High mortgage vs. saving for future

michele332 · #1 (**permalink**) 02-13-2005, 04:24 PM

Two years ago, my husband and I bought a home in a nice, upscale neighborhood. Since then I have noticed I am only able to save short-term (within the year) like vacation, christmas etc... We are struggling with the idea to downsize our home and save approx. $200 a month to put back for emergencies, cars for the kids, college etc.. Can anyone help?

terry1156 · #2 (**permalink**) 02-13-2005, 05:24 PM

I think that one of the traps that many people get themself into is the situation that you currently find yourself in. I would suggest scaling down the house. It sounds like your current house is more than you need and if that is the case, then a smaller house will be fine and take a big bite out of your finance stresses.

I think you should seriously consider this.

mom-from-missouri · #3 (**permalink**) 02-13-2005, 08:26 PM

Are you in an area where you can rent a room? I did that years ago, for $200 a month. I had a college girl for 2 years, and an older (50'ish) lady for a couple years. They got bathroom and kitchen privlages (did their own cooking most of the time).