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New Beginnings

March 23rd, 2008 at 12:14 pm

This is my first entry in this new blog. I am on a mission to put away enough money to buy a home of my own. I am working with a non-profit group called NACA, to help me to get a mortgage with no down payment.

At this point I must demonstrate that I can afford to pay the difference between what I pay in rent and what my new mortgage payment will be. My plan is to set up automatic payments from my paycheck to my savings account so it does not rely on me remembering to do it.

My other strategy is to find ways to spend less money and find other, creative ways to generate some additional revenue to put towards my new home. This blog will be the place where I will chronicle my progress.

I've been reading some of the blog posts of my neighbors here in the personal finance forums and I'm totally inspired by all of you.

10 Responses to “New Beginnings”

  1. Thrifty Ray Says:

    Welcome...we are interested in hearing more of your story!! You have joined a supportive group!!

  2. sillyoleme Says:

    Hi there, I just joined about a week ago, and I can honestly say that blogging about my finances has helped me save money already! Welcome!

  3. debtfreeme Says:

    welcome aboard!

  4. Ima saver Says:

    Welcome, glad that you have joined us!

  5. disneysteve Says:

    Welcome!

    I'm a little curious about this statement, "I must demonstrate that I can afford to pay the difference between what I pay in rent and what my new mortgage payment will be." Do you mean you need to prove that to yourself or actually have to prove it to the group you are working with to get a mortgage?

    Please keep in mind that owning a home involves costs well beyond the mortgage. Suze Orman uses, as a rule of thumb, that your expenses will be 40% more than the mortgage payment. So if your rent is $800/month and your mortgage would be $1,000/month, you need to anticipate monthly costs of approximately $1,400/month. Just being able to afford the mortgage isn't sufficient. You also will need money for utilties, maintenance and repairs, decorating costs, etc. Good luck on the journey.

  6. Amber Says:

    Welcome, I am saving as well to buy a home. I look forward to reading your blogs, the support here is the best. These are real people with real issues and experiences and I trust as well appreciate all their inputs
    Good luck

  7. reflectionite Says:

    welcome to the site! congratulations on beginning to save for your own home. my boyfriend and i hope to own a home in a year or two as well. i am always inspired by everyones posts here and definately save more money the more i blog here. best wishes for your journey ahead.

  8. homebody Says:

    Hello and welcome. Not to be dramatic or anything, but finding this site helped me tremendously, even though I thought I was doing okay.

  9. Blue Eyes Says:

    Welcome! This is a supportive group of people here.

  10. Broken Arrow Says:

    Welcome. Smile

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