I've always wondered how people buy a house... I'm in debt up to my ears with credit card bills I started eons ago in college. Combined FH and I make a little over $100K. We aren't really able to save because of our debts and expenses.
Did you guys just get like $30K in wedding gifts? Did you live home for a long time and save, save, save? Do you simply make a very generous salary?
Are your folks helping you - even if your folks help you, how do you then pay the monthly nut? Like sure your parents can co-sign and donate $40K to your down payment, but you still need to fund the monthly mortgage and insurance and utils.
I can understand this is a very personal thing, if you prefer to FM me, do so. I'm not trying to be rude or come off as woes me, I'm honestly just curious as to how people under 40 do it...
Looking back now, I wish I lived home and paid off my debts instead of running off to NYC to rack up more debt
emomma17
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Re: 'Fess Up. How are you girls affording house?
We actually aren't...not this year....we are 16k in debt combined not including my student loan...soooo we will be paying that down first and than the house will come next
Colby212
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Re: 'Fess Up. How are you girls affording house?
I grew up in NYC my whole life and the idea of buying something never crossed my mind -since NYers are perpetual renters.
But FH and I stuck to our guns, saved everything we could (before planning a wedding) and bought a co-op. It's not a house, but it's a good way to buy something that's cheaper and build equity. Of course we have normal debt like everyone, but it's manageable and we have a plan and it's working out very well - I can see the light at the end of the tunnel..and it's near!
I even find now that I have more money than I used to when I didn't have a plan.
My only advice is, have a goal, stop buying frivolous things that you want and get wrapped up with in the moment. It takes time for debt to build, and it will take time for it to go away.
LuvMyAlfonse
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Re: 'Fess Up. How are you girls affording house?
Savings
DH was the majority saver...
snwb08
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Re: 'Fess Up. How are you girls affording house?
we have a 3 year plan and are saving $1k each a month, so in 3 years we'll have around $72k. That plus my bonus money plus what we saved/got for the wedding should hopefully be enough for a down payment. we figured we need $120k to put down if we end up in LI (which looks like we probably will, unless we can afford to buy in our current neighborhood). I already own an apt but am planning to keep it and rent it out.
I'm fortunate that i make pretty good money, get good bonuses, and neither of us have any debt. It's hard but i agree it makes a huge difference to just get it automatically taken out of your paycheck every month so you don't feel it.
msabla1
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Re: 'Fess Up. How are you girls affording house?
Does anyone feel like the economy will start up again once this election is over? I was just thinking that maybe people are extremely cost conscious just until they see who gets elected.
1nicetouch
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Re: 'Fess Up. How are you girls affording house?
Were still saving for a house. DH is obsessed with getting a house so Im really trying to save every penny. Hopeful things will get better after I finish school. I want to start nursing school in the fall its so hard to get into school for nursing. Im going to keep praying that things get better for all of us.
sophisticat13
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Re: 'Fess Up. How are you girls affording house?
I have been on my own since I was 20...I rented for a while and then I bought a co-op (I used the money from my savings, a tax refund, and a sold engagement ring from a broken engagement (long story..) for the down payment). DH had a house when I met him. He bought a handyman special about 9 years ago...he saved for years to be able to buy it and he is very handy and loves his tools lol. It's a work in progress...We are living there now and my sister is renting my co-op for a year or so, then I'm going to sell it so we have money for all the home improvements we want to do. As far as wedding money we are using it to give the kitchen a facelift right now. I have to say I read all the posts and the common theme that I saw is that most people saved, saved and saved their money for a while to be able to afford a house. I would pay off the debt first (flip your high interest balances to zero-percent or low-interest credit cards) , make a budget and stick with it, and then save as much as humanly possible It will happen!!!
flairforfashion
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Re: 'Fess Up. How are you girls affording house?
Posted by msabla1
Does anyone feel like the economy will start up again once this election is over? I was just thinking that maybe people are extremely cost conscious just until they see who gets elected.
That won't likely be the case. The economy can't prosper forever. Economists predicted back in 98 that a recession was coming. It's an everlasting cycle. Personally, I don't think the election has anything to do with it but I could be wrong.
Espo22
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Re: 'Fess Up. How are you girls affording house?
Posted by flairforfashion
Posted by msabla1
Does anyone feel like the economy will start up again once this election is over? I was just thinking that maybe people are extremely cost conscious just until they see who gets elected.
That won't likely be the case. The economy can't prosper forever. Economists predicted back in 98 that a recession was coming. It's an everlasting cycle. Personally, I don't think the election has anything to do with it but I could be wrong.
