Comments on: The Dream Home (or Condo): Saving for a Down Payment

By: Newly Corporate » Blog Archive » The Top 10 Free iPhone Apps for Young Professionals

Fri, 01 Aug 2008 15:09:19 +0000

[...] Puluwai – As I have detailed in a series of posts, I am looking to purchase a house or condo sometime in the future (as are many other young [...]

By: Newly Corporate » Blog Archive » Bizotomy: Jon Gaskell, Smartypig.com. A look into an internet start-up and managing Gen Y

Wed, 11 Jun 2008 03:06:28 +0000

[...] a new banking website. Jon Gaskell saw a need for a financial site that woud help people create a goal and save to reach that [...]

By: Valor

Valor — Sun, 08 Jun 2008 19:37:45 +0000

Brandon–you’ve got an error in your 80-15-5 and 80-10-10 notes. There is an extra “0″ in both of the “down payment” amounts.

There’s also a spam post 2 above, from “Maxime Mottin”

By: Newly Corporate » Blog Archive » 3 Ways to Save Money on Insurance and a Myth Busted

Fri, 06 Jun 2008 15:06:45 +0000

[...] I kicked my down payment savings effort into high gear and continued to tighten my budget, I called my insurance agent to discuss what I [...]

By: Maxime Mottin

Maxime Mottin — Wed, 04 Jun 2008 18:40:05 +0000

And if you plan to invest in a caribbean business, visit my blog dedicated to helping Caribbean Entrepreneurs to share experiences and knowledge relative to the business environment in the Caribbean.
That cannot be but an advantage for you, your company and your network.

Caribbean Entrepreneur’s Blog

By: Mark

Mark — Wed, 04 Jun 2008 14:10:43 +0000

One way that you can get that down payment faster, assuming you’re willing to live with the trade-off, is to move home and live with your folks for a year or two.

Advantages:
- SAVES MONEY FAST! You can decrease your monthly rent to either 0 or something more manageable than $850 you are currently paying renting your own place as your parents might want some money to cover their expenses. You also save money because you have fewer utilities to pay (electricity, landline, internet, water, etc) because you can share these services

Disadvantage:
- you have to live with your folks and that might be a killer for many people
- I repeat, you have to live with your folks
- where do you store your furniture/belongings?

By: Ryan Prins

Ryan Prins — Wed, 04 Jun 2008 05:55:35 +0000

A simple thing that you can do is pay yourself first. Select an amount you wish to save per month/year/week/etc.. and break that down into paychecks or other time goal. Then on that interval, move that dollar amount over.

For example, I selected a target amount to put into savings and divided that amount over 24 pay periods in the year. Then 1 day after each pay period I have a recurring deposit made into my savings account. This way I can ensure I’m getting a better interest rate (in my case my Savings > Checking interest) and I’m also automatically saving for the future.

By: Daniel Hoang

Daniel Hoang — Wed, 04 Jun 2008 04:31:19 +0000

The first step to saving for a down payment is to save your first $1. A lot of young people are too scared and give up. It may take a long time to save, but you’ll get there.

Make sure you’re keeping your cash in a high-yielding bank account (such as ING).

By: Eric

Eric — Tue, 03 Jun 2008 22:43:54 +0000

How much is the condo pictured?