If you are trying to save a deposit for a mortgage, paying rent really slows you down. If you set yourself a time limit to save that deposit, then perhaps one of these methods of saving rent will get you into your own home sooner.
1. Find a live-in elder care position and help someone stay out of a nursing home. There’s always someone desperate for reliable help, and often there are no qualifications needed other than compassion. It may be an elderly relative or a complete stranger who becomes a good friend.
- Sue and Darren lived in the granny flat attached to and elderly couple's home rent free in return for lawn mowing and grocery shopping. In two years they were able to save enough to put down a 25 per cent deposit on their home. It wasn't their ideal living arrangement, but it was temporary and they had a goal with a time limit. Do they miss it? No! Do they regret it? Absolutely no!
2. Help renovate a house in exchange for lodging. Put your building, carpentry or decorating skills to use to help someone else and help yourself at the same time.
3. For short-term stays, become a house sitter or pet sitter.
*for house sitting try http://www.aussiehousesitters.com.au/ or http://www.australianhousesitter.com.au/
*try http://www.petsittersguide.mobi/australia/ for pet sitting jobs
4. For long-term stays, become a caretaker.
- Barbara has a holiday home on Phillip Island that she uses just six weeks a year now she is on her own. The rest of the time she has a paid caretaker live-in to keep the gardens tidy and maintain the house. The caretaker goes on holiday when Barbara needs the house, a win-win for them both.
5. Share a house or unit.
6. Consider living in an onsite mobile home.
7. Move into cheaper accommodation.
The last three suggestions may not appeal to you, but they are only temporary. You will be motivated to save harder and faster than you've ever saved before to build that deposit for your new home. Think of that future home every time you start to hate where you are living (or who you are living with). You can do anything, even live in less than desirable housing, when you have an action plan.
With the money you save on rent you'll be able to power ahead with your saving and be in your own home sooner.