How to Save Up for a Mortgage Deposit

Saving for a deposit doesn’t come with a playbook. It’s not a clear-cut path. It’s more like trying to scoop water into a bucket with a sieve—especially when everything from rent to groceries keeps eating away at what you’re trying to put aside. But people still manage it, one small, real-world decision at a time.

The first step? Make the money you already have go further. That doesn’t mean cutting every joy out of your life. It means being just a bit more intentional with how you spend—and where.

The first step? Make the money you already have go further. That doesn’t mean cutting every joy out of your life. It means being just a bit more intentional with how you spend—and where. Cashback cards, round-up savings apps, and platforms that return something when you engage, like Card Player’s top choices in the gaming space, can quietly stretch your everyday spending without asking you to do much more.

You’re not trying to save your entire deposit in one go. You’re just trying to make the everyday stuff count for more.

Shrink what doesn’t actually matter to you

Cutting costs works—but only if you’re honest about what you actually care about. Your SGD 4.50 kopi might be your lifeline, but that streaming subscription you forgot you even had? That can go. Same for the “free” trial that started charging last month, or the gym membership you’re emotionally attached to but physically ignoring.

Look at your spending like someone else would. No guilt. Just clarity.

Automate what you can’t be trusted to do manually

Even with the best intentions, it’s easy to let savings goals slip through the cracks. That’s where automation becomes invaluable. By setting up an automatic transfer to a separate savings account as soon as your salary is credited, you ensure consistent progress towards your down payment goal without the need for constant vigilance.

For instance, saving just SGD 35 each week amounts to over SGD 1,800 annually. This approach not only simplifies the saving process but also helps you build a substantial fund over time.

Considering that the average monthly mortgage repayment for a SGD 500,000 loan over 25 years at an interest rate of 2.5% is approximately SGD 2,243, consistent savings can significantly ease the transition into homeownership.

Moreover, studies indicate that it can take a millennial couple in Singapore between 5.5 to 13.6 years to save for a 25% down payment on a condominium, depending on their savings rate. Automating your savings can help you stay on course and potentially shorten this timeline.

Swap instead of canceling everything

You don’t need to live on toast and water. You just need to make smarter swaps. Try one less night out and one more cook-at-home night with friends. Trade takeaways for actual groceries. Hold off on upgrading your phone if the one you have still works fine.

Saving doesn’t have to feel like punishment. It can be a quiet shift toward something better.

Use small wins as fuel

Unexpected refund? Cashback from an app? SGD 25 you forgot you had sitting in a wallet somewhere? Toss it straight into your deposit fund. It wasn’t part of your normal income anyway, so it’s the easiest money to save.

Those bits add up faster than you think—and they build momentum. Saving feels better when you’re not just scraping. When you’re stacking.

Let life be messy sometimes

Some months, you’ll save a chunk. Others, you won’t save anything. That doesn’t mean you’ve failed. It means you’re human.

In Singapore, the median mortgage tenure is about 26 years, but many borrowers aim to pay off their loans earlier to reduce interest costs. For instance, paying an extra SGD 100 monthly on a SGD 300,000 loan at 4% interest can save over SGD 12,000 in interest and shorten the loan term by 18 months. 

The difference between people who save and people who give up isn’t perfection. It’s coming back to it, even after a messy month. Progress isn’t always linear, and that’s okay.

Give yourself space to live while you’re saving

Saving for a deposit doesn’t mean hitting pause on your life. You can still enjoy a night out, still take a weekend trip, still treat yourself. The point is to make those decisions consciously, not impulsively.

You’re allowed joy while working toward something long-term. In fact, you need it. Deprivation doesn’t build good habits. Balance does.

Conclusion: You’re closer than you think

There is no way to save a deposit overnight. It’s something that most people do while they’re still living their lives and figuring things out. Even though it’s not perfect, it is possible.

There’s no need to cut everything. It’s not necessary to work hard all the time. You only need to be smart about what you do with what you have. The services that give back are the ones you should trust. Use your moments of discipline to build momentum. Let your small wins count. And above all, keep going—even when it feels slow.

The progress is there. It always is. Sometimes, it just takes a little while to show up in your bank balance.