Friday, June 16, 2006

Saving for a downpayment

One of the recommendations I've read lately is to make saving for a downpayment automatic. In his The Automatic Millionaire Homeowner, David Bach says that having regular amounts taken out of your paycheck or checking accounts and put into an interest-bearing account makes it easier to save, in terms of both time and money. Makes sense, sounds elementary, really. I already have a home account started with ING Direct, one of the places he recommends, but haven't put much in yet, and haven't made it an automatic deduction from my checking account either. I think that will be one of my next steps.

1 comment:

Scott M. Frey said...

I love the Automatic Millionaire! great book... I saw him on Oprah, and went online to order his book immediately. I opened up my ING acct about 3 and a half yrs ago, and I love it! The interest rate has gone up over 2% since I opened it, and it has beena great savings tool for me!

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