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rflatshoe | What are your tips on saving in today's economy? |
I have a great income as an engineer. However, with today's economy and still very high housing prices, I find it almost impossible to buy a house or save fast enough for a downpayment. I have saved about 25K already, but I will need 50K more for downpayment and other fees.
I have read several finance books, but most of them do not cover coping with todays economy and tailored to 24 year olds.
What are your savings and frugal living tips?
Additional Details
Note: I am already contributing 15% to 401K |
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Paula M
|
Really straight forward: no unsecured debt. If you have credit card debt get rid of it. Use your 25K if necessary.
No car payment - pay off any installment loans you have. Use your savings if necessary. You wil then be able to save expedentially each month.
What kind of house are you after with $75K down? That's a huge down payment for a first time homeowner of any age!
Your first house should not be your dream house, it should be one that you can sell in 5-7 yrs to the next first time home buyer.
Make sure the location supports the property. Buy the smallest/least expensive house in the best neighborhood.
Don't buy the biggest/most expensive house on the block...lose out on equity potential. |
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Ms. Dorsey
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Wait to get hair cuts an extra week.
Skip the coffee, or lunches out, treat yourself only once the week
Clip coupons, and comparison shop
Try a high yield interest savings account like HSBC, they don't have monthly fees or transfer frees, your money is out of site and out of mind.
If time permits get a part time job, and save every dime you get from there, its not like you were used to making the money anyway. |
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mrs.smith
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dont drive ur car walk or get a bike |
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CrzyCowboy
 |
Move to a location where the cost of living is not so high. With 25K you can afford a nice house in Middle American States.
Frugal Spending tips.
These don't seem like much but can add up over time as well
Take extra Ketchup Mustard, Sugar and Salt & Pepper when you vist a store or fast food resturant.
Limit the amount of times you go out to eat, the fewer the more yousave.
Limit your entertainment to movies on TV, go without cable TV. Read more
Have all those special features on the phone removed and buy an answering machine.
Lose the Cell Phoneo r have the company purchase and pay for it. |
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Chicken_Man
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dont spend |
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rockEsquirrel
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Simple, but difficult. If you bring in $50,000, spend no more than $45,000. Stay out of debt. Stay away from Starbucks. Don't go to movie theaters. Buy store brand foods, not national name brands. Drive a used car with limited features. You should be able to buy a home with a $25K downpayment. Just don't buy a big expensive house. |
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vasudeva m
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To attain full financial freedom and to face ever rising economy the only solution is to join and to make your dreams come true log on to 'www.questnet' .all the best |
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teasinglittlebrat
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Carefully scrutinize the interest rates for CDs at as many banks as possible, when the rates go up invest your money (the length of time is dependent on the amount of interest, if you can get 7% like I did a few yrs ago go long term, if it is 2% or less go to a yr or less), I did this and paid CASH for the house I have (2 story, 5 bedroom, 4 bathroom, double lot, 2 car garage, wall to wall carpet in every room, and a full basement) then bought a NEW vehicle, and have been "on vacation" for almost 2 years with no income of any type except the interest I get on my CDs. You stick every available dollar into your account, when you get $5,000 get a CD, and do that every time you get another $5,000, then when the CD becomes due invest the whole thing (interest and all) into the next CD, do that for 7 years and you will have more money than you ever thought you'd have. Meanwhile (for those 7 yrs) live as cheaply as you can and save for more CD's doing without now makes for an easier life later. Nye |
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roli
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Read "Retire rich Retire young" by Robert Kiyosaki i bet it would do the trick. |
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Mrs.Foster
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You sound like you know what you are doing. I would suggest that you consult with an investment professional at your bank or from a private company (Edward Jones) and figure out a portfolio for you that matches your investment goals. |
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Thin Kaboudit
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$75,000 dollars for a downpayment? How much house are you planning on buying?!!! And where? There are many parts of the country where you already have enough to pay CASH for a starter home and have no mortgage, and no rent to pay! If you did that, and then paid yourself a "fake" rent or mortgage into an investment account for the next six years, you could probably pay cash for a McMansion, if that's what you really want.
Assuming a 10% downpayment, to put $750,000 for a starter home in perspective, that's enough money to LIVE at the Watergate Hotel in splendor for the next 7 years (without the discount you would get for commiting to a long-term stay!)
I'll make a wild guess that you are in California? Or you want to buy your first home in Kaua'i?
P.S. Today's economy is no different than the economy has been since credit was invented, unles you look at it in little tiny time slots. And if you take a short-term view, you'll never make any money. So we already know you take a long-term view or you wouldn't have 25K!
PPS If you bought less house, and invested the next 50K until you retire, even if you never saved another penny, you'd have about $7M assuming 4% inflation, 7% growth and retirement at 59.5
Good luck! |
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ZepOne
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If I would have waited to buy a house until I had enough for a down payment, I'd still be waiting because house prices creep up over time. When you buy a house, you start building equity with your payments and from the appreciation in the house. |
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snvffy
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Get in touch with Dave Ramsey
www.daveramsey.com
Read his book. He has a SAFE formula.
GOOD LUCK |
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Cabana C
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Spend less than you make. Max your 401k, and put the rest in Gold. |
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John H
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If your company has a 401k or 457 or some ohter deferred compensation program sign up and hopefully they match your contribution up to a cretain %. If so this is free money. Max it if all possible great for retirement future and tax deferred. As for as saving for a down payment look to Credit Unions for your highest rate of return on inventment that is secured by NCUA insurance. One credit Union I know is offering 5.45% on a 9 month share certificate min deposit $500.00. |
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L F A
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As you found in most of the finance books, make a plan follow that plan!?!? First, change the contribution rate to 10% then find out where the money is going. Are you buying dinner out or are you making dinner? What services do you subscribe (cable, high speed, telephone you don't use) try bundling those services if they are vital, if not cut them out. Think about groceries 60 dollars at the grocery store means 180 dollars out to eat good equation for you 1 is 3. Also, the best retirement plan is your home and if you are as diligent as you sound you will do the research on where and when to buy? Let me know if you need any help further at tbatch03@yahoo.com. |
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