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Seeking Savings Advice for Buying a Home

I'm 23, and always wanted to buy a home. I recently got job with the perfect company, and hope to move up the ranks in a few years as I continue through college. So I want to save for a home but have some credit cards to pay off and a car loan....

I want to make sure I'm saving "X" amount of amount every 2 weeks so I don't dip into it. I really thought stocks would be a good option, but having to pay $10 each time to invest turns me off.I'd like to have 10k in 3years saved up and be debt free (car will be pd off ~3 yrs).

What would be the best way to go about saving for this?

Comments

  • vacheron
    vacheron Posts: 1,807 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 7 November 2011 at 12:19AM
    I'd strongly advise against investing in stocks over such a short amount of time. Instead, why not arrange a standing order of 'x' every 2 weeks instead to pay off the credit cards and overpay the car loan. Then you can focus exclusively on putting everything towards the house fund without fighting against the tide of debt interest. :)
    • The rich buy assets.
    • The poor only have expenses.
    • The middle class buy liabilities they think are assets.
    Robert T. Kiyosaki
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    I really thought stocks would be a good option, but having to pay $10 each time to invest turns me off.I'd like to have 10k in 3years saved up and be debt free (car will be pd off ~3 yrs).

    What would be the best way to go about saving for this?
    Cash ISAs and regular savings accounts. Focus on rate and review regularly, especially if a bonus rate drops off. Forget stocks and shares for now.

    Key question: How are you planning to replace your car? Another loan in a few years could impact the amount of mortgage you can get. In other words, consider saving more!
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