Give Me Back My Five Bucks

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.


  1. Leah says:

    Starting a down payment fund is my goal for this year! I am on the same timeline as you – 4 years or so.

  2. Leah says:

    Are all of the funds on your sidebar divided into separate accounts? Do ou have an account for each fun or do you have in just two accounts and use your blog to keep it tallied how much is in each fund?

  3. Frugal Dreamer says:

    That's awesome!! Way to accomplish a goal and plan your future!! :) Exciting!!!

  4. HighClassLowIncome says:

    That's awesome! Congrats to both of you and way to go on planning a future together!

  5. krystalatwork says:

    Leah: I actually have them in separate savings accounts – it makes it so much easier to manage when I do my online banking. I have my Car, Travel, Future Home, & TFSA accounts with ING because it’s less accessible that way – plus ING has a better interest rate right now. My EF, Savings & another TFSA is with PC Financial (my every day bank) because that money I might need access to sooner than transferring from ING, should a problem arise.

  6. Serendipity says:

    Yay! I love it, way to start for the future!

  7. NextRichGirl says:

    Great job on starting a "Future Home Fund"! I started one a few years ago, and I'm hoping to use it as a down payment on my first home this year. Believe me, the pain of scrimping is completely worth it.

  8. financialpeasofmind says:

    Maybe it's not much but like you said, it's a start!

    My guy and I just started a SA as well, very small amount monthly but at least it's something. And it came with "this amount for now, and we'll tweak it/enlarge later".

  9. Jessie says:

    I love it!! You have a joint home fund with your J and I have one with mine! We just started ours back up again.. we're being a little bit more agressive at $150 biweekly

  10. Anonymous says:

    After you have funded your project add this service to your list for a successful homeownership:

    Here is a DIY biweekly mortgage payment service that offers this service option with no processing costs. There’s no exchange of funding or payment other than your 1/2 payment arranged on terms that you can live with. Check out today! It’s also a member in excellent standing with the Better Business Bureau with an A+ rating.
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