This post may contain affiliate and/or promoted links. Please read our Disclosure for more info.
There’s no doubt about it, buying a house is a big decision. With the unpredictability of the economy and price fluctuations, entering into home ownership isn’t something to be taken lightly. With this in mind, it’s important to know that there are plenty of inexpensive housing solutions available out there.
So if you’re you’re considering buying property somewhere affordable, or you’re considering an alternative living arrangement that will still allow you to stash significant cash, check out these suggestions!
I feel I would be skipping a huge cash-saving option if I didn’t at least mention the concept of house hacking. This is something I wish I had done earlier in my life – before I had a family. The definition of house hacking is quite flexible.
It can range from living with family members to having roommates to purchasing a multi-unit property. The latter equates to living in one unit and renting out the others. Thereby, effectively reducing your living expenditures down to just the basics.
And, considering housing is usually the biggest monthly expense for most people, reducing it to a fraction of the cost will free up a substantial portion of your money. And when you’re not blowing all of your hard-earned money on housing, you have the option to blow it in other ways – like investing it for your future! At least, that’s what I’d do. 🙂
If the idea of living with other people doesn’t make your heart skip a beat, the idea of moving to a less expensive country might. There are lots of opportunities for first-time home buyers in other countries, but there are also many variables and things you need to consider before hopping on a plane with a backpack.
As it turns out, a lot of people are moving to more affordable areas around the globe to save on housing and experience a different culture. So, if the idea of emigration intrigues you, here are a couple of options that are most likely less expensive than where you’re living now.
Brazil is one of the easiest places to emigrate to due to their booming economy and desirable climate. Rio de Janeiro, anyone?
Sweden is a country that might rank high with families based on the quality of education and healthcare offered – two of the biggest concerns for anyone thinking about settling down in a different country with a spouse and kids. If you don’t mind cold weather, put Sweden at the top of your list.
Of course, there are many countries that would be a good fit for anyone wanting a vastly different experience and cheap livin’. Just make sure you do extensive research before vastly changing your life just to save a buck.
Try A Bungalow, Condo, Or Tiny House
If the idea of moving to another country is completely off the table, the idea of a bungalow, condo, or tiny house might be the perfect solution for you.
Opting for a small bungalow house, condo, or tiny house is often much less expensive than a traditional home. If living in a small space doesn’t make you want to cringe, this could be just what you’re looking for to help you stash more cash.
What makes living tiny so attractive to some people? I’m glad you asked because I can personally answer this one. Not only does tiny living cost significantly less than other options, it also facilitates more interaction with the people you care most about. It’s a win-win.
Other articles you might enjoy:
- Tiny House Living: 7 Things You Need To Consider Today
- We Have A BIG Announcement! Hint: #VanLife
- What I Learned About Money After A Decade Of Adulting
- How We Slayed The Debt Monster
- Early Retirement: Can You Really Retire In Your 30s?
- Buying A House? Due Diligence And Gut Instincts Matter
- Don’t Be Ashamed Of Your Financial Story
- This One Thing Can Sink Your Financial Future
What About A Houseboat
Have you ever considered a houseboat? Can you imagine the conversation-starter this living arrangement would provide?
Obviously, you need to live on the water with this option. An appealing aspect of houseboat living, aside from the savings, is that they’re often situated near cities and on picturesque rivers.
Not only is this a fantastic conversation piece, it can also cut down on your transportation costs, especially if you’re next to a big city. There are quite a few mooring rules you’ll have to become acquainted with, but if you’re saving money and making memories, you’ll be motivated to figure it all out.
RV Living And Van Life
You know I couldn’t end this post without giving a shoutout to RV Living and Van Life. After we decided we’re going to live (part-time) #VanLife, it deserves to round out this post.
Living in a vehicle, such as an RV or converted van is an uber-popular choice for those with a nomadic spirit and wanting to cut down on living expenses.
Imagine how much money you could save by not having to pay a mortgage. And, oh, the places you could go!
So there you have it! A few cost-savings alternatives to traditional housing. Cha-ching!
Have you ever lived in non-traditional housing just to save money? Tell us about it in the comments!