The other day, our dishwasher broke. Out of nowhere, the handle wouldn’t close and it turned out to be a complicated fix, so we let our landlords know.
They responded, telling us that it was time to update the dishwasher, and to soon expect new appliances to match. While this will undoubtedly be a nice and cushy change, Chad and I realized that our landlords are making the necessary upgrades to make the house in a more sell-able position.
Sure, it could be a while before our house hits the market. However, there are two main things that could happen when our rented townhome is sold and bought by new owners, when that time comes:
- They could want to live here, and we’d have to move out.
- They would do market research to see the average rent cost of the area, and our prices would increase. Substantially.
By the time this happens, whether it comes down to option one or two, we want to be ready to do a house search of our own. We’re about 15k short of where we need to be to start thinking about down payments, so some adjustments to our budget have been made.
The Goal? Save $15,000 in 10 or so months.
Here are the various steps we are taking to save that extra money.
1. Reducing Reoccurring Expenses
We took a look into where our money goes each month, and instantly cut out the unnecessary expenses. For example, we both canceled any subscription boxes that we have; I postponed my Stitch Fix and Chad indefinitely cancelled his Bespoke box, saying goodbye until a later date.
2. Introducing Date Day
I’ve talked about this before, but Chad and I introduced Date Day into our routine. The gist: stop eating out once a week, and instead reduce it to once a month, paired with another fun activity. Our first Date Day included hot springs, Mexican food, and a mountain-top concert.
3. Extra Income
Since I stopped doing my last side hustle (freelance writing for a cannabis resource site), I found two more. Though they don’t pay much, I’ve picked up two more freelance writing gigs creating content for a travel website and a men’s grooming site. Chad, too, signed up to be a Chegg engineer tutor and has an interview to be a liquor store stock person once a week (keep your fingers crossed!). Any extra money will go toward our house fund or will make an extra payment for our car loan.
Update: Chad got the job! He’s loving it so far, and it’s all going into savings.
4. Money to Savings
Automatic payments are a blessing, whether they go toward your insurance payment or student loans. Chad and I also have a system in place where every month, we transfer about $800 to our savings account. This way, we’re taking the time to save, automatically. That will add up, with limited extra effort.
5. Credit Card Smarts
Though we primarily use a joint checking account, Chad and I decided to be smart about building credit. He and I both have separate credit card accounts that we’re using once a month in small amounts, and paying off completely.
Chad’s credit card comes with a bunch of extra perks and benefits, so we are using his for our everyday purchases—groceries, gas, etc.—and paying it off in full each month. This way, we’re reaping the rewards of credit while also spending within our means.
There you have it; feel free to leave your two cents of advice in the comments below. Thanks for reading!