scarredsaint
New member
So, I'm 20, about to take on a very small mortgage of 80k after putting 20k down on the apartment I'll be buying with my girlfriend, and I'm curious as to what you all would suggest when it comes to savings accounts.
I currently have a savings account set aside for emergencies that I don't touch, and a separate amount of money just in case I need any home repair/maintenance done.
Would you guys suggest that I start another savings pool for a future home/car? or would you say that it makes the most sense to put as much down on my mortgage as possible, so I can pay it off ASAP?
I know that if I pay more down on my principal for the mortgage, I'll have more paid off on the loan, but I feel like since this isn't our 'forever home', the difference in what we'll save won't matter much since we only plan to live here for around 2-3ish years.
On the one hand, being ahead in the mortgage is kinda the American dream, but on the other hand, having money saved that is liquid is a great thing to have for other financial ventures.
Let me know what you think is best for me at this age, thanks to anyone that responds!
I currently have a savings account set aside for emergencies that I don't touch, and a separate amount of money just in case I need any home repair/maintenance done.
Would you guys suggest that I start another savings pool for a future home/car? or would you say that it makes the most sense to put as much down on my mortgage as possible, so I can pay it off ASAP?
I know that if I pay more down on my principal for the mortgage, I'll have more paid off on the loan, but I feel like since this isn't our 'forever home', the difference in what we'll save won't matter much since we only plan to live here for around 2-3ish years.
On the one hand, being ahead in the mortgage is kinda the American dream, but on the other hand, having money saved that is liquid is a great thing to have for other financial ventures.
Let me know what you think is best for me at this age, thanks to anyone that responds!