Story from a Client: Saving for a home by moving back to your childhood bedroom
In this article, our client Caitlin Crews shares her decision to save money for a home by moving home during the Covid pandemic.
After thirteen years in NYC, (I am counting my 3 year bridge-and-tunnel commute from New Jersey in that figure!), it was time to make a big financial decision. During a quarterly check-in with my Financial Trainer last winter, I launched into a conversation about feeling pressure to move out of my apartment from my landlord, and overall worries as the pandemic was becoming more and more real. After a few twists and turns, my Trainer simply asked me “would you leave Brooklyn to buy a home?” and without hesitation, I said “Yes”.
This new found clarity about the possibility I could own my own home was mind blowing. I wasn’t a trust fund kind, I have a stable job with a tech company, but I am riddled with student debt from grad school. Me? A Homeowner? Maybe?
The only way I could make this new goal a reality was to move back home.
The Conversation:
The pandemic continued on and seemed less likely to be a “cool I get to work from home for 2 weeks” situation, and more a very serious crisis. I received a text from my mom in the middle of the day asking, “Do you want to move home?” I was a bit thrown by this question, but my parents knew that this was an opportunity that may not come my way again.
After wrapping up a meeting I called my parents and said yes. I lived alone, was using half of my paycheck on rent, and didn’t have a washer and dryer. This, in the middle of all the world’s uncertainty, was enough to make me jump at the opportunity to not pay rent and save a lot of money.
A few things have been on my side during this time. I have a remote job and plenty of space in my parents home. But, there were of course many emotions that came with this decision. I had to say see you later to friends, and realized that I was about to take on something I didn’t think was possible.
The Plan:
As my Financial Trainer and I began to plan more, I realized there was a lot of consideration and learning. I dove head first into educating myself on home buying, attended workshops, and asked friends who also bought homes about their experiences. It also didn’t hurt that a few friends are doing the same thing-- leaving New York for smaller cities, or the suburbs.
Another big decision was what to do with my belongings. I decided to put everything in storage, and it’s honestly the only bill I am carrying at the moment with school loans on pause. I loved being able to put money towards something specific.
The Goal
Purchasing a home is my 2021 goal. I have this written on post it notes and in the margins of every notebook, with scribbles of estimated PMI’s, down payment options, and even down to how much a new sofa might cost.
I realized my animation as I was gathering information with bubbling excitement, and as I was getting into the weeds of things I can’t control or predict. Here are some actions that have kept me in check over the past 4 months of this saving journey:
Savings account with “buckets” to help visualize goals and targets
Scoped neighborhoods in person (safely) and used blogs, news articles, and small businesses to explore
Reconstructed credit cards and usage thanks to my FG Coach
Limited notifications on real estate apps
Reviewed my current bills and eliminated what I don’t need currently
Keeping up with the housing market in multiple locations
Conversations with friends who have recently bought homes
Keep a flexible and realistic timeline (I am still saving!)
How many DIY projects can I take on thanks to HGTV and YouTube?
A lot of meditation
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