Saving for a Down Payment Is Hard — But It’s Crucial - video Dailymotion

PennyGem’s Elizabeth Keatinge tells us how you can save for a down payment on your dream home.

Transcript

00:00so you found your dream home just one little thing you need the down payment maybe making

00:09this a reality isn't out of reach money talks news suggests having a dedicated account to save

00:14for the down payment perhaps you have some big ticket items you can sell to fatten that account

00:19like a car boat motorcycle or sports equipment put savings on autopilot so you don't have to

00:24think about it and your account just grows financial advisor molly stanifer tells business insider that

00:30your funds should be liquid if you plan to buy soon you don't want to find the house of your dreams and

00:35then be unable to withdraw the money you need for the down payment if your time frame for buying a

00:40house is more than five years you can look into products that generate more interest but can be

00:44more volatile including stocks nerd wallet has a calculator to help you determine just how long

00:50saving for your down payment can take oh and don't forget to also start an account for future home

00:55maintenance costs