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are there any good options for my savings? (lemmy.world)

submitted 1 year ago by [email protected] to c/[email protected]

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I have a comprehensive financial plan and look to have up to 48k in about one years time saved. With 16k on hand after paying off my student loans this October which will likely start the one year plan.

I want to use the money to put 20% down on a house (plus have an emergency fund)

Outside of say a high interest savings account such as Ally, is there anything else I can do with the money I have on hand now, or is that the best option?

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[–] [email protected] -3 points 1 year ago* (last edited 1 year ago) (1 children)

You sound young, so you should accept more risk in your portfolio. Stocks or an index fund would be a good idea

[–] [email protected] 7 points 1 year ago (1 children)

It depends on @[email protected]'s timeline for the house. If it's just a someday plan with no specific date, then yes more risky investments would probably be a good idea for at least some of the money. If the plan is to buy something in the next couple of years, then the less risky HYSA/CD/money market/bonds suggestions would be better.

[–] [email protected] 4 points 1 year ago

The earliest is in a year, the latest is 3, so I'm going lower risk with anything in the down payment range but high risk for everything over that +efund