One of the toughest parts of realising the dream of owning a home is saving for a deposit. The options seem pretty dismal – subsisting on a diet of beans on toast, never socialising, moving back in with the parents – and are almost enough to prompt a commitment to a life of renting. Of course, you may not have all the comforts of home, but house-sitting can even mean seeing a bit of the world while saving a deposit.
To help the savings grow without resorting to these options, many people house-sit while squirrelling away funds.
David and Ellen, a couple in their mid-20s, have saved almost $25,000 they would have used on bills and rent by house-sitting. It was an especially good financial decision when they were living on a single wage, with David working at the local bike shop as Ellen finished her final year at university.
Before they started house-sitting, David and Ellen were renting a small apartment in Mosman, NSW, and they estimate they have saved $22,000 in rent and approximately $2000 in bills by house-sitting.
Of course, it is much easier if you have flexibility in where you live and for how long, but the real key is an ambition to save.