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:
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Savings account with “buckets” to help visualize goals and targets
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Scoped neighborhoods in person (safely) and used blogs, news articles, and small businesses to explore
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Reconstructed credit cards and usage thanks to my FG Coach
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Limited notifications on real estate apps
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Reviewed my current bills and eliminated what I don’t need currently
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Keeping up with the housing market in multiple locations
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Conversations with friends who have recently bought homes
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Keep a flexible and realistic timeline (I am still saving!)
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How many DIY projects can I take on thanks to HGTV and YouTube?
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A lot of meditation
