I’m on a Mission to Save Money
Hey everyone. I am on a mission. A mission to save a lot of money. Why am I on such a mission? The answer is simple. My wife and I are buying a home. We are currently in the process of listing our current home and searching for a new one. The process is stressing me out a lot, but it is part of the game. I am taking this home buying process very differently than I did the first one. I know much more than I did back then and my financial picture has changed.
When we bought our first home, we were fresh out of college. We didn’t like the renting scene, so we decided to become homeowners. Back then, the banks were giving out money to anyone that had a job. It was crazy, but that was also what led us into the recession. We purchased our home back in 2006, right before the bottom dropped out. Luckily for us, we purchased a home we could easily afford on just one income, so we weren’t stressed during such a trying time.
Our biggest mistake came in not vetting the neighborhood properly. We were just searching for a home that we could afford and one that caught our eye. We didn’t really think much out of the box, so to speak. The neighborhood has turned out to be a terrible setting. The people are rude, the HOA is a menacing joke, and the schools are terrible. Once we had our son, we decided that we didn’t want him growing up here. It is time to make the change.
I have been out of debt for over a year. When I was paying off my debt, I was also saving. After I paid off my last credit card, I went on a mission to save. I knew back then that we wanted to move eventually, but didn’t know how soon. We didn’t make a down payment on our first home and that was a mistake. This forced us into PMI and I want to avoid that this time around.
My Mission to Save Money
The mission I put in front of myself this time is to save enough for at least 20% down, plus having some money for any upkeep or upgrades. This is a big mission for me, but I think I can do it. For the past year I have been pushing myself to earn more money and save as much as I can. I have cut expenses, made extra income, and socked away money at a good pace. I have three to four more months left before we plan on buying our next home. I need to kick up my savings a notch.
I am extremely close to hitting the 20% mark, but need a little more for any upgrades or fees that might come from selling and buying a home. While I am super excited to have saved so much over the past year, I am also scared to have that money disappear with one large purchase. When I was in debt, large purchases didn’t bother me much. Now, they irritate me and they make my mind work hard to rationalize said purchase. I am a saver now and I plan on staying that way.
After we purchase the new home, I plan on creating a new mission to save money. I will be aiming for retirement, but also to make sure that I have an ample emergency fund, along with a nicely funded investment account. I don’t want to stop saving and I find it easier to continue something when you have goals and milestones.
Are you currently on a mission to save money for a particular purpose? Do you struggle with making large purchases?
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