I agree, things wont automatically change after the election at all. Its gonna take alot more than that to fix it. The economy problem we are having is not about people being conscious at all. Its about our credit system, mortgages, stockmarket. Its going to take longer for things to get back to normal. Things won't just change on their own after a president is elected. The only thing we can hope for is that whomever does become president will come up with some plans to maybe find a way to get things on track a little faster or to help somehow.
MrsD71208
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Re: 'Fess Up. How are you girls affording house?
Save and sacrifice...that was our motto. We didn't go out with friends, gave ourselves a really tiny allowance per week and worked any extra hours we could. We never once felt bad when our friends were going out or going shopping....we had our hearts set on saving and getting a home before we got married and we did it.
MrsList09
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Re: 'Fess Up. How are you girls affording house?
09er crashing. We're actually moving to North Carolina to buy a house. We were just there visiting FH's friends who just bought a brand new house and it is AMAZING what your money will buy down there.
We make good money here but we have a HUGE student loan debt and we're working really hard to pay down our credit card and the buy off on my car. We're planning to use our wedding money and just saving like crazy after the wedding.
It's rough because we live in a TINY apartment here and our living situation would be so much better down there. But we'd have no family and I have a great opportunity for a lot more money and a promotion at my job up here if we can stick it out for another 5 years . So we'll suffer awhile longer and I think it'll be better in the long run.
laura33
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Re: 'Fess Up. How are you girls affording house?
My husband and I bought our house 2 months before the wedding WE SAVED EVERY PENNY for years (we never lived together, we lived with our parents till we got married) we also bought a fixer upper and my father in law has done everything in the house from painting to electric to the plumbing so we saved thousands by being so lucky...we are comfortable everymonth when we pay the mortgage we have cut back on a lot but are making due...we love our house though and have no regrets...
Kristina2009
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Re: 'Fess Up. How are you girls affording house?
I was pretty frugal for many years. I went to NYU and law school on generous scholarships (I was a dork ok) and I lived at home and just commuted so I wouldn't have to take out too many loans for living expenses. When I was in school I did not buy designer things or clothing from loan money or CC llike so many of my friends doid. I just lived cheaper and worked a million part time jobs to pay for generalexpenses (I worked as a waitress, in the garmet district, for magazines, as a research assistent, as a TA, the list goes on and on - I did everything and anything I could to have as little debt as possible). I have A++++ work ethic. To this day I work more than anyone should and I have been working non-stop (granted at times part time) since I was 14. When I moved to the city after grad school I got rid of my car. Today I definetely splurge but only because I have a good salary.
I have saved quite a lot and we are paying for this big fancy wedding and saving a down payment without much stress at all.
My advice is feed the saving account a set amont monthly and then spend from the rest. I also love coupons, crusade sample sales, find cheaper reatsurants I love, etc. You just have to find a balance that works for you.
Also, buy within your mean when the time comes. Maybe a coop or a two family so you can afford the mortgage.
hyphenbride
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Re: 'Fess Up. How are you girls affording house?
Posted by abrennan01
09er crashing. We're actually moving to North Carolina to buy a house. We were just there visiting FH's friends who just bought a brand new house and it is AMAZING what your money will buy down there.
We make good money here but we have a HUGE student loan debt and we're working really hard to pay down our credit card and the buy off on my car. We're planning to use our wedding money and just saving like crazy after the wedding.
It's rough because we live in a TINY apartment here and our living situation would be so much better down there. But we'd have no family and I have a great opportunity for a lot more money and a promotion at my job up here if we can stick it out for another 5 years . So we'll suffer awhile longer and I think it'll be better in the long run.
We moved to NC to buy a house and I highly recommend it! DH and I are only about 2 years out of school and his current program really promoted the real estate market down here. If we stayed in NY we'd be saving for years and years.
When we were up in NY for our wedding, we saw some townhouses that were similar in size to ours, but in a not so nice development right off a busy street (our development is nicer and quieter)--and over 3x more money than what we have! The real estate market was one of the major pushes away from LI when we were deciding where to live.
maybridetobe
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Re: 'Fess Up. How are you girls affording house?
i feel that i wont be able to buy a house anytime soon. we live in an apartment which has 2 bedrooms & we plan to get a new apartment next year b/c we might have a little one but that's just us. I think if we were to buy a house - it would be out of state - we can't afford anything in ny
AR31
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i lived at home and i don't spend money like that.. DH is even more frugal.. we bought him 2 jackets this year after a 5 years, and that too because he can't find his old jacket.. things like that do add up.. we hardly eat out.. cook at home.. entertainement is at home.. i save every penny i can.. i hope it adds up and we can buy something in a year or so..
