Money-Saving Tips to Get Your Dream Home
Talking finance is hot these days. The economy is booming and people have
money to spend. But are they saving?
If you want to buy a home, saving is the key to getting there. A down payment
is typically 10% of the value of the home. With today's housing prices, that
is not a small number. But how can you save that kind of money?
Here are some pain-free ways to save your down payment and smarten up your
financial health. Remember that once you buy the home, you will still need to
maintain it. You may even want to remodel it. And you will absolutely want to
have spending money for life's little adventures. Smart financial tips can
get you into your dream house, and help raise your standard of living.
Use these strategies to get the most out of this financial boom:
1. Find ways to get the best return for your hard-earned dollars. If you want
to buy within the next one to three years, stick with short-term financial
investments. Stocks and stock-based mutual funds won't make sense. Look at
the rate of return and the risk. You will want high return with relatively
low risk if you need the money in the short term.
2. Look at high-yield Certificates of Deposit (CD). They have a short
turnaround and often offer a high rate of interest for your money. Some are
even offering six percent. That is far more than the typical savings account
or money market account.