Need To Get Your Bond Together Fast?

Want a place to call your own? Do quiet (or not so quiet) homemade pizza, Monopoly games, and parent-free nights sound like your vibe? Whether you’re dreaming of living it up with your close mates or strangers that you’re way too comfortable to overshare with, it sounds like living in a sharehouse is your calling!

But before you start saving pins under Pinterest boards or packing your boxes at your ‘rents, you might want to consider how you can muster up some money for your bond.

In case you’re not across rental jargon, a bond is a sum of money that acts as a security deposit that you pay before you move in. It’s generally equal to two-four weeks of rent, and to get your bond back, you’ll need to pay your rent on time and ensure that no damage has been made to the property

If you haven’t already put the dollars aside for your bond, it can be a massive hit to your wallet (or your non-existent funds). Here are some pointers that have worked for us when we needed to get some cash real fast:

Have a no-spend month

Challenge yourself to only spend money on the things that are essential to you! This differs from person to person, but the rule of thumb is to not spend money on clothes, accessories, make-up or eating out.

Use up those random assortments of pasta packets and ingredients you already have (you will surprise yourself). Use those gift-pack shampoos you got for Christmas that one time. Chances are, you have heaps of stuff at the back of your cupboard that you’ve been meaning to try and use. This is the time!
This is just an awesome practice to find out what you can happily live without, by using up what you already have, and where you can save money in the long-term! Even if you slip up, you’ll be rewarded with knowing how mindful you were about your spending.

Find free activities

If you live with your parents, you’re probably more than happy to spend your dollars if that means getting out of the house and doing something from the night. But spontaneously dropping money on things you don’t plan for like an escape room with your mates, picnic supplies or at the club comes at a literal cost, and sometimes in the hundreds!

The truth is: You don’t have to spend money to have fun. Good company and vibes are all you need! Go to the museum. Find live music events. Explore your local farmer’s markets. Go on walks in national parks. Get lost in your city and find places you’ve never explored. Plus, this gets you out of the back-and-forth “where do you want to eat for dinner?” dilemma. Bonus.

Take advantage of public transport

Toll roads, parking and fuel come at a massive expense. I was clocking at least $60 a day by driving to university and back every day - a massive eek. Weigh up how much money you’re spending and if it’s worth sacrificing a bit of convenience.

Wherever and whenever you can plan your trips in advance. If you’re moving into a sharehouse, chances are you’ll be closer to work or study anyway, but either way, you’ll be saving money in the long run that could be used towards your bond and things that you actually enjoy.

Ditch the drive-thru

You’re probably dreading checking your bank account statements, and not too proud to announce how much you’ve been spending on fast food. If it’s once in a blue moon or fits within your budget, go off! They’re making discount deals way too cheap and easy to get, that it would be rude not to get them. But keep your eye on the prize - this all adds up in the end.

Splurge a little on the things you reach for in the pantry more often over a cheeky late arvo pick me up. If you’re struggling to do it for your wallet, do it for your health! It’s a win-win.

While the above are all little adjustments, they are things that we frequently throw money at without even thinking. Then suddenly, we’re withdrawing from our savings before payday. Implementing these hacks is great practice for long-term saving and spending, but also getting money real quick!

If you’re ready to ease into budgeting, start a side hustle for extra cash or looking to get quick smart with money, suss out Westpac’s academy modules, FinLit! From taxes, and money for travelling to your first big purchases, learn about the things school never taught you here.

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.