Future Home Fund
Some of you might have noticed that I have a new sidebar up now. The Future Home Fund is a joint savings account for – you guessed it – our future home. We don’t know what city we’ll be living in, or whether we’ll have a house, townhome or condo – all we know is that we want to start saving up for a home together.
This money isn’t even earmarked for anything. It could go towards the down payment, closing costs, or home renovations. I have $25k from my RRSPs that I had always envisioned using for the First-Time Home Buyer’s Plan, so that’s always an option for a down payment. Plus, I will be saving money outside of our joint account (as will BF, once he starts his career).
Anyway, right now we’ll each be contributing $75 bi-weekly. Not a lot, but it’s a start for now! In the future I’m sure we’ll be contributing more. Our time frame for buying a house will be around 4 years from now – so that BF’s career will have started and he can establish a somewhat steady income (and we can figure out where the heck we’ll be living!), and my car loan will be paid off.
And you know what’s great? I can check “establish a joint savings account with BF” off of my list of annual goals for 2010! Woo hoo!
Author: Krystal Yee
I’m a personal finance blogger and marketing professional based in Vancouver. I’m a former Toronto Star (Moneyville) columnist, author of The Beginner’s Guide to Saving and Investing, and co-founder of the Canadian Personal Finance Conference. When I’m not working, you can usually find me running, climbing, playing field hockey, or plotting my next adventure.