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If you currently find yourself in a house that exceeds your needs and you want to create extra time or money for yourself then this article is for you. But what would you do with the extra time and cash?

You might be tighter on money than you used to be or you might just want to increase the amount of money that you’re saving for whatever reason. Whatever your goals are, we all know that more time and money directed towards them will help you. Maybe you’re trying to save money for retirement, start your own business, or help your kids out.

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Save big by moving into a smaller house?

Small House in FloridaSmall house in Florida, photo credit Alex Pino

So here’s how my friend saved $11,076 one year on housing alone

In 2007 my friend Mike did something crazy. He decided to go from a luxurious two-bedroom condominium to sharing a smaller and less expensive apartment with a roommate.

He went from paying $1,473 per month in house-related payments to $550 per month. That’s a savings of more than $923 a month and a total of $11,076 in one year.

That’s an extreme example but what if you went from $900 per month to about $650? That’s still $250 a month and $3,000 after one year. It’s an idea that can be pretty powerful after a while. I know, moving sucks but it’s worth it sometimes.

So what would you do with the extra money you’d have if you lowered your living expenses by more than $300 per month?

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