by Andrea Reynolds
Do we really need 5 bedroom, 3 bathroom, 3 car garage homes to house our families and our stuff? Put another way, do we really need bigger mortgages if we’re already in debt? Let me tell you about the Paulsons. They live in their first and only house.
When they first married they rented a second floor apartment while saving for a down payment. When they did buy, it was a small bungalow on a quiet street. To have enough room for their three kids they spaced them so only two kids were living at home at the same time. They didn’t have pets. When their things took up too much room in the house, they reorganized their basement storage, held yard sales, gave things to the church for its rummage sales, and donated outgrown clothes to charity.
Soon after their 25th wedding anniversary their mortgage was paid off. They lived within their means despite several job layoffs, earned two college degrees in the family, and have lived debt-free for the past 15 years. Their children never felt cramped.
Only in their early 60’s the Paulsons’ retirement years will be cakewalk because they weren’t bitten by the bigger-is-better bug. Did you know that many self-made millionaires live comfortably in modest homes? Did you also know that the trend now is to live in tiny homes? Tiny, as in less than 144 square feet. Do a search on “tiny homes” and you’ll find custom home manufacturers building homes 10 feet by 10 feet.
If you think you can’t live without your stuff, try this. Rent a storage unit, fill it with anything you don’t need for cooking, sleeping, eating, or working, and don’t use what’s inside for a month. You may be surprised at what you don’t need, and happier with fewer possessions around you.
Guest blogger Andrea Reynolds has lived in a space of only 45 square feet but currently lives in 188 square feet. She is the author of No Surprises: 365 Critical Questions You Need to Ask Each Other Before You Marry… and how to ask them. Financial Bondage readers can order 2 copies (PDF files) for $3 off the regular price. http://www.AndreaReynolds.com/365quesEFB.html
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We’re going to be moving into a small condo ourselves, at 850 sq. ft. at least it seems small to us. I think the ideal space for me would be around 1100 square feet, and then add some space for the kids plus a backyard. I definitely don’t need a 3 car garage or 5 bedrooms, though.
Great story. I actually moved back home in order to save for a down payment on a house. A modest house that I intend on renting actually, well, most of it.
I’m willing to guess that most of the people in the U.S. could do with MUCH less than they have currently. Even the “poor”.
I agree, most of us have more stuff than we need.
Thanks for commenting.
[...] has a great post about a family who paid off their debt early, did not buy a house that was too large, and raised kids, all while being able to pay off their [...]
I have a belief that the smaller your children are, the more space they take up. We have moved A LOT and currently own a tri-level 3000 sq ft home. BY FAR the most space we’ve ever lived in. As a SAHM, I have loved it for the kids and their toys and their noise and their friends, especially in these Ohio winters. BUT, I am making a point to go through all of the corners and storage space and cull anything and everything that isn’t absolutely necessary or wonderful for our lives. We are moving again to another State soon, and I don’t plan on ever having this much space again: too much to clean and maintain, and just not necessary. But I have been glad to have it for the last three years while my children were very small.
I’m enjoying all of your comments. Thank you for reading my first guest posts here.
Thanks for sharing this. We’re always looking for valuable information to share with clients and contractors, and this post is without a doubt worth sharing!