My girlfriend(31) and I(26) really want to buy a house in the next five years. We're both working on things like improving our credit scores, and do plan when we get married to ask for contributions to a down payment instead of traditional wedding gifts, but saving for a down payment while paying rent still seems nearly impossible with our income. I've searched this sub and I find a lot of advise for people making 80-100k+ but may never make that much as I am pursuing a degree in education. I would love any tips or help on how to save and invest money over the next several years. I have heard mention of t bills and money market funds but am not sure how those work.
all the info:
*we currently make roughly 55k a year combined. We're both servers so this is an approximation.
*rent is $1,060/month
*bills individually (including rent) are $1300/month before any savings contributions
*goal is to save $20,000 towards a down payment and closing costs
*decent (budget) single family homes in my area range from $180k to $250k so we will be looking somewhere in this range when we do eventually buy
Submitted February 11, 2020 at 09:04PM by lipstick_rebellion https://ift.tt/31JjJto
