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!
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{ 9 comments… read them below or add one }
Great article! I’m glad I found this site!
I hate those people that always complain that they can’t save money when they drive a really nice car and live in a really nice house.
i want to buy a house with my blog income hopefully, maybe cut down on the movies and pizzas!
beautiful site, drop us a line sometime!
hey quick question were did you get that rss feed chicklet the green one in the upper right corner!
Calvin: Thanks for your continual support and flattering encouragement!
I agree that there are some people in this world that need some sense knocked into them.
mahdi: Good luck with putting a downpayment with your blog income! I will definitely check out your site
mahdi: If you mean the one that has the mirror-like image, it came with the original theme I used and end up customizing a whole bunch for this site.
MoneyNing: Not a problem!
We should all educate our peers so more people save
At least they are helping the economy!
Thanks for pointing out such an inspirational story. It just goes to show that anything is possible if you put your mind to it.
Lynnae: Definitely agree with you. It’s amazing how these types of stories motivate us since our efforts of being frugal doesn’t compare to these people at all!!!
I was raised with the saying if you can’t afford it, you can’t have it. I have done well and not gone into debt in very tough economic times. I applaud you for calling attention to this article. We are in a culture that tells us we should have everything but we really need to make choices. Many people do not realize how much money they are actually spending on those little extras. We could all probably save quite a bit. There are so many things we buy in a year that we don’t really need. How many clothing items just because we want something new, coffees and dinners out. The best thing I have done is to get direct deposit. If you don’t carry cash around, you are less apt to spend it.