Hello everyone! I hope that this article finds you well, as you navigate to create a simpler life. We all have so much “stuff” and it’s amazing the amount of resources owning/collecting this “stuff” takes from our lives. I wanted to share my viewpoints on the benefits I have been receiving while getting rid of my belongings, one day at a time. This article hopefully can add value to your life, by seeing the value of having less can do for you emotionally, financially and (for lack of better word) resourcefully.
I thought the title may lure you in. My hands are beat up and dirty after the work that I did on Sunday, September 17th. Let’s just say, I can now officially be called an Italian, as mixing and laying concrete was involved. I’m excited to tell you about how I was able to save over $2,000 on one house project that I ended up doing myself.
Nothing Matters More than your Savings rate. Now that I’ve been in deep on the journey to financial freedom, one learns quite a bit. From investing, making every dollar and hour count, to maximizing your investments to the highest level with tax efficient accounts. Additionally, I’ve learned the utmost importance of having an extremely high savings rate. One cannot do any of the items above if you spend all of your money!
I feel like I am just stuck in a rut right now. A lot of exciting things are going on at the moment, and I know that I should be enjoying them. We finally closed on our house and the title is in our name. The thought of home-ownership was at one point a dream and now it is a reality. Now the projects begin. We have an apartment to pack, wallpaper to tear down, walls to pain, hardwood floors to re-finish, and other projects that will emerge at the blink of an eye. This should be fun; this should be exciting. But something feels off right now as I write this article from my hotel room. After sitting at the same looking desk that I have sat at so many times at every Hampton Inn in “you name it” city, it finally it me. The reason I am feeling off right now is not because of the volume of work that has to be done on my house, but rather, the fact that I will be traveling a lot for work over the next few months is having negative impact on my ability to complete these projects and even worse, my savings account.
We had an insane month of May, no questions asked. We bought a house, we attended a couple of weddings, and traveled to Boston for a graduation. A lot going on! If you recall, in what feels like forever ago by now, I wrote an article about how we were also going to have to purchase a car for my wife since her lease was set to end in May. So on top of all of it, we added buying a car to the mix! This time, something was different, we changed our plans at the last second and decided to purchase our first ever used car. Now, here is the “thrilling” story about one of my least favorite processes ever, buying a car.
With the purchase of our first home, my wife and I are looking to find any monthly expenses that we can cut back on in order to offset the impact of our new mortgage, tax, and insurance payment. There isn’t a one size fits all answer or one expense that will magically offset this impact; however, we are going to do everything we can to collect a series of small victories to lessen the blow. We found one piece of low hanging fruit, our gym membership, and decided to take a look at whether the expense was necessary or a luxury.
My wife and I just purchased a house…it is still settling in. I can’t believe I am taking the plunge into home ownership. This is the largest asset we ever purchased, and it most likely will be the largest one for the remainder of our life. Last week, I tried to give an in depth account of the purchase in an article. Some of our frustrations, how we stumbled on our house, and the bidding/acceptance process. At the end of the article, I left a cliff hanger about some of the parts of being a first time homeowner that I am still struggling with.