All the time, I find myself browsing on Pinterest and looking at some epic interior designs- this photo is straight off Pinterest. IT’S SO PRETTY right? It’s a dream of mine to own a home and to make it into an awesome living space.

 

We’ve been renting our one-bedroom apartment for going on two years.  Overall I’ve really enjoyed renting.  It’s kept our lives simple and has given us the freedom to move wherever we please. There are a lot of nice things about renting, but after years of rent increases, hearing loud neighbors, and having maintenance people randomly need access to your space, it’s time to re-evaluate our long-term living situation.

 

When Steve and I got married, our number one financial goal was to pay off his student loans and be debt free.  We crushed that goal this past January and have transitioned into saving for emergencies and other long-term goals- one is buying a house.

 

A few reasons we want to be homeowners is to have our own space with a yard for the dogs and to lock in our living costs. Right now, we have no idea when or where we would potentially want to buy a home but still feel the desire to get the ball rolling and save up a down payment.  

 

Our plan is to aggressively save so when we are ready, money will not be the part holding us back from pulling the trigger.

 

The thought of saving for a down payment is overwhelming because it requires such a giant amount. Also, the last thing I want to do is jump right back into debt again. I want to take some time to build up some savings and do this in a way that I’m comfortable. The goal is BIG, but all you can do is take it one day at a time right? So, what are we doing to save up to one day buy a home?

 

Rent a small space:  Our apartment is all of 870 square feet.  It’s updated, very modern and is super nice, but it’s small!  We could get something bigger, but I’d rather not spend more than we need to.  Our place is large enough for all of us to be here comfortably, so we will be keeping our rent low and will deal with what we have for now.

 

Keep expenses low:  When we were in student loan debt, we constantly did things to keep our expenses low so we could push any extra money onto the loan.  We’ve loosened the budget a bit since then, but still, run a pretty tight ship so we can save for long-term goals.

 

Automatic Savings:  We have automatic transfers that happen from the checking account into the savings account every month.  This keeps us accountable and also keeps making the savings deposits non-optional.

 

Hands off:  The money that gets saved is basically looked at as non-existent.  It’s not there for fun, or to bail us out when we run into a problem (as long as it’s not a deadly emergency).  It’s there strictly to go towards a home. Period. NO TOUCHING.

 

It’s hard for me to even picture buying a house right now, but I’m mentally preparing.  It will take a couple more years until we are actually ready, so hopefully, by then, I will have accepted the fact that we might need to take on a mortgage.  Ahhh!! Let’s not talk about it yet. Have you saved up a down payment before? What are your tips? Comment below =)

 

Do not save what is left after spending, but spend what is left after savings” – Warren Buffett

 

Thanks for Reading,

 

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