What are some safe and easy options for investing $500/month for 3 years, to be used as a house down payment?
I’m hopeful that I can save $500 every month for the next 3 years in preparation of saving up for a down payment on a house. I have limited knowledge about investing money. What should I do with the money, and how much money could I reasonably end up with at the end of the 3 year period? Thanks!
If you want to save $500 a month for the next 3 years for a house, the best option for you is not to invest that money and risk losing it in a bad investments.
I would just open a savings account and just deposit $500 a month for the next three years. It’s simple, and very little risk involved.
If you want to invest the money, you can always open a CD. Once you get $2500 in the bank, just open a $2000 (or more) CD for 12 months. It will yield little money, but hey, it’s better then losing it.
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