Saving for new house

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Topic Author
Galgenstrick
Posts: 2
Joined: Sun May 02, 2021 1:26 pm

Saving for new house

Post by Galgenstrick »

I’m saving cash to build a house possibly next year if everything goes smoothly with planning.

I’m not sure what to do with the cash I’m saving. Lumber and building material prices are climbing faster than I thought possible, meanwhile my money is liquidated and only making me 0.5%. At this rate I won’t be able to afford the house I designed last year because I just can’t keep up with the INSANE price increases.

What would you guys do? How about getting some extra income on the weekends without getting a second job? Ideas?
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JoeRetire
Posts: 8001
Joined: Tue Jan 16, 2018 2:44 pm

Re: Saving for new house

Post by JoeRetire »

Galgenstrick wrote: Sun May 02, 2021 1:30 pm I’m saving cash to build a house possibly next year if everything goes smoothly with planning.

I’m not sure what to do with the cash I’m saving. Lumber and building material prices are climbing faster than I thought possible, meanwhile my money is liquidated and only making me 0.5%. At this rate I won’t be able to afford the house I designed last year because I just can’t keep up with the INSANE price increases.

What would you guys do? How about getting some extra income on the weekends without getting a second job? Ideas?
Keep saving until you have enough. There's really nothing else to be done. Hopefully your savings will eventually catch up to the cost of the house you designed last year. If not, then you'll have to either design a less expensive house, or do without a house.

If you can get extra income, that will allow you to save at a greater rate. How would you get extra income without a second job?
It's the end of the world as we know it. | It's the end of the world as we know it. | It's the end of the world as we know it. | And I feel fine.
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climber2020
Posts: 1882
Joined: Sun Mar 25, 2012 8:06 pm

Re: Saving for new house

Post by climber2020 »

Galgenstrick wrote: Sun May 02, 2021 1:30 pm What would you guys do? How about getting some extra income on the weekends without getting a second job? Ideas?
If I were in that situation, I would not buy a house and wait for a better opportunity.

How long has your money been liquidated?
hi_there
Posts: 792
Joined: Sat Aug 29, 2020 7:00 pm

Re: Saving for new house

Post by hi_there »

If you can't build the house for like 10% higher than your initial budget, maybe it was too expensive to begin with?
Topic Author
Galgenstrick
Posts: 2
Joined: Sun May 02, 2021 1:26 pm

Re: Saving for new house

Post by Galgenstrick »

hi_there wrote: Sun May 02, 2021 7:35 pm If you can't build the house for like 10% higher than your initial budget, maybe it was too expensive to begin with?
I budgeted 20% for overages. And in just a year lumber costs have eaten up 13% without even breaking ground.
climber2020 wrote: Sun May 02, 2021 7:29 pm How long has your money been liquidated?
Since November
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