Can Frugal Living Afford You The House Of Your Dreams?

Sometimes investments go far beyond the monetary assets. Sometimes you’re investing in your life’s aspirations and the hopes and dreams of your family. The home you live in isn't just purchased based on the anticipated future value in a few years. You've chosen a neighborhood, a lifestyle, and a place to create the happiest memories you’ll treasure. Of course, if you haven’t reached that point yet, you might need to make some lifestyle changes now to achieve those dreams. Are you ready for some frugality?

frugal living

Can Frugal Living Really Deliver?

Frugality is about cutting down your spend to the very minimum amount. There are ways to take this pretty far. You might move somewhere with a very low rent. You might stop using your car and walk everywhere. Perhaps you’ll give up buying new clothes for a year or two? There are extremes of frugal living. But all the benefits of frugality will only pay off if you have the income to put aside.

Saving Hard or Hardly Saving?

The higher your income, the more you can save. Living frugally simply gives you a higher percentage of savings. If your income is low, frugal living might be a way of life just to put food on the table. Essentially, you need to earn a lot to save a lot, regardless of how much a basic existence is costing you. Sure, you can cut back and cut back. Time is needed to build up that savings pot. 

Putting Your Money Where You Want It To Be

Saving is essential if you want to buy a luxury or designer house for your family. New homes will always be priced a little higher than ‘used’ homes. But a new home can be customized to suit your needs and desires exactly. If this is the way you’re going, you’ll be pleased to know that the deposit required to secure your home might be a little lower. New home builders can often provide the finance plan that suits you. 

dream home

You can deposit your savings into a high-interest savings account. Of course, the best accounts come with a notice period. They also require a minimum up-front deposit. If you’re starting from scratch, you might not reap these high rewards. Investing usually requires minimum term. Search for opportunities, but be prepared to use a savings account that you can gradually push money into each month. 

Living The Dream?

It might take months, or you might have to live the frugal life for years to buy that house you’ve been dreaming of. Will it all be worth it in the end? Chances are you might have to adjust your expectations once or twice along the way. High quality should win over price, but sometimes something has to give. Things crop up, and it’s normal to change your mind about things. Dreams tend to grow, too. You might feel that you’re never going to get exactly what you want and that all that saving is just too hard right now. 

Can frugal living get you the house of your dreams? It can certainly help get you there a little quicker. How long can you live the frugal life?

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