Reply to Where do people keep these huge amounts for house down payments?

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[quote=Anonymous]For our first home, (pre marriage) my husband lived at home for the first year he worked and saved almost his entire take home pay while I was in grad school. We bought a town home the next year with his $50K down payment. We always took an approach to live on one salary and we put all of the money from my paycheck into a high-yield savings account. We saved some of his salary as well. We didn’t do expensive trips or spend lots of money. We paid off the loan at almost double the pace. We lived there for ten years, the home appreciated, and we used the equity from that home as the down payment for our single family home ($500K). We didn’t even need to touch our savings. At that point we had one young child and one on the way.

The keys for us were to live as if we had only one income, and make frugal choices. We now have a LOT of money in savings and investments. And, we can take more expensive vacations, afford sports and classes for our kids, etc. It was not hard for the two of us to live on the one income and as we expanded our family, our income rose, too. All we did was budget. We have lots of friends who are in similar job roles who spent lots of money on cars, clothes, Vegas trips and other things when we were young who I know haven’t saved nearly as well. [/quote]

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