First-time homebuyers save $100k by eating PBJ & drinking PBR

By
Real Estate Technology with Updater
https://activerain.com/droplet/4jRX

Buying an apartment in NYC is an undertaking to say the least. But, it's not impossible.

I recently read a story about a couple who saved over $100k to buy their first apartment by cutting expenses in all the right ways. How did they do it? Lindsey says, "Well, PBR had something to do with it. And, peanut butter sandwiches."

A few tips from her story that may be helpful for your first-time homebuyers:

1. Pack your lunch - it seems like a no-brainer, but actually saves $10-15 per day in Manhattan! Lindsey's husband Ken eats a peanut butter sandwich for lunch every day and skips jelly because it's, "An unnecessary expense." You don't have to recommend going off the deep end in that sense, but the concept of saving via homemade lunch is very real.

2. Speaking of unnecessary expenses, cut them out - no need for an expensive gym membership, when you can run outside or swap for the $20/month deal at the local gym.

3. Make coffee instead of stopping at Starbucks. 

4. Choose the "$3 draft over the $14 cocktail."

5. Keep your eyes on the prize. 

 

Read Lindsey and Ken's full story here - great inspiration for your young, first-time homebuyers.

 

Save money buying cheap beer over expensive cocktails

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Stephen L. Skakandy, CRS 07/12/2014 08:53 AM
Topic:
Home Buying
Tags:
firsttime buyer
saving money
client tips

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Rainmaker
1,073,512
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Jenna, we can save a great deal of money by taking our lunch to work and brewing our own coffee.  Your list is a great reminder.

Jul 03, 2014 04:01 PM #73
Rainmaker
433,579
Trent Dalrymple (248) 854-0625
Texana Bank - Bloomfield Hills, MI
Allowing Mortgage Professionals to Lend Nationwide

It's either eating macaroni and cheese before you buy or after you own.  Many 1st time home owners can end up house poor if they don't tighten their belts and get use to it.

Jul 03, 2014 10:41 PM #74
Rainer
226,519
Rafi Footerman
Mid Jersey Inspections - Edison, NJ
Home Inspector, Mold Inspector, Radon and More!

How about 'quit smoking'?  That will save $3000 or more a year.  

Jul 03, 2014 11:40 PM #75
Ambassador
1,495,712
Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Great advice for wannabees.  If you want something you have to earn it.

Jul 04, 2014 01:33 AM #76
Rainmaker
411,072
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
MC Dwyer-Santa Cruz Mountains Property Specialist

Thanks for the great reminder about keeping your eyes on the prize.    #58 Sylvia says it best!

HAPPY 4th everyone!

Jul 04, 2014 01:40 AM #77
Rainmaker
642,705
Carolyn Roland-Historic Homes For Sale In Delaware and S. Chester County PA
Patterson-Schwartz Real Estate - Wilmington, DE
Carolyn Roland, GRI, CRS

I'm working with a first time buyer who is moving into a less expensive apartment to save for a down payment!

Jul 04, 2014 01:52 AM #78
Rainer
228,854
Chad Felter
Virginia Beach, VA
Providing service through out Hampton Roads

They belong on that show about cheap skates. I am glad I bought my house pre bubble when homes had real value and incomes had more purchase power.

I'm not fond of PBR or PBJ.

Jul 04, 2014 04:05 AM #79
Rainmaker
1,026,327
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

What a great story of every day things that buyers can do to help save for their first home. Heading over to read their story. 

Jul 05, 2014 04:10 AM #80
Rainer
299,354
Steven Pahl
Keller Williams Tampa Properties - Tampa, FL
Real Estate Consultant Tampa, FL 813-319-6423

Jenna,

All of us can find simple ways to cut our expenses.  Unfortunately, few will!

Jul 05, 2014 01:25 PM #81
Rainmaker
107,055
Dawn Brenengen
Dawn Brenengen - Trailwood Realty - Raleigh, NC
Sales and Management

Bike to work, don't eat out often, marry the right person!  There are lots of different ways to save money, and each person has to decide what's important to them. 

Jul 05, 2014 02:39 PM #82
Rainmaker
1,073,512
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Jenna, these are great tips along with the added  tips in the comments.  I ask myself the  question, "Do I want this or need this?"

Jul 05, 2014 05:05 PM #83
Anonymous
Mary Jean

I like keeping the house in the Frig...You see your goal and know how much you can save by not going to Starbucks, or eating out....Also you can cut back on portions.....No one needs a 12 oz glass of orange juice, or 3 pepsi's at the time........I know people who do that...

Jul 06, 2014 06:24 AM #84
Rainer
14,275
Jenna Weinerman
Updater - Manhattan, NY
Your ActiveRain moving & relocation expert

@Lanre - I know! I thought the same thing. Jelly really does make the sandwich.

Jul 06, 2014 12:43 PM #85
Rainer
14,275
Jenna Weinerman
Updater - Manhattan, NY
Your ActiveRain moving & relocation expert

@Dawn - marry the right person. Moms have been advising daughters of this for hundreds of years :) 

Jul 06, 2014 12:44 PM #86
Rainer
14,275
Jenna Weinerman
Updater - Manhattan, NY
Your ActiveRain moving & relocation expert

@Rafi - another awesome tip for the smokers in the crowd! Thanks!

Jul 06, 2014 12:45 PM #87
Rainer
14,275
Jenna Weinerman
Updater - Manhattan, NY
Your ActiveRain moving & relocation expert

@Carolyn - that's what I'm talking about! Good for him/her!

Jul 06, 2014 12:45 PM #88
Rainer
14,275
Jenna Weinerman
Updater - Manhattan, NY
Your ActiveRain moving & relocation expert

@Mary Jean - #72 Andrea said the same thing! I've never heard that expression, but it's great. Thanks ladies!

Jul 06, 2014 12:47 PM #89
Rainmaker
812,767
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

It is amazing what can be accomplished if you set your sights and focus on what you want to achieve. Our real estate coaches tell us time and time again that the first step in achievement is to set goals. The next step is to formulate a plan to reach the goals. If saving money to buy a house is the goal, some to the steps to achieve the goal – fewer trips to the latte shops, for instance – are pretty obvious.

Jul 08, 2014 02:27 PM #90
Rainer
116,316
Stephen L. Skakandy, CRS
RE/MAX Elite Realty Group - Camp Lejeune, NC
Expert Communicator, Skilled Facilitator

Improvise, Adapt, and Overcome! I like it!

Jul 12, 2014 08:50 AM #91
Rainer
14,275
Jenna Weinerman
Updater - Manhattan, NY
Your ActiveRain moving & relocation expert

@John - a plan is crucial!

@Stephen - I like that, it's short and sweet!

Jul 13, 2014 01:31 PM #92
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