It seems with every rent check i write, I come to the realization that I wish the money i was sending somewhere every month was actually going toward the ability to own something. I always swore when I was little i'd never rent a place because its like flushing money down a toilet... but alas, at 21 i'm renting an apartment.With the market the way it is, it looks like most mortgage companies are getting tighter and tighter with their good loans, or at least this is the opinion of MSN Money, where today i read an article on this very subject... So i poped on the good old internet to find out what was out there in my present area...
It wasn't anything to smile about... it looks like i'll be aiming to save $50,000-$67,000 to have a proper down payment of 20% to even get a 1 bed, 1 bath 500 square foot condo... Although there was a really cool place with a loft for $335,000 in RSM... and that's me dreaming here folks.
I guess this was reality smiting me in the face for a very spendy July... All my extra incentive stuff/cash i spent... which was a choice i think i needed... but now i'm reminded of what i need to accomplish first. and so, i've finally decided to set some true goal for where i want to be in a year from now.
By the end of the year:
- Net worth $18,000 [currently 12,400]
- Amount in my Roth IRA $2,000. If i keep the contributions as is, i'll have $1575 in there... so bring on the creativity]
- own my Toyota
- Bring Invisiline debt to under $2,000
- Have at least 1 months worth of total rent in my "3 month emergency fund" [$1450]
I'm currently saving for a down payment...and even in the midwest, $30,000 is a daunting task.
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