I have looked all over the internet for information on buying a house. It has become a dream of mine to own a house. I don’t know when I began to think it was something I wanted to accomplish in my twenties, but it was probably during high school. Of course, life got in the way. I have moved all over the country since college and haven’t found a place to “grow my roots”. I hadn’t even started saving for a house until recently.
Luckily, between Pinterest and blogs there is a ton of information. I have found so many tips on saving for a down payment and buying when the time is right. What I haven’t been able to find is where exactly I should put the money for a down payment. Without being able to figure that out, I didn’t start saving for a house. I could have started almost 3 years ago and I haven’t begun. That could have been a couple thousand dollars if I had been diligent.
I looked into putting it into a Betterment or Wealthfront account with safe balance of stocks and bonds, but decided against it. I want to use that money for a deposit within the next 3 years, and it’s risky to invest. I decided on using Ally savings account. There are no fees for what I use the account for and I earn 1% interest.
What I learned was the best way to start a house fund, was to JUST START. I opened my fifth Ally savings account and titled it house fund. I cancelled some subscription services (see my last article) and put my first $35. Right now I’m only contributing $35 a month, but as I cut back on my budget it’s going to grow exponentially.