Bought starter home - how to financially plan for final home?
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Save money in a high interest savings account like Capital One. It is currently paying 1.5% as long as you have an average daily balance of 10k OR...OR put at least $100/mo into it.
Interest rates are low so no sense paying down your mortgage. Money in the bank for emergencies is safer...it keeps you from going into debt. Watch your spending, pay or keep everything else paid off and you'll be in a good position to move up later.
I wouldn't pay extra on the mortgage, I'd save your money in an investment account. Ideally that will grow along with your equity so if you decided to move again in the future the combo of those two things will work in your favor. You're already in a good position if your jobs keep you local since your house is already family friendly, assuming the schools are good and all that jazz you could stay put and plan on a great retirement or some fun family vacations instead. Nobody knows the future and that's why keeping your assets liquid is your best bet.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
