Is Home Ownership Worth it?

by Mrs Money

Recently, we had a large storm come through and it took one of the big trees between our neighbor’s house and ours down.  It landed on the power lines and surprisingly enough, we didn’t lose power.  We called the electric company and they came out to assess the damage and decided that they needed to turn our power off because the tree had ripped our electric meters off our houses.  They also told us that we needed to get an electrician in to repair the electric meters.  Sigh. We got the electric meters repaired and called to have the electricity turned back on.  They told us that we had to call the county to have the work inspected.  We called, and then found out that we had to pull electrical permits (more money) to have the inspector come out.

We took care of all that, went and paid for our permits, and are currently waiting for the inspector to come out.  Thankfully, he was kind enough to call the electric company and have our power turned back on so we weren’t without power for many days.  Through this same storm, Mr. Money woke up to a weird noise in our house and realized that the ceiling in our living room was leaking.  He went up into the attic and realized that there were two more leaks on the other side of the house!  Thankfully he went up there because we never would have known.  We had to have a roofer come out and fix the leaks.

In all this, I can’t help but feel like sometimes renting would be a better option instead of homeownership, especially for some people.  When you think of all the mortgage interest you pay, the cost of homeowners insurance, general upkeep, roofing that will need to be replaced, paint, upgrading that needs to be done every 15 years or so, appliances that will eventually have to be replaced, etc., it adds up!  It’s overwhelming to me to think of all the costs that could add up all at one time!

I’m thankful that we live frugally so hopefully when these things need to be done we’ll have the money to do them. In the meantime, we’re just going to live with the things we have and try to save as much as we can for future expenses.  Since all of this happened, I have been very grateful that we have a small emergency fund to cover some of this stuff!

However, on the other hand, I can’t help but think of how easy it would be if we were renting to just call the landlord and they have to take care of all the problems :) I am hoping in 18 or so years when our mortgage is paid off that I’m thankful that we do have a house.  Not having a mortgage payment will be beyond amazing, and I’m sure then we will feel differently about owning versus renting!

What do you think- is homeownership worth it? Would you rather rent or own?

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Travel Now While You’re Young, or Save and Travel Later?

by Mrs Money

travel-while-young-and-able-life-quotes-sayings-pictures Have you seen this quote circulating the internet? I’ve seen quite a few people post it on Facebook and I have mixed feelings about it.  On one hand, I love it because I love to travel and I’d much rather spend money on traveling than crap that will clutter up my house.  On the other hand, I don’t agree with it because I don’t believe in spending money you don’t have or going into debt just to take a vacation.  We’ve been kicking around the idea of traveling to Colorado for a week to visit family but the logistics and money issue has been making us hesitant.  We want to be responsible but I also don’t want to regret our choices later.  Here are some of the things we’ve been taking into consideration:

Money has been tight because we’re a one modest income family.  Every day I wake up thankful for what we have: a roof over our heads, food in our fridge and pantry, health insurance, good health, happiness, family, etc.  However, each month we don’t have hundreds of dollars left over.  We’re totally fine with that and don’t feel deprived at all.  We feel like we live really well for what our income is!  The only downfall is that there really isn’t extra money to pay for the three of us to fly to Colorado, and driving 17 hours  (not including stops) with a three year old does not sound like something I’m up for.  I could totally be wrong, but just the thought of it makes me feel a little loony. I’ve done the drive quite a few times without a child, and I know how badly I want to escape that car after I’ve been in it for a few hours!

The thing that I worry about is regretting not going.  Family won’t be around forever, and Penny hasn’t seen her one set of grandparents in a year.  That really makes me sad.  I feel like spending time with family is very valuable and don’t want our lack of money to overrule that.  However, taking money out of savings or going into debt just doesn’t seem like a good solution to our problem.  We should be saving for Christmas, for when Mr. Money’s paychecks don’t have overtime, etc.  There are many things we should be saving for and pulling money out of our emergency fund for a non-emergency just doesn’t sound sensible.

I know that a lot of the time I personally overanalyze things and worry too much about whatever so I’m afraid my judgement is clouded on this one.  I guess one good thing is that both Mr. Money’s mother and father plan on making trips to see us within the next 3-4 months so that will be nice!  It would be easier for us to all go out to Colorado so all of the family members could see us, but I guess we have to make sacrifices!

What is your opinion- do you think you should travel while young and just not even consider the money, or should you save and travel later?

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