(Closed) Saving for a Downpayment

posted 6 years ago in Home
  • poll: We had
    Designated down payment money : (42 votes)
    46 %
    General savings : (41 votes)
    45 %
    No money saved for down payment : (6 votes)
    7 %
    Other : (3 votes)
    3 %
  • Post # 3
    Member
    528 posts
    Busy bee
    • Wedding: October 2014

    Fiance and I are still saving but we have a seperate account set up and a percent of our pay is direct debited into it each pay day.  We earn great interest on it and the account is untouchable unless we both go in and sign.  Pretty good set up if you ask me 😛

    Post # 4
    Member
    12954 posts
    Honey Beekeeper
    • Wedding: November 1999

    I have a designated “future projects” savings account.  Right now it’s the wedding fund, but whatever is left over will be rolled into the “downpayment” account.  So really, I’m just saving as much as I can so there will be enough post-wedding to not feel broke!

    Post # 5
    Member
    2889 posts
    Sugar bee

    I voted for general savings but then remembered that I do have a designated down payment account. My bank actually offers a special type of account for down payment savings and I started one because my work would contribute 4 EUR per month´if I did this. I know it is a really small contribution but I figured it was better than nothing and I wanted to have ah ouse fund anyway. The cool thing about this account is that it cannot be taken out before you reach 20k and when you do buy a house you can get a better interest rate because of the account. I am far from 20k so I don’t really know the details but it is somehow motivating and I feel like it is a safe investment although interest is terrible like every savings account.

    Post # 6
    Member
    2196 posts
    Buzzing bee
    • Wedding: June 2011

    We had designated savings in a high interest account. When we were ready to buy we combined that with our RRSP’s and had a significant downpayment. 🙂

    Post # 7
    Member
    5670 posts
    Bee Keeper
    • Wedding: August 2010

    We set up and ING account and I automatically transfered money ever week into the account. This was we had to act like it was a bill that was already scheduled to get paid and the money wasn’t at our fingertips to spend it.

    Post # 8
    Member
    600 posts
    Busy bee
    • Wedding: May 2012

    We used general savings, but put a lot extra in each month to save up… We just used my moneymarket account to get higher interest rates… And we did not clean out the account to buy the house. Hope This Helps

    Post # 9
    Member
    13099 posts
    Honey Beekeeper
    • Wedding: July 2010

    We just had general savings (spread between a basic savings account, stocks, mutual funds, etc).  None of it was specifically earmarked for a downpayment though.  We just pulled out what we needed from the various accounts when the time came to purchase.

    Post # 10
    Member
    7312 posts
    Busy Beekeeper
    • Wedding: October 2011 - Bed & Breakfast

    We have a designated account set aside for our downpayment and closing costs. It’s better that way because that is the only account that our lender needs to look at, and therefore is the only account they will be asking questions on. We make it easy on ourselves by having direct deposits into that account, so the lender will not need to come back and ask us “Where did this deposit come from?” I have seen those stupid lender questions become quite the PITA for other people, and I would like to avoid that if possible for us.  

    Post # 11
    Member
    984 posts
    Busy bee
    • Wedding: April 2010

    We didn’t really have savings for a down payment. We were just thinking about starting a savings account for a purchase of a home when we inherited some money after Darling Husband grandma passed and that became our down payment. If that hadn’t happened we probably would have had a designated account for a downpayment and saved for a while.

    Post # 12
    Member
    14419 posts
    Honey Beekeeper
    • Wedding: June 2011

    We just have general savings in the form of savings accounts and brokerage accounts.  We just look at our over all picture and pull money from where it makes sense to if we need it. 

    Post # 13
    Member
    6248 posts
    Bee Keeper
    • Wedding: August 1900

    We set up a separate ING account designated for the down payment, closing costs, home inspection, etc.

    Post # 14
    Member
    769 posts
    Busy bee
    • Wedding: April 2010

    we have a separate account set up through smartypig so you can see your goal growing. it’s pretty rad.

    Post # 15
    Member
    2410 posts
    Buzzing bee
    • Wedding: July 2011

    We use my online savings acc. It was formerly my wedding savings account, but now holds the downpayment.

     

    Post # 16
    Member
    1235 posts
    Bumble bee
    • Wedding: July 2012

    I have 1 savings account but it’s pretty much all for a home. My fi has a savings that were going to use for closing and emergency funds. I transfer half of my main paycheck into to the account every time I get paid and then everytime I work at my other job I transfer the amount of money I would have made into it. I also have a moleskin notebook where I have my monthly money goals spelled out. For example march: $xxxxx amount of money in savings. So far so good 🙂

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