Saving to buy...a house.

[Taurus Babe]

Since I finally have a 'real' 40hrs/week job, I'll be getting pay checks that do more than fill my car up with gas, and buy me a six pack of beer! :p So, we are saving up to buy a house. My bf makes way more than I do, so obviously, it won't:p be as hard for him, but anyone have advise about saving? Like, should I take an percent out of my checks and put it into saving? Just any advise, I'm new to all this big saving and working full time!

Thanks!

[Tink]

Good idea!
If you've been making it on your old income, maybe consider taking a certain percentage of your increased income in savings with each check. Depending on how fast you want to be able to afford a house, will determine how large an amount you will want to save.

For me, the best way to save is to have a specific amount deposited directly into savings before I even see it. Sit down together and figure just how much all your monthly expenses are, what your monthly income is, and based on that, what you can afford to set aside out of each check. I'd suggest putting it in both your names, but also have a long serious talk abut whether you want it to be "Angie AND____" or "Angie OR___" If it's AND you both have to sign to withdraw funds. If it's OR and one of you gets ornery or greedy, you can clean the other out and it would be totally legal. I know this sounds far fetched right now, but believe me it has happened. I'd only use OR if I was with someone who I felt was at least as much of a penny pincher as I am. If you're saving for a house and he finds a bargain on a big screen and surprises you by blowing $3000 of it for Superbowl... it's a big difference in those 2 little words.

[Janet]

I agree Tink, but I'm just not sure I agree with putting it in both names. Heaven forbid that a breakup should occur, but she could be wiped out completely. Since they are not married, I would suggest for both to save, but in separate accounts.

[Taurus Babe]

Tink I think it's a great idea to sit down together and budget, and find out how much we spend on different things. Also, I have been "making it" but with help from my mom and dad:) They're the best! Anyways, Janet, I think you are right too. I will save on my own, and he will do the same. It's better that way for now. I don't think I'll ever have a joint account with anyone. Obviously, I won't be able to save as much as him, but I don't make as much as him.

Another question for those who have bought...Did you split is 50/50 or did the partner that makes more, pay more? My bf usually suggests that he should pay more on groceries etc., since he makes more than I do.