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Started By
Message
Saving for a house. What kind of account should I use?
Posted on 12/30/19 at 10:04 am
Posted on 12/30/19 at 10:04 am
The wife and I (recently married) are trying to save $25-30k by the end of 2020 for a house. Combined income of about $115k. Any suggestions on the best way to go about this? Should we just use a regular savings account? All other general advice is welcome!
This post was edited on 12/30/19 at 10:10 am
8
Posted on 12/30/19 at 10:12 am to lsut2005
quote:
Should we just use a regular savings account?
Yes
Posted on 12/30/19 at 10:22 am to lsut2005
A so called “high yield” account or a money market account will get you a few extra dollars. Maybe enough to pay for a nice dinner after the closing. 
Posted on 12/30/19 at 10:39 am to lsut2005
Marcus savings account. Make $500-600 weekly deposits.
Posted on 12/30/19 at 10:58 am to TigerDeBaiter
Excellent. I'm going to go ahead and do this. I mean... an extra $300 is better than nothing! Then we'll park our emergency fund there after the house purchase.
This post was edited on 12/30/19 at 10:59 am
Posted on 12/30/19 at 11:08 am to lsut2005
High Interest Online Savings Account.
Goldman Sachs Marcus
Capital One 360
etc...
Goldman Sachs Marcus
Capital One 360
etc...
Posted on 12/30/19 at 1:32 pm to lsut2005
Savings account is the best/easiest. You will earn a few hundred dollars over the course of the year.
We use Amex for our savings and have been very pleased.
We use Amex for our savings and have been very pleased.
This post was edited on 12/30/19 at 1:33 pm
Posted on 12/30/19 at 3:04 pm to GEAUXT
Been using MySavingsDirect for a few years and really happy with the rate and ease of depositing and withdrawing money.
Posted on 12/30/19 at 3:22 pm to lsut2005
Same boat. Sitting in a regular savings account
Posted on 5/13/20 at 1:46 pm to MSTiger33
Hey guys, just wanted to give y’all an update. Since starting this thread, we’ve saved $30,000 in a Marcus account. So, we're way ahead of schedule. Hoping to get to around $40,000. Max price we’re looking to pay will be $260k for the house. Northshore area, preferably Covington. Really appreciate the advice given!
This post was edited on 5/13/20 at 1:50 pm
Posted on 5/13/20 at 1:57 pm to lsut2005
Just as an FYI, I’ve heard (can’t verify) some lenders are now requiring 20% down in some cases.
Posted on 5/13/20 at 2:36 pm to lsut2005
Nice work man...keep it up! Wish I would have done a little more saving/investing the first 10 yrs I was out of school. It’ll add up and time will pass much faster than you think.
Posted on 5/13/20 at 3:01 pm to BLM
Your a wise man....its amazing how much money you can waste the first 10 years out of school..
If you live in Louisiana and take advantage of TOPS it reduces your college debt tremendously.
If you live in Louisiana and take advantage of TOPS it reduces your college debt tremendously.
Posted on 5/13/20 at 3:14 pm to lsut2005
quote:
Since starting this thread, we’ve saved $30,000
30 g's in 5 months, not bad
Posted on 5/13/20 at 3:21 pm to lsut2005
High interest savings account. Don’t invest money your will likely need in the next 18 months.
ETA:
Never mind… I see you already figured it out.
ETA:
quote:
Hey guys, just wanted to give y’all an update. Since starting this thread, we’ve saved $30,000 in a Marcus account. So, we're way ahead of schedule. Hoping to get to around $40,000. Max price we’re looking to pay will be $260k for the house. Northshore area, preferably Covington. Really appreciate the advice given!
Never mind… I see you already figured it out.
This post was edited on 5/13/20 at 3:22 pm
Posted on 5/13/20 at 3:24 pm to cgrand
Yea that’s pretty impressive you made roughly 50k in 5 months and managed to save 30k of it? You didn’t live on much once taxes are taken out
Posted on 5/13/20 at 3:29 pm to tigersfan1989
Well, the wife and I have a household income of $115,000. But either way, we've been living pretty frugally! Older vehicles, etc. We've got a baby due in October, so hoping to be in a hose by then. We are currently renting.
This post was edited on 5/13/20 at 3:32 pm
Posted on 5/13/20 at 3:41 pm to lsut2005
Some advice - I would try to put away roughly ~10K on top of what you need for the down payment, particularly if it's new construction.
After I bought my house I spent almost 10K on window treatments and appliances and a few furnishings.
After I bought my house I spent almost 10K on window treatments and appliances and a few furnishings.
Posted on 5/13/20 at 7:40 pm to lsut2005
Congrats!
Posted on 5/13/20 at 8:00 pm to lsut2005
quote:
Hey guys, just wanted to give y’all an update. Since starting this thread, we’ve saved $30,000 in a Marcus account. So, we're way ahead of schedule.
$30k in 5 months. Lord.
This turned into a humble brag thread.
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