This week I wanted to bring up a question for those people who are working on paying down their debt. Is it possible to save for a house AND pay off debt at the same time? Some people suggest getting a hold on your debt before owning a home. What if you want to do both?
Can You Save For A House AND Pay Off Debt?
For those that don’t follow my story or follow my blog on a regular basis, I live in the San Diego area. San Diego is in the top three of most expensive cities in California. The other two are Los Angeles and San Francisco. Depending on which news source you’re reading, San Diego is the most expensive city for cost of housing when compared with wages.
I have a substantial amount of debt. I also want to own a home. This makes me face to distinct problems. My debt can affect the amount of mortgage I can afford and loan that I qualify for. On the flip side, the price of rent is astronomically high in San Diego. Again, it’s within the top three most expensive cities to rent in California. What irks me about ONLY saving to pay off debt is that spending money on rent is throwing money away. I don’t necessarily agree with people like Dave Ramsey who suggest that someone shouldn’t even consider owning a property until debt is paid off.
Paying down the amount of debt that I owe will take quite some time. I don’t want to sit here for a few years spending money on an apartment. I’d much rather have my money going towards something that I can actually own one day.
It Is Possible To Save For A House AND Pay Off Debt!
I think it’s possible to take on to large goals such as saving to own a property and make a dent in debt. While it may take longer to pay off debt, saving for a house also aligns with my goals of owning property. I realize that not everyone will agree with my thoughts. You have to consider your goals and what’s important to you.
I’d like to hear from people who have tried to do both and succeeded. But I’d also like to hear from other people who have not succeeded or completely disagree with me. Is it possible to save for a house and pay off debt?