How much would you downsize to pay off debt faster?

As some of you know, we are looking for a new place to live. The countdown is on, as we have to be out of our current place by the end of the month. We were looking at an apartment complex within walking distance to my work (so we could still get by with one car) but in the past few weeks they have raised their rent almost $200 per month and added in a higher security deposit! FORGET THAT!

Yesterday I found another place for rent that is a bit further from my work (but along a bus route so I could take that). There was a one bedroom condo advertised but when I called to inquire, the gentleman told me that the one bedroom is likely going to be taken this week by the couple that is living in the studio condo he owns. They just found out they are expecting and want a slightly larger place. He asked if I'd be interested in seeing the studio. Wow, wait a sec, a studio?!? Hmmmm... I hadn't given that much thought. Could we maybe move into a studio for a year or so while we try to pay off our debt?

We are currently living in a 1325 square foot condo and we pay $1375 per month. The studio condo for rent is 525 square feet and only $795 per month! Wow, the rent really grabbed my attention. I decided I wanted to see it. I had a coworker go with me at lunch yesterday to check it out. I texted my husband to let him know I was viewing a condo that was only $795 per month! I conveniently didn't mention it was 800 square feet smaller than where we currently live. I just kept mentioning the almost $600 savings per month, that we could put right towards our debt!

I viewed the condo and yes, it's small. There's no getting around that. Yes, it's on the first floor, which I swore to myself I'd never live in again (I'm hyper-sensitive to sound). But, HELLO, did you hear that we could save almost $600 per month on our rent?!? I went home and discussed it at length with my husband. The biggest thing holding us back is our furniture. We naively purchased very large house type furniture when we moved here 4 years ago because we lived in a huge place. We didn't think much about what we would do if we had to downsize. Now we have to figure it out. Do we sell our large, comfy furniture and purchase studio sized stuff instead? Do we only move in what fits and put our excess furniture in storage for a possible larger home in the future? (This is an added cost that I'd rather not pay...)

Quickly playing around with this new possible budget, we're able to move our credit card debt repayment schedule up significantly! (I'll share details in a later post). So, what did we end up doing? We applied for the studio condo! We should find out today if we are approved. We'll figure out what to do with the furniture as it gets closer. We are serious about getting out of debt and in order to do that we are willing to sacrifice our comfort somewhat. I'll keep ya posted on how this all works out!

Questions : How much would you downsize to pay off debt faster? Have you done this before? If so, how did it work out?