OK, I don't want to get too personal, but I seriously wonder how it's being done.

OK, I don't want to get too personal, but I seriously wonder how it's being done.

Between what you take home every month and ALL your expenses (mortgage, utilities, credit cards, other loans, etc), do you actually save anything, or are you lucky to break even every month? Do you rely on what you get back in taxes at the end of the year? I just don't get it. I was freaking out at the house we bid on, crying outside that we're getting in over our head. But all of our friends buying houses make less than us and they are doing it for the same price range...how is it possible? We have a lot saved, we make good salaries, and I'm totally freaking out that it's not enough. How is everyone doing it?

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

for right now until after the wedding we are living paycheck to paycheck because every other dime is getting saved..but once the wedding is done we should be good to go..you'll work out a budget and learn to cut back on silly things that add up once you think about it..we have a co op so we're paying maintenance and a mortgage and we both don't make over average salaries so it's doable..just go for it..there is always more money in real estate then you think once you buy!!

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

We knew what we could afford cause we added up ALL our bills we had already and estimated what mortgage and house bills would be. If we could afford this w/ extra $ for spending and emergencies, then we knew we could buy a house. It has worked out great so far!

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

Yes, I agree- it's a little tight because we are doing things to fix up our house- we still budgeted saving 'baby' money every month but it is a squeeze because we still want to buy things for the house- flowers, fence, new windows. I guess that makes sense- once those things are done it will get easier!

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

We will still be able to save, but not as much as we were. We have been putting away a lot lately. When we are in the house and paying the mortgage our expenses will go up a lot. BUT we are renting now so that money goes out the window. We'll be spending more, but it's a worthy investment.

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

We have literally not been able to save a dime since we bought the house, but we did buy the money pit, so I guess it's to be expected. The house has become everything we ever wanted it to be and more but it's been five years of me working two jobs, cutting back on everything imagineable, etc. There is slowly light appearing at the end of the tunnel. It takes alot of crafty financing to get through it, and we didn't even buy when the market was at it's heaviest.

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

Yes, it is tighter than we thought it would be. We planned our our budget and expenses so carefully, and yet there are still things you don't know about or cannot plan for. But my friends who have owned longer are saying what someone said above - the first year is the hardest. Once you get settled there will be less improvements/decorating/furniture to pay for, and also by then your salary will hopefully go up too.

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

we are not able to save either. we bought a house for a very reasonable price and was a fixer upper. i dont know how people are buying these really expensive houses either.

it is tight, but as time has gone by, we learn what we have and where it has to go. and as someone said above, it will get easier due to raises, etc.

in the end...it DOES work out, because it has to and we make it! but its worth every penny to be a homeowner!

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

If we were counting on our tax refund, we'd be in trouble. We paid big time this year.

We went into the house buying process with a good idea of how much we'd be shelling out each month in expenses (car payments, student loans, utilities, mortgage, etc) and what that would leave us with to save/spend/live on.

We used very conservative numbers (ex: low estimates on how much I'd be making - my income fluctuates month to month).

Now that we're in, both of us are (fortunately) making more that we estimated, and we've been able to put $$ back into the house and save some. I thought projects like windows and the kitchen would have to wait a while until our finances recovered, but we've been lucky. We're also saving thousands by doing most of the work oursleves.

I just ordered my kitchen today and I think its the single largest purchase I've ever put on my credit card

Try not to compare yoursleves to others. Everyone's situation is different. Even if you're making the same $$ as someone else, doesn't mean your expenses or lifestyle are the same...

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

We are living paycheck to paycheck as well. We set aside a certain amount of money that he refers to as the 'sink fund' incase anything goes wrong with the house, but otherwise no savings. We cannot afford to do any work to the house yet, but we figure that will get better in time.

Re: OK, I don't want to get too personal, but I seriously wonder how it's being done.

Thanks everyone. The feedback helped settle my nerves.