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what's the best way to save a down payment for a house? or what did… 
22nd-Jun-2008 08:23 pm
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what's the best way to save a down payment for a house? or what did you do?

this year, my significant other and I decided to live solely off his income. first we put all my income onto my student loans, which were paid off in march. since then we have been stashing my income into a standard savings account at my bank (pnc). we have about $5k saved and I thought once we got a bit higher maybe we could move it to a money market account or something so it could earn more interest.
Comments 
23rd-Jun-2008 12:38 am (UTC)
why wait to move your money where it will give you a better return than a bank savings acct (which is just about anyplace)? first though, do you have a 6mo of living expenses 'safety net' in the event your SO loses his job (money should be in an easy to access acct that nets you as much of a return as possible)?
23rd-Jun-2008 12:40 am (UTC)
dave ramsey always has fantastic financial advice (if you didn't already know)

you can email or call in your question. even if you're not in debt, he gives great advice.

one thing he mentions alongside money markets are roth ira's. also, you can use one of his ELPs (endorsed local providers) to help you with your finances. he has a high standard that insurance agents, realtors, accountants, advisers, and etc must meet.

good luck! :)
23rd-Jun-2008 01:01 am (UTC)
Consider investigating putting the money into one or both of your employers' retirement fund. It's often the case that they will match (and so you get a very good return on investment), and it's often the case that you can withdraw this money for the downpayment on your first home without penalty.

Please verify both of these things, though, before doing this.

Disclaimer: I am not a financial advisor, and this is not financial advice.
23rd-Jun-2008 01:58 am (UTC)
switch to ING at the very least. Right now you are probably getting little to no interest, at least with ING you get 3%.
23rd-Jun-2008 02:14 am (UTC)
great idea... seriously. I'll probably get this started this week after I read a bit more about it. thanks!
27th-Jan-2009 07:06 pm (UTC) - down payment
well if you have a stable job and decent credit for 2 or more years you can get an FHA loan with only 3% down, 5 at the most, use the rest of your money for upgrades or paying down other debt.
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