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Helping kid save for a home down payment. Where to put the money?
Posted on 5/22/22 at 5:07 pm
Posted on 5/22/22 at 5:07 pm
My daughter (no pics) will be starting college this fall and will be working as well. She is staying at home for college and she already has a fairly decent paying job where she'll earn more than spends. She also has around 3k saved already
What do you think would be the best option for her to put the current and future money in to start saving for a home down payment?
I wish I was better at this stuff, and that's what I'm trying to do here now.
So far I'm considering a high interest savings account, a first time home owner savings account, and CDs.
Is there any other options you would recommend? Or what do you think would be the best option(s) and why?
Thanks.
What do you think would be the best option for her to put the current and future money in to start saving for a home down payment?
I wish I was better at this stuff, and that's what I'm trying to do here now.
So far I'm considering a high interest savings account, a first time home owner savings account, and CDs.
Is there any other options you would recommend? Or what do you think would be the best option(s) and why?
Thanks.
This post was edited on 5/22/22 at 5:48 pm
Posted on 5/22/22 at 5:36 pm to NATidefan
3000k
She don't need help baw
She don't need help baw
Posted on 5/22/22 at 5:38 pm to NATidefan
I bonds for your timeline
Posted on 5/22/22 at 5:43 pm to NATidefan
If she is looking at a time frame of a year or more out, I would recommend I bonds. They are paying over 9 percent right now (for 6 months), and easily beat cd’s or savings accounts. Drawback is, you cannot withdraw for a year. Rate will be readjusted in November for the next 6 months.
You can buy them at treasurydirect.gov.
You can read more about them here:
LINK
You can buy them at treasurydirect.gov.
You can read more about them here:
LINK
This post was edited on 5/22/22 at 5:44 pm
Posted on 5/22/22 at 5:44 pm to cusoonkpd
Ok thanks!
Posted on 5/22/22 at 5:47 pm to thelawnwranglers
Lol, I mean 3 k
Posted on 5/22/22 at 5:51 pm to NATidefan
quote:
Lol, I mean 3 k
I like ibonds tip
I bet still good rate in November
Posted on 5/22/22 at 5:55 pm to thelawnwranglers
Thanks, yes looks exactly like what she needs.
Posted on 5/22/22 at 6:41 pm to NATidefan
quote:
Where to put the money?
Tellurian
Posted on 5/22/22 at 6:54 pm to NATidefan
Put it in silver
Posted on 5/23/22 at 8:28 am to NATidefan
i-bonds arent a bad idea considering it sounds like she wont be looking for a house to buy for 4-5 years at least and with the money in i-bonds it wont be as tempting to cash out as money sitting in a savings account might be.
The only annoying thing is if she buys them monthly, she is going to have a ton of them to keep up with. Like say she has $500 leftover each month, she can buy a $500 i-bond each month (or $200, or other denominations). So that's slightly annoying, but at least you can get them all electronically.
I probably wouldnt put all her extra money into i bonds she has leftover each month, some to savings for other stuff, but it's not a bad idea to go the i bond route and ride those out until she's ready to buy. They should be paying at least a decent interest rate for the foreseeable future. 3-4 years from now it might be next to nothing again, but at least she would have a couple years of good growth.
The only annoying thing is if she buys them monthly, she is going to have a ton of them to keep up with. Like say she has $500 leftover each month, she can buy a $500 i-bond each month (or $200, or other denominations). So that's slightly annoying, but at least you can get them all electronically.
I probably wouldnt put all her extra money into i bonds she has leftover each month, some to savings for other stuff, but it's not a bad idea to go the i bond route and ride those out until she's ready to buy. They should be paying at least a decent interest rate for the foreseeable future. 3-4 years from now it might be next to nothing again, but at least she would have a couple years of good growth.
Posted on 5/23/22 at 8:45 am to thunderbird1100
Yeah, wasn't planning to have her put all her extra in there. She's going to keep some.
But she's going to be making a good bit more than she is spending and her school is covered, so figured it would help her out some down the road.
Saving for a house payment can be tough and I figure if she can save up 20 grand or so that would get her in a much better position in 4 to 5 years. We will also probably give her some to help as well.
But she's going to be making a good bit more than she is spending and her school is covered, so figured it would help her out some down the road.
Saving for a house payment can be tough and I figure if she can save up 20 grand or so that would get her in a much better position in 4 to 5 years. We will also probably give her some to help as well.
This post was edited on 5/23/22 at 8:49 am
Posted on 5/25/22 at 5:46 pm to NATidefan
Just asked that question to my adviser and he suggested my kid leave it in Discover savings account which draws a little more intest than in banks right now.
Personally, I feel better with my cash in a mason jar than investing in anything with this clown-world government we had rammed down our throats.
TRUMP IN 2024!
Personally, I feel better with my cash in a mason jar than investing in anything with this clown-world government we had rammed down our throats.
TRUMP IN 2024!
Posted on 5/26/22 at 10:41 am to NATidefan
I was listening to a MorningStar podcast with an advisor, JL Collins being the guest. Link provided. He addressed some interesting topics, such as not needing international investments, the pitfalls of DCA for a lump sum, etc. He also spent time discussing that renting and investing would result in greater wealth. He also felt that buying a home was an acceptable lifestyle decision, but the numbers favor renting. In my youth, I made the mistake of buying homes, and then getting transferred. I have done pretty well, but I would be substantially wealthier had I not bought homes until I was married, and determined to stay in the community in which I reside. LINK
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