‘I didn’t want to’: 25yo saves up apartment deposit and then spends it on something else

A young Aussie worked for years to save up enough money to purchase her first property … then she did something very unexpected.

Caitlyn Mefflin worked for years to save up $120,000 for a house deposit – and then she spent it on something else entirely.

The 25-year-old works full-time in a corporate job and also co-owns a pilates studio with her close friend Riley Byrne.

The good mates opened their first studio in August and were able to bankroll their business venture partly because Ms Mefflin was fed up with the housing market.

The ambitious instructor started out teaching pilates for 30 hours a week, alongside her full-time job, because she wanted to buy a home.

“Initially, it was just to save up for a house, but then I got deflated, having all these savings, and I could only afford a small apartment,” she said.

“I didn’t want to put all my hard earned savings into an apartment.”

She saved up over $120,000 for a house deposit. Picture: TikTok/ caitlynmefflin

Ms Mefflin decided instead to invest in opening her own studio, Potentia Pilates. Picture: TikTok/ caitlynmefflin

The 25-year-old stressed that she doesn’t think it is possible to buy a home these days with just one source of income.

The housing market was so tough that she ultimately made up her mind to focus on growing her income rather than putting everything into one small property.

So, instead of breaking into the property market, Ms Mefflin invested in opening her own Melbourne-based studio, Potentia Pilates in August last year.

Less than a year later, the co-owners already have plans to open a second location and have been loving every minute of it.

“I’ve always had a passion for business and I fell in love with pilates,” she explained.

She has over 50,000 followers on social media. Picture: TikTok/ caitlynmefflin

The business is now focused on growing. Picture: Supplied

Ms Mefflin has over 50,000 followers on TikTok and she immediately leveraged her audience to promote her studio and grow her new business.

“We turned a profit from day one which is a dream for any small business. It came from our pre-launch, we were going ham on socials,” she said.

“Before we even opened our doors we made $20,000 in pre-sales. It felt surreal but I’ve never doubted myself or my business partner.”

Ms Mefflin said it’s been surprising to see how quickly they’ve been able to grow but she’s still working full-time to support the business.

“We haven’t been pulling a wage from the business because we’ve been able to make that elsewhere,” she said.

She's always had a passion for business and finally worked out what she wanted to focus on. Picture: Supplied

She’s investing everything back into the business. Picture: TikTok/ caitlynmefflin

The long-term plan is to quit her full-time job in the corporate world as the business grows, so that she can eventually start paying herself a wage.

The business is turning a profit now but the Melbourne pilates instructor strongly believes in investing everything back into the business while she can.

Seeing the growth within a year has been a real thrill, not just because she loves watching the business flourish but because it makes her think maybe one day she’ll be able to buy a good-sized apartment or even a house.

“When people have asked, ‘Are you proud of yourself?’ I’ve never stepped back and been like wow,” she admitted.

“A year ago, or even two years ago, I just dreamt of this moment. Now this is just my norm, and I forget to appreciate what I’ve accomplished.”

Part of the reason she hasn’t reflected on the success is because she is fixated on the future she wants to create, franchising the Pilates studio and continuing to expand.

“I’m not where I want to be just yet, but I am where I wanted to be a few years ago,” she said.

Originally published as ‘I didn’t want to’: 25yo saves up apartment deposit and then spends it on something else