My husband will tell you, I have been talking non- stop about my desire to buy investment property. It’s all I could think about until this pandemic hit.
So maybe you’re like me and you had grand plans for the future and now you’re just not sure what to do with those plans or how to get where you wanted to go.
First, let me say- I get it. It’s taken me a few days to mourn that what I had planned for the short term has been cancelled or postponed indefinitely. Namely for us, the much needed rest at the beach Spring Break was going to give my over committed family. I’ve given myself permission to cry and be sad but there’s only so much of that I can handle before I need to get to work, even if I’m unsure of what could be next.
As I write this from my kitchen table with my kids doing their school work around me, I’ve been thinking about the “benefits” of having my plans thrown off and I thought I’d share a few ways I’m framing this time for my family. These ideas might not work for you. Your situation might be completely different from mine and I don’t mean this as a dig to anyone who is experiencing difficulty.
One of the obstacles I need to huddle to being able to buy an investment property is a downpayment – a lump sum of money that I could use to secure a loan on a piece of real estate. It’s been a goal of mine to save for this but with all that’s going on I’ve been unsure if we can save until the other day it dawned on me that I’ve been thinking about this the wrong way. There are some ways we can unconventional save a bit more cash that can be used toward that downpayment. Hope these help you if a down payment is a goal of yours also.
Four Pandemic Saving Strategies
- Eating at home. Duh, right. But with meal planning and taking the extra time (cause I have the time) to coordinate a menu, I’m finding that not only am I spending less at the grocery, we’re also wasting less food. It hasn’t beared out yet but I’m expecting to save at least $500 on not eating out and my near daily coffee shop stops.
- Gas. Ya’ll. I cannot tell you how much I usually drive dropping both my girls at two schools nowhere near each other. Not to mention the just because trips to Target and the twice a week trips to swim lessons. I think we’re looking at $100 here, probably more now that I can drive my husband’s hybrid whenever I need to go anywhere.
- Spring Break. Full disclosure, this is a totally privileged one. We were able to cancel our beach vacation and get a full refund. That money plus the funds we had set aside for having fun while we were there are now being put into savings. Knowing us, this is easily $2000 in savings.
- Federal Student Loan Interest. is being deferred for the next 60 days. That means for the next two months, you are only required to only pay the principal amount due on your student loan. For us that’s a savings of $152 a month. We won’t do this one though, because making our regular payments means that the full amount will go towards paying down the loan in its entirety, which is the goal.
- Stimulus Check. It’s been reported that American’s might all be getting a check from the federal government. That’s not money we need to cover our month expenses – which again I know is so very privileged. We haven’t decided if this does happen what we will do with it- put the money in savings or use it to pay down more debt. This could be up to $3,400 for a family of four who makes less than $150,000 a year.
What do you think? Can you look around and see ways you can devert what you usually spend and direct it differently? If you want to really want to turn up the planning, I’ve put together a handy Home Buyer Guide. It’s available for download. Use it to fully plan your first or next home purchase.
As always, if you have any questions, I’m here to help.