Saving up for first house. Invest or Savings Account?

[Cessnaflyer]

There are always good deals to be found. Sometimes you just have to look a bit harder.

I don't have time to be looking for deals unfortunately so I have to be researching whole sectors that have an upside.

 

[zippy]

Well, during the correction I have put a bit of money on stocks as well, I know it's riskier but since the correction they've been doing quite well. Buy cheap.

Investing down payment money isn't a bad idea as long as you can tolerate the risks involved.

Be sure to look into FHA, 5% down loans and 100% financing deals different lenders offer if you have the credit score and income to support the higher value payments compared to the traditional 20% down. You're also able to make penalty withdrawals from certain retirement accounts for down payments if you're a first time home buyer.

 

[Jean Howard]

Hey,

It will be better to have money in saving accounts in stead of risking them on shares.

 

[jspeed87]

Just out of curiosity, how much is a good amount to stash away per month for a house or other investment?

 

[Cessnaflyer]

Just out of curiosity, how much is a good amount to stash away per month for a house or other investment?

It all depends on what you can do.

I always pay myself first. At least 15% of my pre-tax income goes to investment. After getting a fairly consistent budget paying bills and life I was saving about 20-30% of my income for a down payment. If you make it a habit and put the money in a savings account first before you spend it, the savings will be much easier.