Frugal Friday: Buying a House in Cash

One of my goals was to travel to Austin!

One of my goals was to travel to Austin!

In the past year, I’ve saved my money so George and I could go on trips. And that was our priority. And it worked out well. We’ve managed to travel to Portland, Austin (Part 1Part 2), Memphis and took an epic road trip to Savannah and all over Florida (day 2day 3day 4, 5 & 6day 7, 8 & 9) I don’t regret my trips at all. George and I have memories that will last a lifetime. And we’ve seen places I’ve been dreaming about my whole life.

But we are getting older and we have been living in the Airstream for almost a year now! It’s been an amazing journey and I’m so glad we moved into our little tin can. We’re not moving out anytime soon! But I don’t want to live in the Airstream forever. I can’t see myself hobbling around the Airstream when I’m 80. So for the next year (or so) I’m focusing hard on saving money for a house.

It almost seems like an impossible dream, but I’d love to buy a house completely in cash. It’s going to take a lot of hard work and discipline. In fact, I need so much discipline that I’m going on a year-long Spending Diet starting in July. Anna Newell Jones from And Then We Saved invented the Spending Fast and the Spending Diet and I’ll be sharing my journey over there. Basically I’ll be spending just $100 per month (not including living expenses.)

Like any good librarian, I’ve also been researching purchasing a home in cash. Here’s some of my favorites:

The Pros and Cons of Paying for a House in Cash
The Benefits of Buying a Home in Cash
The Process for Purchasing a Home with Cash
How We Paid Cash for Our First Home
How We Bought Our Home Debt-Free

Did you buy your house in cash? I’d love to hear your story!


7 thoughts on “Frugal Friday: Buying a House in Cash

  1. Likazo

    Interesting post! Out of curiosity, how much does a house cost around where you want live? We just started visiting houses last weekend and I would love to live at a place with a garden! So far we have been lucky and saved a lot (actually just by moving country with the surprising consquence of four extra yearly salaries than if we would just have stayed where we were!) But as we are now living in an area where houses are ridiculously expensive we anyway have just half.

    1. lovelibrarianmelanie Post author

      The median asking price where I live is $244,990. But we would be looking at small houses in the $100,000- 125,000 range. If we bought a foreclosure, we also might be able to stretch our money further. We’ve also considered buying land and then building a small house which might give us more bang for our buck.

  2. ontheupcyclemom

    What a great goal, and good luck, I desperately need to go on a spending diet, and I have good intentions, but what I save always ends up being sucked away by some unseen expense. I will be reading for some tips 🙂

    1. lovelibrarianmelanie Post author

      Thanks so much! I need all the luck I can get. With those unseen expenses (which totally get me too) I’ve found that having an emergency fund helps. That way, I don’t have to pull money out of my house savings or trip savings accounts.

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  4. Lynn Dollarhide

    I wonder why you think you can’t live in your Airstream at 80? I am in my 50s and my husband is in his 70s and we plan on being in ours until we croak. We have lived the last 20 some years in one trailer or another and raised our son in one. (He now lives in one himself now.) I can’t imagine having to go back to being on the wage treadmill of life. ( I work 30 or so hours at a basically non-paying job that I love with lots of freedom and no stress.) You may want to get something a little larger later but stay with aluminum, it’s so worth it.

    1. melanie Post author

      I hope to never be back on the wage treadmill of life either. That’s why we are saving so much now. I imagine myself living in a small home that is completely paid for. Our “aluminum” is one of the largest models that is made. I would one day like to have a little more home space and some land. I admire the fact that you have lived for so long in an Airstream, but I don’t think that is for me.

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