Is it possible??
Here is what I have found out…
To start off, I would like to share a little back story..
I met my husband when I was 14. We were high school sweethearts! I took college classes in high school, and graduated high school early to keep up with him (cus we were so in love… bawww). I was in college for 4 years. In those four years my husband and I got married, and had two children. I missed one week worth of class for each child (while still breastfeeding!), and have never taken a summer off. I am now in my second year of my master’s program, and again took summer classes. I am a teaching assistant for my university, in which I get to teach the classes entirely on my own. My tuition is waved for my masters, but I had to take out student loans all four years of my bachelors.
I have lots of student debt… but i am not scared!!!
So here we are now.
My husband and I have now been together for nearly 9 years, and we are ready to buy a home, and stop living pay check to pay check.
If we want to start living this way once I graduate, we have to start saving now… like this very second.
Let me let you in on a little secret… I do research for a living.. I am pretty good at it… so I have done my homework here. I wanted to know:
How can I save each month?
Can I get a home loan with student debt?
What are banks looking at when they assess you for a home loan?
How much of a home loan can I afford?
And of course…. what kind of jobs can I get with a master’s degree in human communication (research focus on the LGBTQ community).
There are a bazillion tips out on the interweb on how to save money, but about for every 1,000 tips, I can use 1. Well, one is better than zero right?
So here are my tips after much research:
1. Write down your finances. Every penny. Start off with delegating your bills out to each pay check. For example: my charter and electric bill come out of my first check each month. My rent comes out of my last check each month. Next, total up how much you make and subtract how much you spend on bills, gas, and groceries. How much do you have left?? Can you put 10, 20, 30, 50% of your leftovers into savings? If so, do it!!
2. Bite the buck and buy groceries, lots of them. Get the kind of groceries that you make meals from scratch. You would be amazed at how much this will save you. Also, always make a little extra to take to work with you for lunch the next day. Eating a brown bag lunch every day will save you hundreds!! Also, buy store brand… you wont taste the difference. Remember, these meals do not have to be betty Crocker, just a filling meal. Extra tip: Aldi’s has the cheapest veggies, and Walmart has the cheapest chicken!
3. Get netflix… so this is $10 a month, how will that save me money?? Well a movie ticket is also $10.00 and it is just one part of entertainment for one night!! Instead of going out with friends, invite them over, have everyone bring a snack to share, you can make some from your groceries, and watch a movie on netflix. Not enough? Start watching series on netflix that you can get addicted to. I like Walking dead, Lost, Downton Abbey, and a few more. Wanting to watch the next episode may keep you in and save you on gas, food, a movie ticket and more. Maybe you can get some class work done between as well!!
4. Stop using credit cards. If you can not afford it when you swipe it, you can not afford it. If you can not afford it, you will pay payments. If you pay payments, you are paying interest. If you are paying interest, you are spending more and more and more. Stop it.. now. Its a slippery slope…
5. Do not clip coupons. These are scams… did you know that??? “What a great deal!! $1.00 off something I wont need for three months, then I will forget I have it!” or “$2.00 off 2 of the same thing, I will have to get that, even though I have never used this brand before and would not have bought it if I never had a coupon.” No… Just no. You are spending more than you would have if you never had the coupon. If it is for free… fine, use it. If it is for something you buy regularly and you need, use it. Otherwise, THROW IT AWAY!!
6. Call your tv service and electric company. Are you paying the lowest rate you could be paying? Probably not. Charter reduces my bill every time I call.. I call about once every 6 months. Most electric companies can give you a set rate on your bill each month; is it lower than what you are paying now? If so, take advantage of that!!!
These are my 6 golden tips for now. I am hoping to find more!! I am saving a lot each month just by following these tips.
Do you have any more tips? Comment them below!
Do you want me to write tips on the other areas I have been researching? Leave me a comment, I will get to it ASAP!!!
Thanks for reading!