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How do i start saving for a house?
5/19/2013 8:40:00 PM
How do i start saving for a house?ByThread Owner
How do i start saving for a house? Im 23 already and have car payments to make and a student loan, now im still living at home and would love to be able to move out into my own place one day.

Have any of you been able to cut back on your expenses and if so how since I feel i am never going to be able to afford a home. :(
5/28/2013 10:55:00 PM
How do i start saving for a house?ByJenna
I was in the exact same boat as you when I was 22 but I was renting as well at the time... but dont worry, I am now 27 and have been in my own home for 2 years.
I went to the bank and asked them about saving initiatives. They set up my bank account so that all my payments were taken out when I got paid from my job. I then had the bank take out an additional payment to be saved and put towards a house. My debit card was then set up to have 3 dollars put into a savings account every time I used it. Lock down your savings account. Allow access only if you personally go into the bank for example. Otherwise heading to a debit machine is too easy and you eventually convince yourself that you will replace that money that you borrowed from your savings account. It was difficult as there wasnt much wiggle room with money, but I just had to find ways to not spend. Find out where the majority of your luxury money is put towards. Then cut that budget in half or more. It takes some will power and is very frustrating but it is possible and worth it.
I also was able to find a local program that helped out new homebuyers. By going to a course called the Home Program. It was a 2 night course that gives you a ton of information, sets you up with real estate agents and lawyers and they offer grants of $3,000 towards your mortgage downpayment.

I saved up as much as I could. Dont try for just the minimum down payment. Save as much as you can as that means lower mortgage payments in the long term. Get your credit up, and stockpile a down payment in a savings account. Its hard and painful but it is absolutely the best investment you will ever go into and the personal freedom and accomplishment is more than worth it.

Hope this helps. Good luck!
5/30/2013 1:17:00 AM
How do i start saving for a house?ByJohnC
There is no easy answer. The best is to start saving now set aside an amount to pay-yourself first to a savings account with the prices houses are costing you need to be looking at maybe a 10 year plan and to set aside a substantial amount maybe 300 to 500 per month or more. That said there are other ways.

Buy a parcel of land undeveloped of course and develop it yourself. Some people put a trailer on it to live in while they build a more permanent structure. My friend built his own home with my help and the help of friends we built a $100,000 home for the cost of material approximately $25,000 - $30,000 he got a builders load to built it himself and saved a bundle you also learn in the process on how to build a house.... hope this helps
7/11/2013 1:44:00 AM
How do i start saving for a house?ByMiltonResumescom
The best way to start saving for a house is to open up a savings account. Do some research into which savings account option will offer you the highest interest rate. Speaking to someone at the bank about your options and looking at web-sites of local banks can help you to find the account that would work best for you.

Ask your bank to set up an automatic withdrawal for a set sum of money for each day of the month that you get paid. (For example, if you get paid every other Friday, have your bank withdraw, say, $200, every other Friday that will automatically be deposited into your savings account.)

Once youre savings account has reached over one thousand dollars, you may want to begin looking into other savings account options. GICs are a relatively safe savings account product for long-term saving. Since you will often have to lock-in your money for at least 6 months with GICs, this may prevent you from dipping into your savings as it grows. It is best to choose accounts that are not tied to the stock market and are guaranteed to return to you at least the money that you have invested.

Hope that helps!
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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