wnat to buy a 150,000.00 home at the age of 40yrs.
2007-10-06 17:39:57 · 4 answers · asked by reginahardwell 1 in Business & Finance ➔ Credit
To expand on something that's already been said:
You need to save $500 a month for the next five years. Putting it into a high-yield account is a good plan. The only matter that remains is how does it get there? Depending on how often you get paid, you should set up an automatic withdrawal from your checking to a savings account - either $125 a week, or $250 bi-weekly. AND it should be the first thing paid out of every check.
2007-10-07 08:09:12 · answer #1 · answered by zippythejessi 7 · 0⤊ 0⤋
Building on what the first poster said, if you save that money in a Money Market Account, the interest that you earn will allow you build even more so it won't take the whole 5 years.
I went to the Capital One Money Market Account calculator and put in those numbers. At a 5.0% APY, and with a deposit of $500 per month, you will have $33,974 ($3,974 of which is basically free money from interest!) in 5 years.
2007-10-07 05:44:02 · answer #2 · answered by Anonymous · 1⤊ 0⤋
all you have to do is save 500.00 a month, or 17 dollars a day, and in 5 years you'll have 30,000.
2007-10-06 18:01:14 · answer #3 · answered by gen. patton 4 · 2⤊ 0⤋
also you can join the military. they have sign-on bonuses and they assist with down payment on houses up to 365,000
2007-10-06 22:19:55 · answer #4 · answered by Batman M 2 · 0⤊ 0⤋