Savings Plan to eventually have a downpayment to buy a condo?

Question by ckjnap04: Savings Plan to eventually have a downpayment to buy a condo?
I’m a single working mom and want to be able to save money faster through a savings program where my money would be able to grow fast. I can only put in $ 100 a month and would like to buy a home in 2 years.

Best answer:

Answer by Becky B
don’t think that will be possible in 2years

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3 Responses to “Savings Plan to eventually have a downpayment to buy a condo?”

  1. Amanda says:

    I hope you’re in a really inexpensive part of the country…interest rates are not high enough for your $ 2400 to increase very much over the course of two years.

    Also, how much are you going to be able to pay toward the monthly mortgage after you have the condo? If it’s only your current rent +$ 100, that could also be tight…and you REALLY wouldn’t want to get into an adjustable rate or no-interest mortgage situation where your payments were liable to increase after a few years.

    Good luck…

  2. slav r says:

    Hi,

    It’s safe to assume that you want your money to work for you – instead of the other way around.

    This means your money needs to be invested in something that gives you a return that is much higher than what you’ll find with a standard bank account. Remember, while bank accounts make people feel like they’re “saving” money, they are designed only to keep banks rich.

    For you to make serious money within 2 years, the truth is you will need to do something radically different to everyone else. Doing what everyone else does only means you will end up where everyone else is going – and that’s not a pretty place.

    Most people are as good as broke, or a few weeks away from it at best – so you might wish to consider some alternatives.

    Beware of anything that looks too good to be true of course, that goes without saying, but be careful not to close the door on everything just because it’s different. Remember, if you want a different result from your money you must do something different.

    It is entirely possible to turn a small amount of money into a substantial amount of money in 2 or 3 years.

    You will need what we call in the business and investing world, a vehicle (not a car) that can catapult your money into the bigger league. Standard investment options will not do this. More advanced vehicles will, and do.

    The key is to leverage your small amount of money into something much bigger, that is therefore paying considerably more than what your own money could. It’s like using a big lever to move a giant rock. We could never do it alone, but the lever gives us the power to do so much more with only a small effort.

    Your options truly are endless, so be prepared to look at different options that can bring you the results you seek.

    I sincerely hope this is helpful.

  3. Matt says:

    Open a high interest savings account. Have the money that you can afford to save direct deposited in the account (you will not miss it if you do not see it). You can then save your tax refunds on top of that for the next 2 years.

    ING Direct is paying 4.50% interest with no fees and no minimum deposit requirements. You can open the account online for $ 1. Visit http://www.ingorangesavingsaccount.net/ for more info.

    Good luck and do not let anyone or anything stand in your way.