co.nz
🌐 kara-northcott-financial-consultant.kit.com
P.S. Have questions about your KiwiSaver, or want me to cover a specific topic in the next newsletter? Just hit reply – I’d love to hear from you! 💬
