You Don't Have A Budget And You Wonder Why You Can't Buy A House?
So many people these days do not scrutinize what they spend. You need to sit down and evaluate what you spend each week and on what.
I know plenty of people that can't buy a house. Why?......
- They spend an upwards of $300.00 a month on Starbucks. That is crazy! You are only adding to their profits. What is more important, equity or caffeine?
- Gotta get my nails done. $100.00 a month to get nails done? Why? A manicure is all you need. That costs $7 to $10 every 2 weeks. Do you really need back-scratcher nails? It's not good for your real nails anyway. Getting a manicure will keep your real nails healthy and they will grow because of it.
- "Oh, I need those $100 jeans!" Really? Why? Enough said on that subject.
- $600.00 a month on 2 car payments. Do you really need to get new cars every 2 to 4 years? You do not. Keeping up with the Jones's is doing no good for you. It's nice to have a new car, but if it's preventing you from buying a home, it's not worth it. Wait until you can afford to do that.
- Buying new clothes each season. Now this boggles my mind! Even if you fluctuate with weight, keep those clothes just in case. That way, you won't have to spend $1,000 each season for clothes. That is almost a mortgage payment right there in some parts of the U.S.
- Lottery tickets. I know people that spend at least $100.00 a week on these, "you-will-never-win" lottery tickets. The odds are against you winning the big bucks. $400.00 a month in lottery tickets is nuts! If you've been playing for 10 years, that's approximately $48,000! Are you kidding me? That money could have been put away for a down payment on a home! Hoping to win the lottery is not the American Dream!
Get my point? I'm not saying you can't have any luxuries. Cut down on them.
When I was married to my ex-husband, I figured out if we stop going out to eat 4 times a week, we will be able to buy a house in under 2 years. We socked away his paycheck, and lived on mine. We lived like we had no money but it was temporary. We bought our first home in 1.5 years after we were married.
Now I know expenses and rent have gone up since 1992, but it hasn't doubled. It does take longer these days for a young married couple to save, but you can do it.
So, sit down and figure out what you spend and on what.
Be forewarned: You will go into spend-shock!