Comments on: The Best Ways to Save for the Down Payment on a House https://www.youngadultmoney.com/the-best-ways-to-save-for-the-down-payment-on-a-house/ Make More. Save More. Live Better. Wed, 24 Jul 2019 23:18:32 +0000 hourly 1 https://wordpress.org/?v=6.6.2 By: Rochelle https://www.youngadultmoney.com/the-best-ways-to-save-for-the-down-payment-on-a-house/#comment-26982 Tue, 05 Jul 2016 11:56:07 +0000 http://www.youngadultmoney.com/?p=22461#comment-26982 You have some great tips to think about there. I agree that a high-interest savings account doesn’t really get the return you need and the stock market can be risky. Another option we’ve looked into recently is buying gold and silver – it’s a lot more stable and has always trended upwards. If you start putting your savings into purchasing these early on, it could really pay off by the time you’re ready for a home deposit and you would have gained more with these commodities than the return on a high-interest account.

]]> By: Lisa@deardollar.com https://www.youngadultmoney.com/the-best-ways-to-save-for-the-down-payment-on-a-house/#comment-26695 Fri, 17 Jun 2016 19:15:30 +0000 http://www.youngadultmoney.com/?p=22461#comment-26695 Great Article! Especially Item #3. Most people hear IRA and they immediately think that they cannot receive a distribution of any funds until they are 59 1/2 without some heavy penalty but there some very nice loopholes/benefits that can be taken early. First time homebuyer being one of them!

]]> By: Lila @ Lila Donovan https://www.youngadultmoney.com/the-best-ways-to-save-for-the-down-payment-on-a-house/#comment-26643 Wed, 15 Jun 2016 22:16:11 +0000 http://www.youngadultmoney.com/?p=22461#comment-26643 I want to do this fast and sharp. I read about a couple that were side hustling as dog walker/sitters and saving up for their mortgage down payment so they could buy a house. I want to do something similar to that. I don’t have time to wait 5-10 years to save up. :-P

]]> By: Hannah https://www.youngadultmoney.com/the-best-ways-to-save-for-the-down-payment-on-a-house/#comment-26641 Wed, 15 Jun 2016 20:27:54 +0000 http://www.youngadultmoney.com/?p=22461#comment-26641 We saved in a taxable brokerage over the course of two years for our most recent home purchase. We probably got 3-4K in a savings boost thanks to saving in a good year.

If I were to do it again, I would probably forgo most or all retirement savings and get it done in a year or two, and ramp the retirement savings back up.

I don’t really like the idea of withdrawing money even though it’s not likely to make a huge difference in the end.

]]> By: Josh https://www.youngadultmoney.com/the-best-ways-to-save-for-the-down-payment-on-a-house/#comment-26638 Wed, 15 Jun 2016 16:28:51 +0000 http://www.youngadultmoney.com/?p=22461#comment-26638 The slow & steady way is how we saved for our house down payment. Mostly because I didn’t have any additional time for side hustles, etc. We also did our best to keep monthly expenses down (preventing lifestyle inflation) so this increased our savings rate.

]]> By: Andrew@LivingRichCheaply https://www.youngadultmoney.com/the-best-ways-to-save-for-the-down-payment-on-a-house/#comment-26633 Wed, 15 Jun 2016 14:51:22 +0000 http://www.youngadultmoney.com/?p=22461#comment-26633 Thank you for listing the IRA and taxable account option. I know most will just say that you should invest in safe investments like a CD or savings account. It’s a little difficult trying to buy a house in the NYC metro area. If I only put money that I was saving for a down payment in a savings account, it would be tough to earn anything while the down payment needed is very high. Plus, what if I change my mind and decide not to buy a house? So I think it makes sense to put some in an IRA and taxable account.

]]> By: Rachel @ The Latte Budget https://www.youngadultmoney.com/the-best-ways-to-save-for-the-down-payment-on-a-house/#comment-26630 Wed, 15 Jun 2016 13:50:20 +0000 http://www.youngadultmoney.com/?p=22461#comment-26630 My fiance and I are definitely in the very initial process of starting to save for a home. We are quickly realizing that, while we make a sustainable income at our day jobs, we definitely need to find a way to increase our income to save our goal of 20% down for a home. With $70,000 of student loan debt between us, saving is not easy! We know that it will be a slow and steady process, even when we do increase our income. Thanks for all of the tips!

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