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A Little More About Me

April 28, 2016

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My name is Emily. I’m 26 years old and I live in San Jose, CA with my fiancĂ© Michael, mother in law, and his twin brother and sister. Our situation is not as unique as you might think. A lot of homes in this area, though single-family homes, will house more than one family. That’s how people can scrape by in the Silicon Valley.

How we are different-

We are a single income home, and I work 40 hours a week. We live paycheck to paycheck but we have goals to make it out of that cycle.

This is where the blog comes in.

Testing out money-saving ideas, budgeting systems, and frugal living suggestions to find the system that works best for us.

We have big goals. REALLY BIG GOALS. The median price of a home in San Jose, CA- $700,000. Now, we are lucky to be in a situation where his mother’s house, which we live in, will soon be mortgage free. In 3-5 years the house will be paid off, and we will be the owners of a deed to a house that fits none of our needs.

What does this really mean for us?

The house is to the point where most things need repairing, replacing, or remodeling. The cost to make this house feel more like our own? Too much money to think about. Adding another level, making a kitchen you can actually use, and having enough bedrooms for the current family as well as what I hope to be our soon growing family.

But there’s another option!

We are planning to demolish the house, and rebuild it to our standards. Because the land will be ours, completely rebuilding the house will cost around $400,000. Definitely a much better investment than spending $700,000 on a house that MIGHT match some of what we want, but be in a different neighborhood than the one we love which will create a further commute, and a whole other laundry list of things to work on remodeling, replacing, and repairing.

So what’s the catch?

Remember how I said we are a single income family, living paycheck to paycheck? Yeah… I make less than $50k a year…
Just doing the simple math of us saving every penny, no taxes taken out, and never eating or having electricity or running water… in 5 years that would mean we have $250,000 saved.

Again- this is where the blog comes in!

I will show you how I will learn to save money, learn to stop the impulse buys, find the budget system that works for me, cut costs on most everyday things, and find ways to side-hustle to start earning more per year and work closer to that goal.

I will give you updates on my savings account balance along the way.

You are what holds me accountable to my goals.

I need you. And I want to be able to help others find ways to make it by. I know there are SO MANY people who struggle to stay afloat in the Bay Area. But there are also people out there who are struggling in other areas of the country as well. Let’s all learn from eachother. What works for you to stay on track with your monthly bills? What budgeting system do you use? And how do you cut costs on everyday things? Leave a comment below

-Emily

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