Hey PF,
I've mostly been a lurker here over the past 2 years or so, but this community has been a huge help in being able to get these student loans off my back. Now that those are gone, here's my situation:
- 25 years old
- ~4,600 take home/month
- ~1500 emergency fund
- ~13,000 in a fidelity 401K (6% employer match, adding 400/month)
- ~11,000 in a vanguard roth IRA
I'd like to continue saving for retirement, but also begin to build up a down payment fund to buy a house. Right now I'm saving about 1,400 a month. The current plan is to just throw that into the emergency fund until it hits about 10k and then start putting 500 a month into the rothIRA and save the rest for the down payment. Does this make sense to do? Was also thinking of just saving all of the cash for the down payment and not donating to the rothIRA for a few years since I'm putting money into the 401k already and I'd like to own a home before I'm 30. I'm thinking I'll need about 50-60k for a down payment so it'll take me a while to get there.
Thoughts?
Thanks!
Submitted February 01, 2017 at 10:14AM by Cleardesign http://ift.tt/2kRpXEM
