saving for a house

United States
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.
4 responses
@kjkrush (41)
• 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
25 Feb 07
Any other great ways? My husband and I would like to be able to buy soon but would like a good way to save that we might not be tied in for a year. Although 6 months might be okay. Just curious if anyone else has any other ways.
• United States
27 Feb 07
Thank you for that tip. I am definitely going to look into it!
• 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).
• Malaysia
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.
• Philippines
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.