Best Time to Buy a Home & Good Money Habits to Stay Debt Free

Brandi Marcene

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2020 has been a rollercoaster ride, and people keep asking if it is the best time to buy a home? And what good money habits to adopt to stay debt-free during the holidays. Although both of the questions do have finances as a common denominator, let us explore each separately.

When is the Best Time to Buy a Home?

Home buying is a very dynamic domain as it picks up during a certain time of a year and then fades out. This volatility factor impacts you as a home buyer in terms of the availability of the desired properties and the pricing.

If you are wondering when the best time to buy a home is, you must familiarize yourself with the trending months and use this knowledge to your advantage.

Kimberly Palmer of the NerdWallet believes spring is the best time to buy a home. On the other hand, the prices seem to be high in the summer months and fall during the winter season. That said, this is not a standard or hard and fast rule. The best time to buy a home may also differ according to the area you wish to buy a house in.

1.     How to Save When Buying a Home

Buying during winter when the prices are low can help you save exponentially. However, the only downside is you get to choose from a very limited pool of properties. Therefore, you might have to sacrifice many features you would like to hope for when buying a new home.

Some believe that shopping for a new habitat as you hit the end of the summer can be the sweet spot in terms of both pricing and choices. But in 2019, one in six new home buyers was willing to compromise on certain aspects of a property for a lower price and the right location.

Another survey report says June is the month that observes most home-buying activity within the U.S.

2.     Is Pandemic a good time to buy

It may come as a surprise for you, but the answer is not simple but promising in some ways. The U.S. Federal Reserve has brought down the interest rate to a record low, bringing the loans, financing, and mortgage rates to all-time lows.

However, you might face some level of scarcity when trying to look for that ideal home you have always wanted. In case you have a stable income stream and enough savings for rainy days, buying a home during the COVID-19 pandemic can land you a sweet deal as the price market is currently down.

Good Money Habits to Stay Debt Free

Many people struggle to develop consistent money spending habits and dread ending up in debt, especially during the holiday season.

Therefore, if you are looking for tips on some good money habits to get into and stay debt-free during holidays, you are in the right place. Here are 7 of the top effective, financially savvy practices.

1.     Tracking Your Money At All Times

This is very critical as letting your finances go haywire without having a clue what goes where and why will cause nothing but disaster. Therefore, you must always know every in and out transaction of your finances.

People enjoy a debt-free lifestyle because they learn to manage their money. They know the entire trail from when it comes into the moment it goes out.

2.     Setting Financial Benchmarks

If you really wish to get debt-free, learn to set financial goals. It is not about paying off your existing debts but also creating a plan to spend money by aiming to save as much as you can.

3.     Educating Yourself about Money Management

Not many people know about money management, so you are not the only one. However, it is never too late. You just have to learn about effectively managing your money. You can do so by continuously educating yourself by reading articles like this, books, blogs, etc.

You can also check the latest trends and ideas to improve your money habits or ways to enhance your income stream.

4.     Always Saving for Emergencies

Debt-free people have a habit of putting something aside for a rainy day. Therefore you must save, no matter how great you are doing financially. The idea is to help you smoothly sail through any tremulous situation such as a job loss or medical emergency.

It does not have to be a substantial amount, but something to keep you afloat in case an unexpected bill comes through the door. According to NBC News, you must ideally set aside enough money to help you through three to six months of finances in case of an unforeseen crisis.

5.     Creating Multiple or Passive Income Streams

Have you ever thought about making enough money that you never have to work again at some point in life?

Do not be shy; you are not alone. We all have wished for it. However, it is possible, and you must try to create one or more passive income streams. This can generate money even when you are sleeping, working another job, or traveling.

Did you know that over 65% of self-made millionaires have multiple income streams? So, look at investment options and start a side hustle, which can be easy multiple income streams, no matter how small the profit.

So if you are looking for a lifestyle of comfort and staying debt-free during holidays, this one can really get you there and improve your financial wellbeing.

You can even look at an alternative such as crypto-currencies. Many people ask if it is the future of trading and investment, and the answer is unknown. However, the trends are promising and gaining worldwide popularity with many world-renowned giant companies are turning their attention towards cryptocurrencies such as Bitcoin.

6.     Credit Cards are a Kiss of Death

Try to avoid credit cards, store cards, etc., as much as possible. They are the doorway to more debt as you spend the money you do not even have. Yes, you may believe that you can handle them well, but all it takes is a single slip-up to expose you to open-ended debts with a snowball effect.

Using a credit card efficiently means you never have to pay any interest. Making minimum payments and paying interest is not what you can call handling a credit card well. You are paying more than you are spending, so either avoid them or get your act together when it comes to the billing cycle.

7.     Cutting Down on Overspending

Another good habit you must adopt is to learn not to overspend. Only shop what you need and weed out any expenses that you barely make use of. For example, look at your monthly bank statement and see what expenses are going out that you barely benefit from.

These include un-availed gym and club memberships, magazine subscriptions, streaming services subscriptions, etc.


So, whether you are a new home buyer, a homemaker, or a working professional, learning to manage your finances efficiently can help you in the long run. Your goals must be to know the marketing, educating you to be financially savvy, and clamping down on your bad spending habits. This will help you become financially independent and avoid debts in the future.

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