saving for a house
February 24, 2007 9:06am CST
What is the best way to save money for a house? Are there good short-term investments I should make? I would like to buy one maybe five years from now. I don't have a lot of money to invest. Would appreciate any advice.
• United States
24 Feb 07
You can invest your money is CD's. They have 6 month and 1 year cd's where it has a guaranteed interest rate. That would probably be a good way to do it and keep rolling it into another. Just realize any money you make from them just like interest in a bank you will be taxed on.
• United States
18 Apr 07
I will definitely be watching this topic. I'm currently trying to save for a downpayment myself. However, I don't really have any money to invest. I'm saving in an online savings account through Citi. I'm trying to save any "extra" money to be set aside. When I get a few thousand, I will start investing in ETFs through sharebuilder (it's a great way to invest with minimal charges, $4/trade).
22 Mar 07
You can also put a small amount of money in your fixed deposit and set it not to take for 6 months of one year, you will be able to get more after a year, depends on the time you set for it with the interest from the bank. It is secure, you will be more concern to save your money as well.
27 Feb 07
I can suggest 2 options that was given to me by a friend. Hunnie and I are still deciding on which one to choose. 1) Saving money in the bank. ATM PIN here has 4 digits, he gets to pick the first two and I pick the last 2. At least we both know we cant get money from the account. We made a decision to deposit the same amount every month and we'll use it by the time we find a house that suits us. 2) Get a housing loan from a bank. Hun and I are choosing the first one.