Hello!
One of my New Years resolutions this year is to be more ‘in control’ of our finances and make smarter decisions. My wife and I are saving for a house and have the money sitting in a savings account at Bank of America (not the smartest decision, I know) and I want to maximize our saving capabilities. Here’s a little more about our situation and our goals:
Occupation: We are both teachers. I am 30 and my wife is 27. We make around 100k jointly. Currently we are living off of one income and we work to save 3500 a month. We are living with her parents and pay minimal rent/utilities.
Accounts: Currently we only have a checking account and a savings account. Our paychecks go into our checking and we transfer what we want to save to our savings. That’s it. No retirement, nothing. We will get a pension when we retire but I’d like to have something additional.
Savings: Currently we have 16,000 dollars in a savings account earning little to no interest. This is money we are using to save for a house. Ideally, we’d like to buy a house in 2-3 years and put a hefty down payment down to avoid any PMI.
Goals: We want to buy a house. I’d like to save for multiple things simultaneously but also maximize our home savings. I’d like us to have joint retirement accounts to supplement our pensions. I also do want there to be too much risk. I’m of the mind that slow and steady wins the race. I know that typically people will say when you are younger you should make more risky investments however, this is not something I’d like to do. I’m not really money driven- I just want to know that I can rest assured our money is working for us smartly. I’m willing to put in the work for research or to monitor/read things daily-in fact it’s something I’d look forward to.
If there is any other information you need from me, please let me know! I’m really dead set on making smarter financial decisions and any help I can get would be great. Any links, websites, articles, whatever, I’m willing to take and read because I’m starting from ground zero.
Any advice you could give would be greatly appreciated!
I hope I’m following the subreddit rules correctly, if not, please let me know!
Submitted January 04, 2018 at 01:04PM by KingOfKong423 http://ift.tt/2lRdIWW
