Hi all,
I was wondering if anyone could offer any advice on how to save for a house. I am 24 years old and make $60k a year in a high CoL area. I currently live in an apartment with my roommate that I pay $1257 a month (an amazing price for where I live) which includes gas, water, heat, and garbage. I will probably live on my own for 3-4 years until I transfer to a different branch and will be closer to home and I will try to live at home for a year or two (2 min commute) until I can get a house but,I want a head start. My expenses are as follows:
I put 12% a paycheck a month towards my 401k. After taxes and 401k, I bring home $3000 a month.
Rent:$1257 Internet: $13.5 Electricity: ~$40 Food: ~$250 Netflix: $9 Gym(once it opens): ~$20 Phone (moms family plan): $90 Horseback riding: $200 Vacation Fund: $120
The rest I distribute to fun money, gas for car, shampoo/conditioner, etc.
My mileage is expensed through my work. I usually get anywhere from $250-$600 a month in extra money that goes into an emergency fund. Right now, I currently have $7,600 in my savings account (1% interest, was 1.7%.. thanks covid). I have a goal of $10,000 in this account. By next pay check I’ll have about $8300 in there. Once this goal of 10k is reached, I would like to save up for a new car. I drive A LOT for my job, sometimes doing interstate travel (400+ miles away) and my car is old. A 2004 Camry with 175k on the engine. I had some engine problems recently, and although fine for driving around town, I get nervous driving it long distance now and borrow my moms car. I’d like to get one, probably another Camry, that I can feel more comfortable in driving long distance for work.
I feel like I have my finances under control atm. However, buying a house is a HUGE investment and I know nothing about it other than having 20% for down payment that I’ve just been able to start thinking about since my parents paid off the remaining of my loans, as a surprise, ($7800) after I already paid off $12,000. Any advice and guidance would really be helpful.
Submitted July 21, 2020 at 10:11PM by Mtnrdr2 https://ift.tt/39k5COJ
