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Do u think a family of seven on an income of $25,000 a year can save $10 grand to put down on a house? My time limit is a year maybe a year in a half but that's how much down payment I want to put on a 4 bedroom house.

I want to know the best way to do it I start tomorrow.

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mamaofficer

Asked by mamaofficer at 3:46 PM on Mar. 7, 2010 in Money & Work

Level 31 (50,120 Credits)
Answers (10)
  • No.

    We are a family of 5 and barely get by on $75,000 a year.
    Anonymous

    Answer by Anonymous at 3:47 PM on Mar. 7, 2010

  • yes. but you would need to learn super couponing and frugal living and frugal shopping habits right away! butyou could do it
    sati769leigh

    Answer by sati769leigh at 3:48 PM on Mar. 7, 2010

  • it would be very difficult, but im not going to say its impossible.
    mrsjosey1018200

    Answer by mrsjosey1018200 at 3:51 PM on Mar. 7, 2010

  • My husband's gross is $100,000 and we have 3 children. There is no way we could save $10k in just a year. To save that much that fast we'd have to get rid of our car note.

    If you have no current car payment or mortgage then maybe you could, but you're wanting to save 40% of your anual income. That seems close to impossible to me.
    Anonymous

    Answer by Anonymous at 3:52 PM on Mar. 7, 2010

  • How much is your tax return? I'm guessing it's around 10k if you plan correctly this year. That could be your downpayment right there.
    customcat2000

    Answer by customcat2000 at 3:52 PM on Mar. 7, 2010

  • I wouldn't say it can't be done, but I think it would be incredibly difficult. Before my boyfriend and I got together, the last job I had paid me about $17,000 a yr, to support me and two kids. We barely made it. If not for help from my parents, there would have been a lot more sacrifices than there were. So I think you can probably do it, but there's going to be a lot of things you'll have to sacrifice in order to do it.
    tropicalmama

    Answer by tropicalmama at 3:53 PM on Mar. 7, 2010

  • Your down payment is usually 10% of the purchase price. To figure out how long it will take to save enough money you need to write down how much all your bills are, thin out what you can and then figure out how much you could put away each month. Divide that number into 10% of the value of the house you want to buy. You're really the only one who know's if you can pull it off or not. GL

    Anonymous

    Answer by Anonymous at 3:55 PM on Mar. 7, 2010

  • ARE YOU MY SIL?
    Anonymous

    Answer by Anonymous at 4:01 PM on Mar. 7, 2010

  • Can you save $192.31 every week for the next year?
    rkoloms

    Answer by rkoloms at 8:21 PM on Mar. 7, 2010

  • I don't see how two people could live on that amt!
    Anonymous

    Answer by Anonymous at 11:38 PM on Mar. 8, 2010

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