It’s no secret that Millennials, ages 24 to 34, have been hit hard in 2020. The triple whammies of student loans, COVID-19 and record job losses are huge challenges to face. It would be easy to give up your dream of owning a home, but we say where there’s a will, there’s a way.
How you manage your expectations, resources and opportunities will make all the difference in achieving what you want out of life, including owning a home.
First, don’t give up. Your timeline may be busted for buying a home this summer, but you can still make it happen sooner than you think.
Look for ways to save money. Don’t buy stuff you don’t need. Make your own Starbucks coffee and take your Teva and a packed lunch to work. Take advantage of interest deferrals on your student loan. Open a high-yield savings account that pays compound interest.
Move to a less expensive apartment, get a roommate to share expenses or move back home temporarily. Pay your parents a reasonable rent for food and board and save the difference of what you’re paying now or use it to pay off debt.
Look for ways to make money. Do you have a hobby or skill that you could turn into a side hustle, like carpentry, quilting, baking or small business accounting?
Don’t worry about what others think. Instead, encourage each other. It will be worth it when you move into your own home.