Our Down Payment Journey - How We Saved More Than $100k for a Down Payment

TL;DR

Justine shares how she saved over $100k for a down payment without buying a house yet.

Transcript

it's true kyle and i have saved over a hundred thousand dollars towards the down payment and we have not bought a house yet hey what's up guys this is justine with debt free millennials the channel to help you crush your debt and live payment free if you are into that debt-free life then you absolutely have to subscribe to the channel i'm gonna be ... Read More

Key Insights

• 🥺 Living below your means and combining finances can lead to significant savings.
• 💗 CDs and investments can help grow funds for a down payment.
• 👪 Consider the housing market and economic conditions when planning a home purchase.
• 🏛️ Patience and financial discipline are crucial in building a substantial down payment.
• ✋ Utilizing different savings vehicles like brokerage accounts and high-interest savings accounts can maximize growth.
• 💝 Wedding gifts and windfalls can boost your down payment savings.
• 🥅 Being transparent about financial journeys can inspire others to pursue their goals.

Questions & Answers

Q: How did Justine and Kyle manage to save over $100k for a down payment?

Justine and Kyle lived frugally, combined their finances, saved from wedding gifts, took advantage of CDs and investments, and made consistent contributions to build their down payment fund.

Q: Why did Justine open a brokerage account instead of keeping all the money in savings?

Justine opted for a brokerage account to earn a higher return on investment, considering her midterm goal of buying a home within three to five years and maximizing her funds for the down payment.

Q: What factors into Justine and Kyle's decision-making process for purchasing a home in San Diego?

Justine and Kyle factor in the high housing prices in San Diego, their desire to stay in the area, potential savings from economic changes, considerations for PMI, and their patient approach to finding the right home.

Q: How do Justine and Kyle plan to continue growing their down payment fund?

Justine and Kyle plan to monitor their investments, consider leveraging funds from other accounts, evaluate PMI options, and stay patient while aiming to purchase a home by late 2020 or early 2021.

Summary & Key Takeaways

• Justine and Kyle saved over $100k for a down payment without purchasing a house yet.

• They started saving in Kansas, living below their means and using CDs and investments to grow their funds.

• With a disciplined approach, they aim to buy a home in San Diego despite the high prices.