Guest Post By: Cynthia Guptill for Canadian Budget Binder
Hi My name is Cynthia Guptill and our story starts back in 2007. Join me on our life’s journey to find out how we Paid Cash for our Dream Renovation.
My husband Randy and I met in Calgary, AB, when we were out there working alongside everyone else during the economic job boom. After we married I got pregnant and we both decided that the cost of living was far too much to try to raise a family in the city. We had to make some decisions for our little soon to be family. At the time we were paying a whopping $1100 a month rent for a basement apartment that met our needs but was far too expensive.
Soon after we found out about the pregnancy, my husbands great-aunt passed away. We later found out that she had left her lovely home to my husband in New Brunswick in her will. The petite home is very nice and boasts one bedroom, which was fine for the two of us. The problem was we had one baby on the way (Connor, now 5) and another baby soon after (Sadie,now 3). So, there were four of us living in this one bedroom house,but we made it work!
Now with 4 mouths to feed we had to make our money stretch to keep out of debt. We learned how to budget every dollar and never used our bankcard. Once a week we went to the bank and withdrew our weekly budget in cash. Also each time our Money Master Bank Account was at $5000 we would withdraw the money to buy gift cards for our local hardware and supply store. We bought the gift cards because we felt that if we just put the money in a drawer we may be tempted to spend it.
Since we were lucky not to have a rent or mortgage payment, we continued to keep budgeting our money. We decided we would stash away just as much as we would as if we had a monthly mortgage. It’s one of those out of sight out of mind type emergency savings plans but you know it’s there. As time went on our account accumulated enough cash to finally make our dream renovation come true.
We have recently built a 14 by 24 addition onto our small house, and we PAID CASH for all of it. The addition to the house is still in the construction stages but we just finished with the new wiring and electrical upgrade. To date we have spent a little over $11,000 cash on the addition.
We will spend around another $5000 to finish off the project and we couldn’t be happier. Yes, at times we are tempted to go to the bank to get a loan as it’s that easy to do, but we turn away. We only have to look back at how far we’ve come since we’ve moved in our family home. My husband and I are now 40 years old and we have one credit card that is almost paid off. It doesn’t get any better than that and we love our life!!
Connor is looking forward to his first sleepover in his new bedroom!
Would we do it over again?
Of course, but we would never buy anything that we couldn’t save up the money and pay cash for ourselves. I urge everyone to consider paying down your debt and building your life from cash every step of the way best you can. The feeling of satisfaction knowing that what you have, no one can take it from you if you miss a payment, is worth a million bucks to us!!!
Thanks for reading.
- Paid by Cash In Canada- New Home,New Baby,New Garage Door Openers! (canadianbudgetbinder.com)
- A Cash Honeymoon Worth Waiting For- These Canadians are Off to Las Vegas… (canadianbudgetbinder.com)
- Cash Is King (lewrockwell.com)
Photo of House/Dollar Sign Courtesy of ;Copyright (c) <a href=’http://www.123rf.com’>123RF Stock Photos</a>