They key to being financially independent is really to live with a very low housing expense. Owning our own home, without a mortgage, has been the key to getting closer to our financial freedom. Yes, we had a mortgage at first, but it was a small one in comparison to most. And we worked our ass off to pay it off as soon as possible. If we had it to do over again, it would be great to never have a mortgage at all.
But I don't have enough money to buy a house with cash you say. Of course, neither did we. Here are some ideas that would work while you save.
Rent a small inexpensive apartment, or even a room in someone else's house, and save all of the extra for buying a small house. Once you buy the small house, save the extra to buy a larger house if you want to, or one in a more desirable location.
If the above is not an option, buy an inexpensive RV to live in. These have everything you need and can be purchased for very little. Can't afford the RV? Live in a tent or in your car for a few months while you save up for the RV. If you have kids, the car may not be suitable, so it may take a bit longer, but the point is to get rid of your house or rent payment.
Unless you have a fairly high salary, it is nearly impossible to save at a large rate if you have to make a house or rent payment each month. Where I live, these amounts can be half or more of what people earn, which is quite high. Even if you can afford $1000 a month or more for housing, save it instead and see where it takes you.
Our bills have been slashed since not owing on our home. We do still have property tax and insurance, so housing certainly isn't free, but it is very low. Because of this, our entire bills are low. We don't necessarily live in an inexpensive area, but we live well on very little money. I will address this in a future post.
Love,
Marie
photo is from pixabay.com