Post # 1
Darling Husband and I would like to start putting away money for a house. We are currently putting away $300 a month because that is what we can afford. One of my friends said that we need to put away at least $500 a month for it to be “worth it”.
How much did you put away and how much did you use as a deposit?
Post # 3
I just got done doing my budget for the year, so this came at the perfect time, LOL.
With DHs base pay, we will be putting $800 into house savings and $300 into emergency funds savings. We have planned to put half of all the overtime pay into house savings and half into our retirement funds. That should be quite a bit more with all the overtime those guys get. I am hoping for $1500 per month into house savings, I would like to pay cash for at least the land.
Post # 4
Hmm hard to say. Our deposit is coming completely from wedding gift money. However before the wedding we were “saving” for a house by investing our disposable income. We’ll now be using the proceeds of that for renovations and remodeling on our first house.
I think you should put away what you can realistically afford and look for ways to maximize that money. Obviously if you’re looking to buy soon, investing may not be the right choice for you as it really is an over time sort of venture.
Post # 5
Approximately $1,000 per month. Hopefully Darling Husband will be switching jobs soon which would allow us to save quite a bit more.
Post # 6
We have been putting away 300/month in an RRSP. I think it depends on how long you are willing to wait and what you can financially afford to put away each month.
Post # 7
Putting away any amount is ‘worth it’, even if its 100. You gotta start somewhere! I think it really depends on where you live though. If you’re saving for a 500k house, it just might seem too hopeless and discouraging if you cant put away a lot.