About to buy a home,not going to be able to save money...?

Hi,



I'm 24 yrs old and I am about to buy my first home - a condo. I make decent money. However, after all my expenses each month - And I mean every single dollar that I will need to spend, including the Mortgage Payment, I will only be able to save about 900-1,100 EXTRA dollars a money.



My parents are now scaring me saying I’m never going to be able to save money and with all my expenses and I'll have no money saved in say 7 years.



I'm now very confused about buying the place and would like to know if it’s indeed possible to save money with all of these life expenses and how people do it?



Any help? Any alternatives?About to buy a home,not going to be able to save money...?
I'm sorry, I don't understand ALL the negativity you, your parents, the other two answers expressed.



The first thought which came to my mind: You're not going to earn the same money you are earning now for the rest of your life, are you?



Granted the taxes and expenses on the condo will increase. Hopefully your earnings will keep pace with those AND you'll STILL be able to put a few dollars in the bank or in investments.



The idea of becoming wealthy is not to continue working for the rest of your life. Its being able to intelligently and wisely invest your money, so you'll have a nest egg for the times when you get married, have and provide for your family, do nice things, go nice places and retire.



THE general idea is to put the burden on the backs of others:

MORE intelligent and a little more aggressive than you are - your financial advisers, mentors, etc.



LESS intelligent and less aggressive or preferring to live in a safe mode: tenants and those following you and the NOT doing those things you are doing.



I want everyone to know I DO NOT own any portion of this man’s estate, nor am I associated with him or any one else connected with him in any way. I am not part of the publishing company or an agent or anything else. This man does not know me from Adam AND I don’t know him. I know of him and the wonderful book he wrote. THIS IS NOT SPAM.

You should buy a copy of this book:

“The Richest Man in Babylon” by George S. Classon

Its very easy to read. Its very easy to follow. You can write in it. You can make notes in it. All you have to do is to read five [5] pages - Let’s count

1 - 2 - 3 - 4 - 5 pages of this book - or any book - each and every day.

OR You can leave it sit on the shelf, on a table or on the floor and let it collect dust.



Suggestion: Journal every day on your computer. What you learned and what you were taught. What to do and what not to do.



EDIT: alterfemago has good points.



Thanks for asking your Q! I enjoyed answering it!



VTY,

Ron Berue

Yes, that is my real last name!About to buy a home,not going to be able to save money...?
Yes. It is totally possible! Create a budget and stick to it. Do not waiver and do not buy anything that is not a necessity.



I am pretty annoyed that your parents are saying what they are. Parents are supposed to support their children and for them to say that is wrong. And just because some people can't save, doesn't mean that YOU can't save! Prove them wrong.



Good luck to you. Keep a positive attitude, a wise head and stick to that budget. If you want to spend something, ask yourself first if you really really need it. Chances are, you will not.



Enjoy your first home! :)
Common mistake people make is to buy more home than they can truly afford. Whether you have done so, not sure from info.



Saving is possible, but requires self-restraint. And that has been a problem, people not making good choices, not living within their means. If you have the self-discipline to have saved up for this condo, I think you can do it. But it means, putting a priority on savings. NOT using credit--paying off your credit cards every month. Interest rates when you carry a balance on your credit cards are quite high, and that money is better put into savings.



It means living within your means, not buying BLING. Asking yourself with each purchase:: Is this a need or want. You'll find it's usually a want. Not to say that you can never buy a desired object, but that you shouldn't be doing it every day, and you need to be self-aware.



Saving is a good goal, but don't forget that some of the savings dollars should go into the 401k at work. It reduces your taxes and you get matching money from your company. But think of that money as GONE, don't touch it before age 59 1/2. If you change companies, roll it into an IRA or into the 401k at new company.
Fixer44 it depends on your level of discipline with money. Buying a home is always a good investment, it gains equity, you have tax benefits etc. So if you can discipline yourself, I see no reason you shouldn't buy the condo and still save money.



It's fun to prove parents wrong sometimes. Go for it!