Disclaimer: This post is sponsored by Unison. All opinions and thoughts are my own.
Throughout the course of my career as a financial expert, I’ve been known to do some things that don’t “look normal” in order to save money. Well, in trying to save for a downpayment for a house, things are no different.
If you follow me on Instagram or listen to my podcast, then you already know I had to move out of my apartment a few months ago. The lease was up and construction throughout the building was causing serious issues in the unit. So, I left.
Leaving was not easy. I had really good memories there and waking up to an ocean view was my favorite part of the day. On top of that, I did not have a whole lot of time to figure out what I was going to do. To say that I was stressed would be an understatement.
I only had a few weeks to make a decision about what I wanted to do and where I was going to go. During that time, I considered my options:
- Find a new place to live
- Move back home with my parents for a while to save a lot of money
Why I Chose to Move Back Home
Rather than trying to find a new place to live in a couple of weeks and then paying rent, I decided to move back home for a while and save money.
When I really sat down to think about what I wanted from my finances and my life, two things came to mind:
- Start traveling abroad again
- Buy property
This is what felt good in my spirit. I want to experience the world and also want a home to come back to. A place where I can feel safe and secure. A place where I can rest after a trip, make memories with loved ones and a place that’s all my own.
When taking these things into consideration, it only made sense to move back home. I’m now saving about half my income, and a portion of that is going toward a downpayment on a home.
Why I Look Crazy to People
We live in a society that thinks that because you’re making good money that you should spend it. I will often get questions like, “You run such a successful business, why did you move back home if you can afford to live somewhere else?” Sometimes I’ll even get criticized for it as people begin making assumptions about my money.
The truth is that sometimes doing what’s right for you financially – like saving for a downpayment on a house – looks countercultural on the outside.
We’re often told to just buy more stuff and show off how successful we are without realizing what that’s actually costing us. In my case, choosing to live a new place would take money away from my main goals. If I decided to go by societal standards then it would either take me longer to reach my goals or, worse, I’d never reach them at all.
I have to admit sometimes this gets to me. Doing what’s right for you financially is not always easy. But when you want something bad enough, you keep your eye on the prize and keep going.
Rather than letting the negative comments get to me, I choose to focus on how good it will feel once my goals are a reality. It’ll feel good knowing that I made it happen. The work that goes into it will be worth and it will help me appreciate my home even more.
How to Save for a Downpayment on a House
I decided to drastically reduce my personal expenses so that I could save money for a downpayment on a house. In my case, that looked like downsizing my housing which freed up a lot of money. Here are a few other ways you can start saving more money:
- Reduce your transportation costs. After your housing costs, transportation takes a huge chunk out of your monthly budget. Consider finding ways to reduce this to free up some funds.
- Reduce your food costs. This is another large area that can eat up your money (pun intended) if you’re not careful. Consider brown-bagging your lunch instead of eating out so much.
- Find ways to make more money. The internet has brought about the age of the side hustle. There are so many ways to increase your income on the side of your job – from freelancing to tutoring to driving cars. You can also try increasing your paycheck by getting a promotion, asking for a raise or finding a better paying job.
- Consider a home co-investment. Companies like Unison are championing new and smarter ways to help buyers fund their homeownership dreams.
Once again, these things are not always easy. But if owning a home is one of your dream goals in life, then you’ll happily do what’s necessary.
Win $25,000 from Unison For a Downpayment on a House
I’ve partnered up with Unison to share my story as a part of their mission to make homeownership more attainable for anyone who wishes to buy a home. Unison is doing some pretty innovative things in home finance; their home co-investing programs are something to look into if you haven’t heard of it before!
What is co-investing, exactly? Basically, instead of trying to get the downpayment on a home by yourself – which can be daunting – Unison acts like your co-investor. They give you cash in exchange for a percentage of your home’s future investment.
They are currently having a sweepstakes where the winner will receive $25,000 to put toward a downpayment on a home.