Cultivating thankfulness when living on a budget stinks!

Living on a budget stinks

We have been wanting to move out of our apartment for two years. The apartment itself is not bad, we want more room and not to share so many walls. This fall, we even started looking at houses to rent, which was fun until someone made an offer on a patio home we both really liked. Sigh. Only being willing to increase rent by $150 max severely limited the options of finding a place, not on the sketchy side, in our area.

Mortgage rates are so low, why rent?

In my mind, the point of renting is to live in a place cheap enough in order to save money.

There are four reasons we are going to continue renting. First, we have not finished baby step number 3 which states “Save up an 3-6 month emergency fund”. The second reason is we are no where near starting step 3b of “Saving for a large down payment for a house”.

The next reason, we need to continue to save as much money as we can, and the final one is we do not know which part of the Phoenix Metro area where we want to settle: a decision we keep avoiding.

Throwing money away

Many people have told me renting is just throwing money away, but I disagree. Housing costs money regardless of if you are renting or paying on a mortgage (even if you have paid off your house there are still expenses).

Renting means I have a place to stay. If we needed to move, we could always quickly break the lease and get out of here. When something breaks, it will be fixed on someone else’s bill.

I do not have the commitment and burden of home ownership, nor need to save for repairs. Housing costs are a low percentage of our budget, which helps out a lot. Living in a cheap apartment has given us the freedom to pay cash for Jeremy’s tuition and to save money.

We are not in a position where we can afford to purchase a home until we have a very large down payment to put down on a house. I am perfectly fine with renting until then.

Dominoes

The more houses we looked at, realizing all the logistics which needed to happen at the same time-domino style (we have to give a 60 day notice at the apartments, but all the houses we were looking at only would hold the place for 2-3 weeks max), the idea of moving right after Jeremy’s finals and before or after Christmas, a looming tuition payment and medical deductible due in January all combined meant I did not have peace about moving. 

I was hesitant to say anything to my husband since he was looking forward to the move, plus I kept hoping we would finally hear back from ASU and the powers-to-be would grant Jeremy’s appeal to retake the final class he needs to graduate with Electrical Engineering. Alas, it was not to be; we are still pressed into a corner waiting for God to show up.

Grim outlook

By mid-October, I started forecasting our finances out to the end of the year and the first few months of 2015. The forecast was just as I had feared, there was simply not enough margin in our budget and savings to be able to move in December when our lease was up.

I realized the need for more financial margin in my life and would rather put moving on hold in order to build up more savings. I know relocating is expensive no matter how many friends and family with large trucks help you.

I pulled the plug on moving

I talked to my husband about my concerns with not having enough savings to make the move and he agreed we should wait. We signed a year lease, and have decided to be more diligent about saving money throughout 2015.

My goal is to build our emergency fund up to 3 months worth of expenses before having the discussion about moving next time.

Sacrifice and Responsibility 

Living a debt free life on a shoestring budget by choice requires you to step up and take responsibility for your family’s financial well-being often at the expense of what you want.

Sacrificing your wants, hunkering down in spite of the storm of opinionated, unwelcome advise from others, and tightening down the hatches on your budget all become too familiar, but oh so very important linchpins in living a debt free life.

You grow up and start making wise decisions when you tell yourself “no”, thus delaying gratification. Is it fun? No, sometimes it stinks! However, making wise decisions about money now will eliminate money stress later.

We are each on our own money journey. No two journeys are identical, and we have to do what is best for our own family, not follow what everyone else is doing. Putting into practice principles of wise budgeting and denying yourself in the present do pay great dividends in the future, which I know.https://www.cookwithashoe.com/wp–content/uploads/2015/01/thankfulness–when–budget–stinks.jpg“>https://www.cookwithashoe.com/wp–content/uploads/2015/01/thankfulness–when–budget–stinks–634×476.jpg” alt=”Cultivating thankfulness when following a budget stinks” width=”634″ height=”476″ />

Cultivating thankfulness 

There are many things I choose to be thankful about staying here in the apartment. As much as I complain about taking sacks of groceries up three flights of stairs (who came up with such a great idea anyways, Charissa?), I like taking the stairs.

I did not have to pack and move over Christmas. I do not have to memorize a new address. I have a great view from my balcony.

I am motivated to go through all our stuff, getting rid of what we do not need, and rearranging in the process. I have a plan to tip the needle on our financial situation.

Our first home can remain our home for another year, holding a special place in my heart and full of wonderful memories. I choose to be thankful. 

Think long term and be courageous

Think of all the long term consequences next time you need to face a financial decision between what you want and what is ultimately the best for your family. It does not matter what other people think or say.

Be courageous and say no to the choice which will cause money stress. Accept the discipline of the responsibility to stick to your budget even when doing so stinks.

Cultivate thankfulness in your heart for the blessings you already have and you will find contentment.