We were soon to be married and we wanted to find our first home before the big day. My, then fiance, now husband and I settled on a 2 bedroom condo in a great town. It was the perfect place even though it was small. We were young and we knew that it was not going to be our last home. It suited our needs at that point in our lives.
We were in our early twenties and had easily saved up the money working our first jobs and living with our parents with no expenses. We were able to put down a large amount on the condo to make our mortgage more manageable.
That victory was short-lived. Not 6 months into living there, the housing market came crashing down. And we watched the equity we had in our first home disappear. The value of the condo plummeted. After we got over the shock, we knew if we ever wanted to buy family home down the road, we would need to start some serious saving.
We kept our honeymoon domestic and shortened the length of travel time. We still had a blast, but saved a ton. We stopped going out to each so much and opted for nights in. I stopped shopping at the mall and started shopping at ‘off-price’ retail stores to score better deals. My husband got gym equipment to use in the basement instead of a high-priced gym membership. And we both brought lunch to work and got a fancy coffee-maker to avoid the high prices of the coffee house.
Fast forward through 3 years of really hard work through smart saving and we had saved what we knew we had lost in equity. We had enough for another down payment and just in time, since I was pregnant with our first child. We knew that our hard work had paid off and we’d be able to afford a home, with a yard and more space for our son.
It goes to show that you can save money by taking the time to really look at your spending habits. Things add up and making small changes, combined with some sacrifices can really pay off.
At SunTrust Bank their purpose is lighting the way to financial well being. They help you get organized, make a plan, and stay on track so you can get and stay in control of your finances. When you are confident about your money, you can save for your goals and splurge knowingly on what matters most to you.
To get started visit suntrust.com/getorganized.
This is a sponsored conversation written by me on behalf of SunTrust Bank. The opinions and text are all mine.