5 Sacrifices We’re Making For Homeownership

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Sacrifices are often needed to make homeownership a possibility. Here are 5 sacrifices for homeownership my husband and I are making so we can buy a house.

Buying a home is one of biggest investments you can make. It doesn’t just stop with your initial purchase either. Homeowners have much more responsibilities than renters and you will be expected to fork over more money to maintain your property over the years. For many Millennials like myself, the burden of homeownership might be either a turn-off or simply unattainable given the current state of their finances.

Until recently, homeownership was not in the cards for my husband and I either.

We wanted to pay off most of our debt first, build our credit and boost our savings account. Finally, things have been falling into place. My husband and I have been using credit cards wisely to raise our scores and mine is almost 800. In January 2016, we had a combined debt total of $44,983.14.

Now, we have three months of living expenses set aside and our combined debt just includes my husband’s student loans at $14,578.14. With the minimum payment for the loans sitting it only $124 per month we feel more confident about pursuing homeownership and building up equity in the property instead of continuing to rent.

Even with the progress we’ve made, coming up with the down payment and money for closing costs plus any random surprises won’t be cheap. Aside from saying no to avocado toast, here are five sacrifices we’re making for homeownership in order to save more.

1. Dining Out


Dining out is something I try to limit regardless of what my goals are. If you don’t stick to a reasonable budget, these expenses can easily get out of control. I hosted a savings challenge a few weeks ago and a friend of mine who joined in told me she realized she was spending $70 per month at Starbucks.

It’s crazy how much little things like coffee add up when we aren’t keeping rack of what we spend. Whether you’re saving up for something big like a down payment or something smaller, a free online tool like Personal Capital can make it so much easier to track your spending and spot things to cut to help you reach your savings goal.

For us, our dining out ban includes coffee shops, take out, and restaurant meals unless it’s for a birthday celebration. Brown bagging it instead of paying for work lunches is one of the most simple ways you can save money and you can save $1,000+ per year easily.

In order to stick to our goal, I’ve gotten much better with meal planning and prep. The biggest obstacle you’ll face when trying to avoid restaurant food is lack of time and planning because it’s convenient to just grab something quick for lunch or dinner.

If this is a challenge for you, you can try the free trial membership at $5 Meal Plan to get some ideas of what to include in your meal planning and how to simplify it.

I cook a lot of meals in batches and plan out what we’re going to eat for each meal every day. I do all this on Sunday afternoons so we will be set for the week. If all else fails, we always keep a few frozen pizzas on hand for emergency meals. It’s not super healthy but it’s cheap and better than spending money on the alternative.

2. Gifts


We didn’t realize how much money we were spending on gifts until we really investigated our spending. Between birthdays, Christmas and other holidays, we’d spend quite a bit on gifts amongst ourselves and others.

The biggest sacrifice we made was not exchanging gifts with loved ones for the holidays. We set expectations and focused on being present with family during the season and volunteering our time and talents instead.

As a result, I was able to throw an extra $1,000 into my savings account during the month of December. Aside from our birthdays, we won’t really be indulging in gifts for any other occasions or smaller holidays.

3. Travel


To me, travel is more of a luxury and not a necessity so it’s not a huge sacrifice, but it’s necessary to meet our goal. My husband and I are sometimes invited to go places with friends but we politely decline. Normally, we will take 1-2 trips per year but we won’t be going anywhere until we buy the house.

My son now gets two weeks of spring break and I thought about taking a small domestic trip but then I realized that even if I keep it at $300 – $500, that’s money that could’ve went to our savings account instead so we will just have to entertain ourselves in our town until we secure our home purchase.

4. Underused Subscriptions


Another sacrifice we’re making for homeownership is giving up underused subscriptions. I’m not a big fan of paying for monthly subscriptions anyway but as I examined our budget, I realized that we had a few…go figure.

