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.