At the rate I am going I should have atleast $10,000 by the end of the year in my challenge account for a new house. I figure if I can hang in there with my mom for about 3 years and include all raises and bonuses I should have about $36,000 for a down payment. That is a nice chunk of change. So let the count down begin.
I just added my bi-weekly deposit brining my new total from $1416.05 to $1563.90 I will definately meet my $2000 mark for the month
So far for the year I have contributed $1281.51 to the challenge
I have really surprised myself the last few years. I mean I always talked about getting serious when it comes to savings and debt but never really did and last year I paid off debt started saving and now there is a real possibility that I may be a home owner in the next few years it is an exciting process
Adding to the challenge
March 5th, 2007 at 01:11 am
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March 5th, 2007 at 02:16 am 1173060960
I am using INg right now but I figured once I get to $5000 I may open an account with Vangaurd or a CD with ING. What do you think?
March 5th, 2007 at 03:25 am 1173065120
ING savings at 4.5% is better than a poke in the eye with a sharp stick, but once I've gotten about $2000 that I know I won't need for emergencies, I'd seriously look around for other things (CDs, T-bills) that have a higher interest rate, say around 5%. The difference between 4.5% and 5% doesn't seem like much, but its means you earn 11% more interest. And who wouldn't want that? I've used the ING 6 month CD, which is nice because you already have an ING account. I like 4-week t-bills - the interest rate is variable, between 4.8% - 5.2% . And don't discount any CDs from any brick and mortar banks in your area, just keep your eyes open.
Check out www.bankrate.com for other ideas, research banks, get your feet wet on other fixed income instruments.
March 5th, 2007 at 03:31 am 1173065499