August Downpayment fund update
We are hard at work, piling up money for a homestead and here is our progress in the past month.
Inspiration
I love to follow along on people's debt free journey, it fills me with hope and inspiration - if they can do it I can do it. Only, I'm not in debt, not yet anyway. Our journey is kind of a reverse debt-free journey. It is our journey into debt, a journey to limit the amount of debt we will get into. Last week as I finally started to feel better I thought, that if people share their progress on paying off a home, why shouldn't we be able to share our progress of saving up for one. Money is such a personal thing, but that also makes it a thing we all have in common. If you are reading this, you have a need, however small it may be, for money. It is my hope to do monthly updates on how much we put away both as an encouragement to me and hopefully, as an inspiration to you.
The numbers
In August we were able to put away DKK 8,179.48, and our goal was 5000, so we did well! It brought our fund up to 170,954.90.
September is an expensive month for us, our original goal for the month was 10,000, but honestly, we've backed it down to 5000 after seeing the line-up of events and expenses. We have guests staying for two weeks, where we will be paying for all meals. We have a baptism as well as a BIG birthday, we have to travel for. My husband has another journey planned, but managed to get a free ride at least one way. Oh, and I need to spend a small fortune on books for my degree. September is also a month of paying double internet bills as we are switching provider and it will be our last month paying for Netflix.
I really hope to see 176k in our account by the end of September and 190k by the end of the year - before I quit my job our goal was 200k, but I'm just not sure that it's feasible now. Hopefully, we will have a better idea of what our new budget looks like in a couple of months.
What is your number one money priority at the moment?
Feel free to join the conversation at
Wow, 176k BKK is 28,185.71 USD that is a lot to save up for! I am amazed you were able to save up so much in one month! Congratulations! With this, you will have a much smaller loan that most people! That is really amazing. Thanks for sharing!
Yeah, it sounds like a lot, but remember that a modest fixer upper is 800k here. But I guess you are right to some extent. Most people just have the required 5 %, while we are aiming for 20% plus the cost of buying. 8000 is a lot to put away in a month for sure. We are very conservative on how we spend our money and ever since we got the okay from the bank we've been looking at ways to save even more.
I'm handful for the US Military benefits for buying a home. We would have never been able to get one of it weren't for my husband having had been in the military. We didn't have to put a down payment because of that.
@frugallady, my family and I had lived overseas for 12 years. In January 2017, we felt like we needed to return to the States. We were still on Salary until May of this year.
Our number 1 financial goal is finding a job that can provide for our family. We still have some savings, but it is depleting fast. I love hearing stories about people achieving financial freedom so that they can reach their goals for the future.
Keep up the good work!
Thank you. I hope you find a job soon to allow you to achieve your financial freedom. I hope to keep you posted once a month from now on.