Today’s New York Times tells the story of seven people who squirreled away enough money to afford a New York apartment; no small feat, considering the average price for a Manhattan studio is approaching $450,000. The seven people, all folks of regular means, realized their dreams of home-ownership with a variety of strategies that are applicable to anyone trying to save extra cash.

The seven people all saved ascetically at every opportunity by stripping their budgets down to the bare essentials. The most common saving strategies focused on:

Food: People limited meals out, cooked for friends, and shopped only with a list;

Habits: People quit smoking, shopping, and frequenting pricey venues;

Austerity: Every single spare penny was saved, from bonuses, to tax refunds. One couple would question every purchase: “Do I want an iPod or a house? Do I want a latte or a house?”

A singular mindset helped keep people on track. Michael Lenton explains it best, saying: “We wanted a bedroom with a door and sunlight. We were willing to compromise on everything else.” What strategies have you employed when saving towards a goal? Tell us in the comments.

Every Penny Counts [NYT]
(Photo: Little Miss Muffit)

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.