Reply to need to buy a home to save money but can't

Forum Index » Money and Finances

Reply to "need to buy a home to save money but can't"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]OP, I feel your pain. But I would also agree that now is not the time to buy. Buying comes with a lot of unexpected costs that currently are your landlord's problem. I know it feels like you are throwing away money, but what you are really buying is freedom. Freedom to say "the toilet is clogged, come fix it." Freedom to say "eh, the DC area isn't for us, or Rockville isn't for us anymore, let's move to [wherever]." That kind of freedom has a value that shouldn't be dismissed.

I'm in a similar situation. I have a kid in daycare and I can't see any way I can save up enough money to buy *anything* while the daycare money is flying out the door. Yes, yes, you can go to the library and trim your cell phone bill. There's always, ALWAYS someone here who'll tell you to take public transit everywhere  (I wonder if it's the same person?)  I have a two year old and I work far away from where I live; a life without a car is not feasible for me and I assume it's not feasible for you. I get that.

To make a big difference in your day-to-day finances, you have to tackle your biggest bills. Looks like that's rent and daycare. I live in the Tysons area in a two-bedroom for $1585. It's a nice condo complex and I rent from the owner. Similar two bedrooms are renting for around $1650. This is not what I'd consider the "far exurbs," but granted, I don't know what three-bedrooms might cost. I would take a really hard look at what options are available to you in terms of rentals.

I would also pare down the other costs that you can--the car and the Internet you need for work. Anything else you can squeeze?

And honestly, after that I would just wait till your youngest is in school. You'll still have after-care (and before-care?) costs, but I don't think it'd be running you $2,000 a month. I don't know how old that kid is, but by then, maybe your credit will have been rehabilitated to the point where you can get a decent interest rate. Plus, maybe by then you will have finished paying off your credit card and your car, or be close to doing so? That would free up a cool $600 a month right there.

Patience, friend. The houses will be here when you're in a stronger financial position. 
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics