About 10 days after our wedding, we closed on our first home.
At first I really didn’t think it’d be possible to for us to buy a house right after we got married, at ages 20 and 23. But it was, and it happened!
It IS possible to buy a home young. Don’t fool yourself into thinking it’s not.
But there were a few important financial habits that allowed us to make that move when we did. Here is a peek into the money philosophy that made it possible for us.
Budget
Create and stick to a budget. It doesn’t have to feel confining. I like to think of a budget as simply telling the money where to go.
Budgeting doesn’t have to feel complicated either. Start with budgeting just a few categories and add more as you go along. Also, budget isn’t set in stone! It will take adjustments at least every few months.
Live Frugally
Find ways to save money and live frugally. Especially if you’re saving for a down payment on a home, renovations, or anything. With a little creativity, you can find all sorts of ways to cut costs.
For example, to help save money you could:
- Use coupons, sales, and meal planning to save on groceries
- Cut cable and use cheaper options instead
Buy LESS Than You Think You Can Afford
Finally, when you are ready to buy it can be tempting to get the biggest, nicest house that costs the very tip top of your budget, but I think that could be a bad idea. There are so many factors that could come up unexpectedly – property taxes could rise, your A/C could go out, and countless other circumstances.
I’m not saying this to dissuade you from buying – I think a home is a fantastic investment, even when you’re young. My advice is simply to make sure your home fits well within your budget so you’re not caught by surprise when an unexpected expense pops up.
Following these financial habits will get your well on your way to owning your own home!
Ready to Start Going After Your Dreams of Home Ownership?
The first thing to do is find a good realtor and then a mortgage lender, such as Capital One Home Loans. Capital One’s goal is to help first-time homebuyers understand how the home loan process works, which is why they’ve launched a new online learning center that features the know-how you’ll need to become the savviest homeowners on the block.
To help you with the home buying process, they have created the Capital One Home Loans Online Neighborhood – a free online resource where you can learn all about home buying. They’ve gathered easy-to-understand articles and helpful videos, as well as information about Capital One’s Home Loans offerings.
Live with financially wise habits and you too can achieve your dreams of owning your own home!
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.
I should have read this a long time ago! My husband and I just bought our first home in 37 years of marriage. This is pretty amazing for someone your age. What a great inspiration for others!
Nancy Ü
FYI: Our purchase was such a big deal I had to blog about it! http://bit.ly/1SA1iNu
Congratulations on your home purchase, how exciting! Thanks for stopping by 🙂
This has some great tips for everyone! Living on less than what we bring in is so vital to a healthy financial status. Thanks
Yes, so true that living on less than we bring in is so important! Thanks for visiting 🙂
Congratulations, that’s amazing! I’ve always thought about buying a home right after moving out from my parents house, but then recently I decided I wanted to wait until I have someone to buy a home with. So for now I’m just moving out and I’m going to rent with a few friends or a while. The thought of paying someone else’s mortgage rather than my own has always bothered me, but I think now I just have to do it to move on and get to where I want to be.
Thanks! Buying right away isn’t right for everyone, you have to make the best decision for your life. If you rent for awhile, you’ll have an idea of what you like in a house and what you don’t so you can find the perfect home for you when the time is right for you to buy! 🙂
Hello from Thrifty Thursday! Great tips! As someone who is probably going to be getting married and buying a home within the next 5 years, this is really good info! Thanks for sharing.
I found you over at One Project at a Time. This is great. I also 100% totally agree with a budget, rather than confining us, I feel like it’s felt like more financial freedom.
Melanie
WOW!!
impressive post.
Thank you for sharing your experience and knowledge!