Family of 4 Sheds $96K of Debt by Living Simply in a Tiny House (Video) (2024)

For many, financial freedom can be an elusive goal. People work long hours to pay off student loans, mortgage loans and consumer debt, but rising costs of living and housing prices mean that true financial freedom is increasingly difficult to achieve without some serious reconsideration of how to get past the finish line.

Saving Money With a Tiny Home

For Jocelyn and Jarvis, gaining financial freedom meant undergoing a process of recognizing their financial situation, taking steps to curb their spending, setting goals and sticking to them, and also building their own small home, which they have lived in for the last two years. Their multifaceted approach of simplifying their life meant that they were able to eliminate a debt of $96,000 in 20 months, while ultimately living a lifestyle that they feel is more fulfilling. Here's a look into how they did it, via Exploring Alternatives:

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Exploring Alternatives/Video screen capture

The couple first confronted their debt of $96,000 from student loans, credit cards, and from purchasing a small piece of property in the country. That moment of financial reckoning came one night when they took a hard, "sobering" look at their finances and realized that they were spending more than they were making. They decided to take drastic measures to help them pay off their debt as quickly as possible, which included drawing up a strict budget, moving into a smaller apartment, buying only used items, changing jobs, using cash only for daily expenditures and actually freezing their credit card in a block of ice.

After paying off their debts, they continued to live a frugal lifestyle and save up money for buying a home. Their interest in simple living led them to look at tiny homes, and when a pre-framed tiny house shell became available, they decided that they could complete the build themselves. It took them 14 months of building on almost every weekend while working full- and part-time jobs to complete their tiny home, which is now home to the couple and their two children.

Thanks to their efforts, the couple has created a beautiful home that includes a multipurpose living area, which serves as a lounge and a dining area, thanks to the folding IKEA table that can open up during meals.

A Purposeful Design

Exploring Alternatives/Video screen capture

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Exploring Alternatives/Video screen capture

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Exploring Alternatives/Video screen capture

The kitchen is in the centre of the house; it has a full sized stove and oven, and hidden underfloor storage.

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Exploring Alternatives/Video screen capture

Above the kitchen is the master bedroom, which can be accessed by a ladder.

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Exploring Altermatives/Video screen capture

The bathroom is near the kitchen, and includes a small soaking tub and shower, as well as a composting toilet.

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Exploring Altermatives/Video screen capture

Beyond the bathroom and down the hall is the room for the children. There's plenty of storage here for clothes, toys and books.

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Exploring Altermatives/Video screen capture

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Exploring Altermatives/Video screen capture

The smaller size of these homes often means that tiny house dwellers will spend more time enjoying the outdoors. Here, the family has erected a porch, a playhouse for the children and planted some gardens for growing their own food.

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Exploring Alternatives/Video screen capture

Besides having more financial independence than ever, the family has consciously reduced their water and energy consumption, and has adapted well to living in a small space, even with two kids, says Jarvis:

Humans are really adaptable. We will adapt to whatever our environment is, and we have just learned to live in this space really well. It doesn't feel like a sacrifice.

But perhaps most importantly, Jocelyn believes that living a simpler lifestyle in a smaller space will teach their children some important life lessons:

It feels like we are coming into a time ecologically where the generation that we're bringing up are probably going to need to know how to live with less, to live more simply. I don't think that the path the world is on will be sustained for much longer. So I feel like we are trying to give our kids some tools in understanding how much they actually need and how much it takes to really be happy.

Fittingly, the pair point out that tiny houses might not be accessible to everyone: not everyone can or wants to build their own home, finding a place to park it continues to be a common issue, and some high-end tiny houses end up being so costly they defeat the whole purpose of living simply. For now, the couple plans to live as long as they can in the tiny house, but are keeping their options open by saving money to potentially purchase more land and build another larger, off-the-grid house. For more, visit Exploring Alternatives.

Family of 4 Sheds $96K of Debt by Living Simply in a Tiny House (Video) (2024)

FAQs

Can a family of four live in a tiny home? ›

But time and time again, we've seen numerous examples of families who have gladly made the decision to go tiny—thus improving their quality of life and gaining more freedom in exchange. The Eusebes, a family of four, are one of these adventurous families who recently discovered the joys of tiny living.

How much does it cost to convert a shed to a tiny house? ›

Sheds aren't always the cheaper route

And the interior build-out adds up with insulation, drywall, plumbing, electrical wiring, and furnishings. In my experience, even a modest conversion will likely end up running $50,000 to $75,000 these days with all the labor and material costs.

Can you turn a shed into a livable home? ›

Because many sheds aren't built according to standards, which can cause conditions, such as poor insulation and mold formation resulting from improper sealing. It's possible to transform your shed into a living space if it meets the minimum standards and has the essential utilities: water, electrical system, and sewer.

Do people live in tiny homes long term? ›

Generally, you can expect a tiny home to last 30-50 years. Location may also play a role, though.

What are the biggest drawbacks of living in a tiny house? ›

One of the disadvantages of tiny house living is that you give up full-size bathrooms and kitchens. You have less counter space in addition to storage space which can make cooking and getting ready in the morning a bit bothersome and something you'll need to adjust to.

Is it really cheaper to live in a tiny house? ›

-The cost to buy a tiny house is only a fraction of what normal regular sized houses cost. -You buy less stuff, because theres less space to store it, therefore you save a lot of money. -Rent is very minimal in most places and theres no longer a high monthly mortgage to pay.

How to insulate a shed to live in? ›

Soft roll or batt insulation, either made of fiberglass or mineral wool, works best for insulating wood-framed sheds. Most wood-framed sheds are built with two-by-fours, so the appropriate mineral wool or fiberglass insulation should be 3-1/2 inches thick, or R-13 or R-15 insulation.

Can I sleep in my shed? ›

Do I need planning permission to sleep in my shed? Yes! A garden shed or other outbuilding cannot be used for residential uses like a bedroom, bathroom, or kitchen without planning approval.

What is one major concern of owning a tiny home? ›

Less Space Makes Tiny House Storage a Challenge

Not only do you have to consider where you're going to put things, but you also have to worry about how much the things weigh. Tiny home dwellers often decide between two things by going with the item that weighs less. A truck can only haul so much before problems start.

Can you save money living in a tiny home? ›

In fact, 58% of people who live in tiny houses have about $11,200 more saved in the bank than the average American and 65% of them have no credit card debt. Living in a tiny home will dictate your spending habits because when you lack storage room, you are less apt to overspend.

Are tiny homes worth the money? ›

Resale value: Tiny houses are not guaranteed to appreciate in value in the same way a traditional home does. Tiny homes can actually depreciate in value, especially if it is highly customized. These homes also fall into a niche market, so it may be more difficult to sell your home down the line.

Can you raise a family in a tiny house? ›

So, can I raise my kids in a tiny home? Absolutely. If you're committed to finding solutions that fit your family, tiny home living could be an exciting new adventure for everyone involved.

What size house is good for a family of 4? ›

For a family of four, the ideal house size is between 2,400 – 2,800 square feet and so forth. It's up to you to decide how much space you're most comfortable with up to 3,027 square feet (if you consider yourself middle class).

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