Want to Own a Home? Be Prepared to Sacrifice

By Christ Church Communications Team
Jasmin Howard (Contributor)

It happens all across America: Renters, innocently perusing social media, will notice certain themes such as TikTok videos, someone getting married, photos of food, etc. But they’ll also notice pictures of newly purchased homes. And it’s easy to understand why these images could foster a slight sense of envy, a feeling of being overwhelmed, and the question: How were they able to purchase a home?

Millennials and first-time buyers are particularly daunted by home affordability. A 2012 survey, conducted online by Wakefield Research, found that out of 1,000 potential homebuyers, 15% ages 28-34 said they wouldn’t even sacrifice their Netflix subscriptions to save money toward homeownership.

The reality is that the more sacrifices you make now, the sooner you’ll be able to afford your first home. If you want to be a homeowner by your target date, you may have to put other major purchases on hold, such as vacations or a new car. Eating out or ordering takeout can add up quickly. If you’re not careful, a Seamless or Uber Eats addiction can end up costing you more than $1,000 a month. Often, if you avoid choosing what to wear and what gadgets to buy based on what your friends do, you have a great chance of saving a ton of money—and becoming a homeowner much sooner than you think. It all boils down to what sacrifices you are willing to make in order to realize this financial goal.

Jasmin and her husband Rajaune are in their mid-30s, have been married for seven years, and recently purchased their first home. When their son beau was born, they knew that they needed to move into a larger apartment. But a quick search revealed that the rent for a two-bedroom apartment was just as much as owning a home. After meeting with two financial planners, they concluded that they needed to pay off their credit card debt, student loans, and automobile before locking into a new home.

With their debts out of the way, they came together to determine how much they wanted to spend, the area to live in, and sacrifices they were willing to make. It took two years before actually closing on their home. Jasmin admitted that practicing tithing and putting God first was the beginning of getting serious with their financial goals.

But also, having automatic deductions into a savings account, holding on to every financial gift from family members, and cutting back on eating out were difference-makers. Another plus was that they were able to bring in an additional income source through teaching. The combination of all these efforts allowed them to accomplish their financial goal of a $60,000 down payment—in just three years.

Jasmin attributed many of her financial techniques to listening to Dave Ramsey’s Financial Peace University. In addition to now living below their means by only using cash, they stopped treating everyone to dinner, cut back on their Christmas spending, and practiced delayed gratification—and saw great results! Overall, what made a big difference was not trying to keep up with everyone else. Now, they are enjoying the rewards of their sacrifices and they both admit it was all worth it!