We ended up canceling Amazon Prime and I gave up my kickboxing subscription when it ended in November. I enjoyed kickboxing as it was a fun way to exercise and socialize with people. But it was also hard on my body and I wasn’t coming into class as much.

The fact that I was paying $125 per month made me realize that I needed to let it go at least until we buy our house and have more room in our budget. Thankfully, there are free apps like Trim that make it easy to find things, like underused subscriptions, and spend less on them.

I still value my health and wellness so I kept my unlimited gym membership at my local park district and only pay $27.50 per month to use the gym, take group fitness classes, run on the track, etc.

I don’t really count my phone bill as a subscription, but it is a monthly bill that I found a way to decrease recently. I have Republic Wireless and I was paying $50 per month for unlimited talk, text, and a few gigs of data.

Republic Wireless recently announced cheaper plans that allow you to pay just $15 per month for unlimited talk and text + $5 per gig of data. I don’t need a ton of data since my phone automatically connects to WiFi wherever I go, so I lowered my bill to free up about $30 per month.

It doesn’t sound like a lot, but when I throw that directly to my savings account, it can help us pay for a home inspection, appraisal or even the moving truck.

5. Time


Finally, the biggest sacrifice my husband and I are making is time. We have several streams of income and we use most of our spare time to make extra money with them.

Aside from my husband’s full time job, he drives for Lyft (they’re currently offering a $1,000 earnings guarantee in your first 30 days. You just need 125 rides in the first 30 days to reach the guarantee.) and sells things online. I freelance, run a blog, and got a part-time job at my son’s school last year.

Our income streams keep us busy as this is a season for hustling with very few days off, but we know it’s only temporary and will pay off in the long run. Together, we earned about six figures last year (before taxes) and I know we can top that this year and buy a modest first home.

Sacrifices are often needed to make homeownership a possibility. Here are 5 sacrifices for homeownership my husband and I are making so we can buy a house.

The Benefit Of Living Within Your Means


In a nutshell, a lot of our sacrifices are a result of committing to live within our means as opposed to inflating our lifestyle. We set a goal, and know that by spending less than we earn and hustling for a period of time we can reach it.

Buying your first home is a huge commitment and requires a lot of money, but if you’re willing to make a few sacrifices, you can get there sooner than you think.


Do you have any big purchases you’re saving up for this year? What will you be sacrificing in order to hit your goal? What is one thing you’re not willing to give up to reach a savings goal?

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Chonce is a freelance writer who’s obsessed with frugality and passionate about helping others increase their savings rate, eliminate debt, and work toward financial stability. She chronicles her journey with balancing motherhood, work, and finances on her blog, MyDebt


  • We’re finally DONE with big expenses, which is a huge relief. First we had my husband’s dental implants (a fun $26,000) which took us the better part of a decade to save for various reasons — including unexpected home repairs. Then it was installing double pane windows for a cool $10,000. That at least took us much less time to save because the house decided to (mostly) behave itself and I got a good bonus two years in a row. We have one major expense looming (I messed up on taxes, not filing something I should have, and we’re waiting to find out just how bad it’s going to be). But after that we can start building savings again and then slowly doing a few improvements around the house. Good luck with your house fund!

    • Chonce says:

      Thanks Abigail and seems like you’ve faced some pretty big expenses. Glad to hear it’s over for the most part. I’m not really looking forward to taxes either and seeing how much I’ll owe 🙁

  • Well done! Pay the rest of the debt off with that emergency fund. Consumer debt is an emergency! ????

  • Eimear says:

    Awesome Read!! We have so much expense this year, 4 weddings including our own and we are paying for that ourselves. We want to enter married life debt free if possible. Eventually we want to buy our first home but it is looking less likely in our current city based on the market. We are looking forward to budgeting this year and reminding ourselves that we can make this work if we try hard enough.

    • Chonce says:

      Congrats on getting married soon! You definitely have the right idea of wanting to pay for the wedding in cash. The feeling that you get when waking up the day after your wedding and realizing you have no debt to pay on it is priceless.

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