4 of 34

Write now Article Tools

As a single woman I spend many years paying rent, often lamenting the fact that I would never be a home owner. I am ashamed to admit how many years I let slip by before I finally woke up and made my first move.

My first step was to make a daily log of every single penny I spent. No purchase was too small to make this list. After three months of spending as usual, I sat down one morning and analyzed these sheets very closely.

I wasn't exactly poor at the moment, but I was a long way from being rich. I was shocked to discover how much my little expenditures added up. For example, the occasionally chocolate bar here and magazine purchase there became an item of non-allowable purchases. Instead of purchasing a cola each day from the vending machine, I took to buying in bulk to save money.

I began shopping bargain stores and sales only, resulting in even more increased savings. Because I had always thought I was somewhat of a frugal shopper, it was truly alarming how quickly pennies had been slipping through my fingers each month.

Every time I did not purchase a non-essential item, I literally put that money into a cookie jar where I was able to visually see it accumulate. Within two months I had taken the saved cash and deposited it into my bank savings account.

I took many free or low cost night courses while I continued working to increase my job skills. While this did take a long time to pay off, eventually it did. Each time I got a raise that extra money went into my house fund as well.

From that day on, an additional ten percent of every pay went into that savings account. Some months this was much more difficult than usual, but with time it got easier. I learned to stretch one meal into two, and rode my bike around on local errands instead of taking my car. This money joined my savings fund.

To keep myself from getting discouraged, I "treated" myself once in a while with small thing. I also started pouring through free local real estate flyers to help keep my dream alive. Yes, it was often discouraging and I felt like giving up more times than not but I persevered.

It took almost eight years to save that money and I am proud to this day that I accomplished it. My next big challenge was the banks. In the late 1970's the banks were very much more reluctant to finance a single female than they are today. I had come too far and been through to much to give up my dream and so I persevered. It took many interviews at several different banks before I met with success.

For several years after purchasing my home, I required a room mate to help me meet the extra expenses like property taxes and utilities. Although this was not my preference, it was a necessity so I learned to live with it.

Once you have accepted that you need to make sacrifices along the way, it becomes much easier with practice. Learning to live on a budget became more a way of life than a hardship. It was a valuable lesson but one that paid off in spades many times from the day to the present.

Learn more about this author, Melinda Barr.
Click here to send this author comments or questions.

Add your voice

Know something about Memoirs: Buying my first house?
We want to hear your view. Write now!