6 Strategies to Save For a House Deposit During the Holiday Season  

December 1, 2022
save for a house deposit

Key takeaways:

  • If you have a rewards membership card, shop at participating retailers to earn more points.
  • Use your credit card more to shop so you can earn points.
  • Use promo code browser extensions to get deals when you shop online.

The shine of Christmas fades quickly when you realise – with shock – just how much money leaked out of your account in December. The fun and frivolity can easily derail your plan to save for a house deposit.

With home deposits taking an average of five years to save, you literally can’t afford to slip behind on your savings. So, here are six practical ways to keep your plan in place, even during the expensive holiday season.

1. Think before you tap

It was easier not to overspend back when you carried cash because you watched as money physically disappeared from your hand. Back then, if you were highly budget-savvy you’d allocate cash to different categories such as gifts, social activities and entertainment, and when it ran out, you missed out.

The problem today is that you can just tap your digital wallet and walk away. Since there is no physical way of seeing how much you’re spending, you must go back to basics: ask yourself if you really need that item before you tap.  

You can help keep yourself accountable by using a budgeting app that syncs with your account to keep your allocated money in check

You can also make smarter choices during the social season to keep your entertainment budget from blowing out. That doesn’t mean being a Scrooge and hiding away from Christmas. It just means choosing cheaper restaurants, skipping the entrée or going to a cheaper cinema.

2.  Check online for deals and discounts

save for a house deposit

During Christmas and the school holiday season, businesses are fighting for your attention and will offer excellent deals to get you in the door.

That applies to gift shopping, or when you’re looking for somewhere to grab coffee or checking out family activities. It always pays to spend a few minutes searching up a more competitive price. 

You can use discount apps, browser extensions that search for better deals, and old-fashioned online shopping to save money. It just takes a few minutes and a little research to potentially save hundreds of dollars on activities and even gifts.

3.  Talk to family about the gift budget

It’s completely ok to let people know you have big savings goals, and that you’d like to lower the spending budget for Christmas gifts this year. One year, our family decided to do entirely home-made gifts with a $10 budget and the results were a hilarious mix of stunningly gasp-worthy and downright ghastly! It was our most memorable Christmas yet. 

You can be creative without needing crafty skills, too. Giving a friend a homegrown experience, like a bushwalk together, or a free walking tour of the botanical gardens is just as meaningful and special (and free). 

4.  Use points to offset costs and save more

If you’ve banked up points through your rewards credit card or store card, you can redeem them for gifts and experiences. Gift cards are one of the better ways to convert your points into real cash, which you can then gift on or use to buy presents or pay for holiday experiences.

Using points is a great way to offset some of the costs of gift-buying, and you may also have a credit card that offers discounts on dining or entertainment, too.

5.  Use your credit card to earn more points

save for a house deposit

If you feel you can use your credit card responsibly and not overspend, you can earn points on the things you buy and convert them into more gifts or gift cards.

If you have a Flybuys or Woolworths Everyday Rewards membership and shop with participating retailers, you can double-dip points by tapping your points card and paying with your credit card in the same transaction.

Points can often be transferred to different rewards programs, including travel-related programs like Qantas Points

6.  Keep an eye on the bigger prize

Reining in your spending is easier when you can remember why you’re trying so hard to save money. Set realistic savings goals and think about the end result: if you can save $1,000 this Christmas season by spending smarter, how much closer are you to moving into your own home?

Those savings could mean you avoid paying Lender’s Mortgage Insurance or give you the buffer you need to pay for mortgage costs. 

The same goes for your goals to pay off debt before applying for a loan. You can use a balance transfer credit card to pay it off over months or years without paying interest. 

Every dollar counts when you’re saving for a home loan. 

To keep yourself on track, it can be useful to have a visual reminder on you; for instance, a keyring with a key or a photo of your dream home on your phone homepage. And lastly, think about how good it could feel to celebrate Christmas in your own home next year.

Liked learning how to save for a house deposit?

Browse Soho’s finance section to get more budgeting tips and ideas on how to save for a house deposit.

And remember to download the Soho app for quicker browsing and property matching. It’s getting you into your dream home faster!

Pauline Hatch
Pauline Hatch is a personal finance expert at with 8 years of personal finance under her belt. She loves turning complex money concepts into simple, practical actions that help people succeed financially. Pauline believes everyone can win with their money if everyone can find out how (for free, of course).
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