House Down Payment
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Hubby and I are longing to buy a house. The tough thing is to save money for the house down payment. We can buy a house without a down payment but the monthly payment will be high, plus there are other insurance costs that come alone without making a down payment. So, we decided to save money for at least 20 percent of the amount of the house we will want to buy. Aside from hubby’s regular job, he also has a part time job. Our financial situation is ok. But why is it really hard to save? There is always something that we are buying, not because we need it but it seemed good to have it. I came up with an idea to open a checking account to use for a savings account for the money toward the down payment. I think this is a good idea for us, and we are forced to save. Last week we just opened a new checking account. Starting this month, hubby’s salary on his part time job will be deposited in that account. We agreed that we will not touch the money except that we will use it for the house down payment. By the way, we’ve lost a lot of money when the stock market went down. Hubby has a small ROTH IRA investment, and it matures in April 2009. He can use that money toward the down payment. I hope the money in his ROTH IRA will increase instead of decrease. If we put together all our savings and investments, maybe we will reach our goal and fulfill our plan.
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December 15, 2008 at 7:15 am
Good luck sa inyo ni hubby mo, manay! Kaya niyo yan. I kept seeing in various articles I’ve read about the recession that now is the best time to buy a property. Sana you can save enough soon so you can take advantage of the situation. Sayang din ang daming discounted ng binebentang real estate properties nabasa ko
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December 15, 2008 at 10:22 am
Owning a house is a great joy and pride however, there’s going to be a lot of projects that needed to be done. Everybody I know who owns a house always have problem dealing with fixing and upgrading. Even my friends who bought a brand new house.For some reason there’s always something!
But the good thing is that unlike renting, at least the money you pay each month for mortgage will come to an end sometime and the house will be rightfully yours. Also the best thing about owning a house? Privacy!!! You can do whatever u want to do, you can scream jump up and down and you don’t have to worry about other tenants to knock on your walls and bang on your floors.
Goodluck for buying a house. You know that this is the right time to buy coz there’s a lot of houses for sale that are cheap. In my area, I have seen houses has been for sale eversince last year and the prices kept decreasing! Goodluck:)
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December 15, 2008 at 1:00 pm
Hi Raq! I am so sure that you will reach your goal of saving money or even more pa because I believe that you are a very determined person. That’s sad that you lost a lot of money with your hubby’s ROTH IRA. My husband’s co-worker lost his too for about 100K because of how the stock market crashes down. Its sad because he worked for so many years and invest for his retirement but they’re gone now. Since the stock market here in the US is going down, what my husband did was to transfer all of them into international stock market.
Anyway, very good topic here once again and I always enjoy them. Take care my friend. God bless!
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December 15, 2008 at 1:24 pm
I would say that you have a great idea on how to save money enable for you and your hubby to meet your goal.
By the way, you won the first Prize of my contest. Take a look at this link And The Winners Are
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December 15, 2008 at 1:25 pm
maybe you can just go to my Mommy’s Gibble Gabbles website, the link didn’t appeared. Hope to see you there.
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December 15, 2008 at 2:59 pm
Hi Raquel,
Konting tipid lang… and less buying unwanted or on sale stuff that you don’t really “need”. Less traveling din. That is, if your priority is buying a house.
Goodluck!
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December 16, 2008 at 4:33 am
Ah oo marami pa namang panahon, manay. Wag na muna pilitin at kung meant naman mangyayari
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December 16, 2008 at 5:39 am
maganda po yan. isa yan sa mga investment na dapat meron lang sa isang family. It’s good to start now. habang pinatatagal kasi nagmamahal ang presyo..
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December 16, 2008 at 8:15 am
With two young kids, it’s too hard to save. Syempre it doesn’t stop ’cause their expenses go up as they grow. Better buy that house while they’re still young. After our wedding, no more miscellaneous expenses for us. We have to save too so that we won’t have to borrow money from our parents just to make a downpayment for a house of our own.
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December 16, 2008 at 8:25 am
hi thanks for advertising in my blog.. great blog..
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December 16, 2008 at 9:08 am
Good luck with saving! It’s hard, especially with an unexpected expense pops up!
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December 16, 2008 at 1:27 pm
Raq, good on you and your husband for deciding to put 20% down. You’re right – your payments would be huge if you didn’t. I’ve seen too many people finance their homes for 100% that are now losing them. Hang in there! The market will pick up eventually, but it looks to be a buyer’s market for a few more years. Good luck!
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December 17, 2008 at 11:15 am
Good pos, I am sure u will acheive the goal of saving money. All the best.
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December 22, 2008 at 8:48 pm
May you eventually reach your dreams! Regular saving plus living below your means are the 2 most important aspects of wealth preservation since they are daily activities that accumulate in the long term.
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