Saving for the American Dream

I am on a mission: To save money to buy a little piece of Americana of my own. I'm not gunning for the whole yard and white picket fence thing, I'm not even aiming for a place that includes my own stairs, just some urban square footage that can, at least, no longer be deemed industrial. Oh, and a window, definitely need a window.

Since I live in our lovely nation's capital this means that I will be paying a premium for a minimum. I understand. I also understand that in order to be more financially viable and sound I need to cough up 20% of a number that makes my stomach lurch.

Ideally I would spend between 200-250K on a studio.......typing that gave me one of those retinal flashes people describe having before strokes. (Note: if the remainder of this entry is an incoherent string of letters, I've probably got severe cranial bleeding. Call 911, oh and thanks for reading.) Making my 20% down payment 40-50K. Nausea setting in.

Here is where i would love some help/thoughts/assistance;full disclosure:

I come from zero family money, I have over $35,000 in student debt from college to which i pay nearly $500 monthly to reduce, my rent is less than $1000, and I have a stable income of $45,000 annually with an additional unstable (on again-off again part time job) income of about 5-10K per year. I have $4,000 on a credit card, but i have hidden that credit card in a box of matzo and am working on tossing my extra cash at it as often as possible to chip away at it. I contribute to my Roth IRA (Automatic $50 payments to T.Rowe Price) and savings (high yield via ING Direct), but neither are anywhere near the amount i need to scrounge up. After taxes, a few trips to the grocery store and bills, I'm left with a little fun money and not much else.

I recently started using Buddi personal finance software. This is shareware which makes it easy for the personal finance beginner to set a budget and track expenses; hopefully it will show me where my leaks are and help (read: guilt) me into behaving better and saving money for my own little spread.

I read a lot about personal finance everyday and know all the "secrets" and "tips" to budgeting, and i know there are no real "get rich quick" options, but I need a way of reporting and rewarding myself for good savings behavior, hence this blog.

I promise, I will report on my saving progess, and report on the pitfalls and perhaps and potential ways to avoid them; if you, dear reader (please be out there) promise to leave any ideas, thoughts, and suggestions in my comments section.

Today is November 29, 2007- Total Savings For Down Payment $1000

Let's Do This!