4. Open up a savings account dedicated to purchasing your home
Look for a high yield savings account and make sure it is liquid, You want to make sure the money is easily available to you and not subject to any lock-up penalties or stock market volatility.
Also consider additional options to help you get the funding you need. Do you have resources from parents or other family? Maybe you have a property already and can use equity to leverage for a home down payment.
5. Set up automatic savings into this new savings account each month
The best way to save is to set it and forget it. Once you know how much you need to save for your goal, based on your timeline, look at your overall budget and allocate as much as you can to this account.
6. Stay committed
Buying a home is usually the biggest financial decision Americans will make so don’t rush it. Take your time to get into the right home for you that aligns with your financial goals.
Financial advice for real people, by real people. You shouldn't need a degree to understand your money. Join Head of Education, Brittney Castro and Altruist mentors as they break down financial tips and strategies in a real way to help you finally understand how to achieve your financial goals faster.
Have a question you want to see answered? Ask it here. 🙋♀️