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Homeward Bound: Saving Up For A Home

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By Mia Bolaris-Forget

While I must admit, I “did” enjoy living in an apartment (for a while), every couples dream is “privacy” and owning their own home. Plus, even if you don’t get “complete” privacy (perhaps you’ll opt for an attached home or one you can rent out) there’s always the option of an added income.

Still, even with prices “dropping”, homes are a heft investment and if you’ve already invested in your wedding, furnishings (for your current space) or are planning on a family, finding money to put aside may seem like a far-away dream. But, remember, in order to achieve your dreams you have to have them first, so, you’re on the right track.

Now, you’re going to have to get serious about doing some serious math and calculation. Start by jotting down how much you earn and how much you currently spend each month on fixed expenditures (such as rent, lighting, phone etc). Then, add in extras, such as entertainment and things you “want” plus items you need to save for such as investments in 401, weddings, baby showers, etc. This will give you a good indication of how much (minimally) you need (or should) have in the bank. And, it doesn’t hurt to figure in a little extra for a “rainy day”. From this figure, you can calculate how much extra you’ll need in total monthly to save up for your goal.

It’s imperative to note, that if you find, what you need exceeds what you earn and save monthly, then you need to determine areas where you can scale back. Then you need to think about how you can get some extra money (maybe you can get a second job for a while, earn a degree that will warrant a better salary, look for a cheaper apartment, bring your lunch to work most days if not 5 days a week, have a yard sale and rid yourself of things you no longer use, want or need, you get the idea), and let the savings begin.

Long Island Home & Lifestyle Articles > Homeward Bound: Saving Up For A Home

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