Question

Just used our tax refund to pay off our final debt- my husband’s car! Now I can officially say we are DEBT FREE! Next goal, saving up to buy a house! Any suggestions on how to start? I know Miko invests her house savings. But what does that process look like? Also looking into CDs as an option. We probably won’t be ready to buy for a couple years because we’re on one income and we live in CA where houses are super expensive. And right now we have a killer deal on our rent because we rent from family. So I want to take my time and have as big of a down payment as possible. Would love any advice/tips on building that savings!  

Answer 1

Set a goal what you to get one.  

Answer 2

So maybe everyone knows this but I just figured it out last night ‍♀️. I put money into a CD for my daughter - thinking it was like a savings account that I could add to monthly. Nope - what you put in for your initial deposit is it, you cant add to it until the CD times out (luckily I only did hers for 2 years to start). I just opened an Ally savings account for her to put money monthly for now.  

Comments

@paronymous yes I did know that. My idea is when I hit maybe $10, 000 I can put that in a 6 month one. And while it’s sitting, maybe save for another $10, 000 to put in a new one.  

---

@merely That sounds like a good plan!  

---

@norway I seriously thought I researched the heck out of CDs before getting one - but I guess if you dont know you dont know what to search for! I'll have to do some further research now!  

Answer 3

We have a CD at our credit union. We put 10, 000 and for only 9months we got 194 dividend.  

Answer 4

Start out with a regular savings account and a three month cd. Then do a cd at 6 months n one year. Just got to keep track when you can cash out the CDs. Just keep adding to each as they come up. Then u have short term and long term savings and the long term accounts make better money over time

Answer 5

We saved in a high yield savings account and it was bringing in 150+ a month by the end of it before we purchased. I’m in so cal and we just bought our first home in July.  

Answer 6

Also in SoCal and buying a house are in my 2 year plans! Paying most of our debt off by this summer, then we will start saving like crazy! So following for suggestions!  

Comments

@overbalance awesome! Once you get the debt paid off it feels so good to just focus only on savings goals!