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I just read an article on NY Times about a couple that saved $98,000 in 5 years to buy their first house in New York. They are a perfect inspiration for all of us that says we don’t have enough money to save because the couple were by no means earning high salaries (a little over $100,000 combined by the end of the 5 years and much less at the beginning) while having to deal with the high standards of living of Manahattan.

In order to put the down payment on the $445,000 apartment, they quit smoking, stop meeting their friends for beers after work, stop buying new clothes, gadgets and pretty much everything that they did not need. The question they often ask themselves were “Do I want the house or an iPod? or Do I want a latte or the house?”

It was hardest for them in the beginning because they weren’t used to not buying those luxury items but they slowly got used to it. During the first year, they saved $8,000. In the next two years, they saved a combined $30,000 and the fourth year $40,000. Their savings was up to $98,000 by 2006, allowing them to pursue their dream of owning a place of their own.

Their story made me realize what I thought I was given up is nothing compared to what others have to. I realized how fortunate I am and my potential to save much more money.

Thank you NY Times, the article serves as an inspiration for all of us and a wake up call for people who makes $100,000 a year without being able to save a dime!