7) Stay in Your Starter Home
The cost of buying a home is typically the most money folks spend on any one thing, which is why many people buy what’s known as a “starter home.” Young couples and newly married folks tend to follow this trend. The plan is to upgrade the house later in life when the couple is more financially stable and can afford something bigger. However, trading in your starter home for something bigger is one of the costliest upgrades. Don’t do it! As long as your starter home is big enough for your family, stay put. Investing in a bigger, better, newer house might seem like the best thing to do, but it will majorly cut into your saving abilities. Moving into a bigger home increases taxes, utility and maintenance fees, insurance, and of course, a new (and more expensive) mortgage.
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