Should I set up automatic savings for my house deposit?

Short answer: Yes. Automate on payday. Separate account. Removes temptation.

What this actually means in plain English

Yes. Automatic transfers remove the temptation to spend. Set it up on payday before you see the money. Even $100 per week becomes $5,200 per year. Use a separate account at a different bank if you lack willpower. The best deposit strategy is the one you do not have to think about.

Key Facts

Automatic transfers enforce saving discipline
$100/week = $5,200/year
$200/week = $10,400/year
Separate account reduces spending temptation
Set up on payday before money hits main account

Example

Weekly Auto: $150

Annual Total: $7,800

After Three Years: $23,400

Plus Kiwi Saver: + $15,000 = $38,400 total

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