Week 17 Transfer Tuesday: Advancements in Saving for House Downpayment

by | May 9, 2023 | Roth IRA | 20 comments




Related:
✅ Last week’s video ➝
✅ Upside: Use promo code RXZNW to get a bonus on your first use.
✅ Channel memberships ➝

Here are my financial goals for 2023:
— cash for a Disney trip
— $6,500 in my Roth IRA
— $20,000 to our House downpayment fund

Consistent weekly financial check-ins and money moves helps me achieve bigger financial goals.

TRANSFER TUESDAY:

I started the Transfer Tuesday movement to motivate myself on my debt free journey to make more progress and celebrate smaller wins throughout the month. Each week I commit to doing SOMETHING no matter how small to move me closer to reaching my financial goals. It started with $5 in a week and sometimes I’m doing $500 or even $5,000. It’s truly about forward progress each week.

Transfer Tuesday is the day of the week where I share our financial moves to stay on track and motivate others too. Y’all are amazing and have made this series something that is so motivating to me beyond what I could have imagined!

Every single week I’m committed to working on these goals. Making consistent progress every week is helping us get closer to our big dreams.

Thank you for joining me on Transfer Tuesdays and on my debt free journey where I’ve paid off $43,000 in debt while also living life, saving and investing too. I’ve been investing in my Roth IRA and paying off debt for a while and it’s super fun to be able to show you that it is possible to do both at the same time and hit debt payoff goals too.

See also  Roth IRA Income Limits | Can You Make Too Much Money to Contribute?

You don’t have to sacrifice your entire lifestyle and all other financial goals just to pay off debt, invest for the future, or reach financial independence!

#transfertuesday #savingchallenge #savingmoney

➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝

RECOMMENDED*:
⭐️ M1 Finance (Investing app) ➝
⭐️ Rakuten (Cash back app) ➝
⭐️ Fetch Rewards (Receipt scans app, $2 referral code, MV7RR) ➝
⭐️ Amazon Favorites:

➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝

CONTACT ME:

🔹 Website:
🔹 Shop:
🔹 Instagram:
🔹 Amazon:

WANT TO SAY THANK YOU?

🔹 Buy Me A Coffee:
🔹 Venmo/CashApp: @marypennies $marypennies

SEND ME LETTERS:

Mary
P.O. Box 240981
Memphis, TN 38124

➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝ ➝

**The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time. I am not a professional and this channel is for entertainment purposes only. Do your own research!!

*Affiliate links. I get commissions for purchases you make through links shown here. It doesn’t affect your purchase in any way and the commissions help support this channel. I only recommend items I personally use and appreciate the opportunity to share.e…(read more)

See also  Transfer Tuesday | Roth IRA & Student Loans


LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA


Aspiring homeowners are often faced with the daunting task of saving for a downpayment on their dream home. According to a survey by the National Association of Realtors, the median downpayment for first-time homebuyers in 2020 was 6%. This means that for a $300,000 house, a downpayment of $18,000 would be required.

To help with this important financial goal, some people participate in Transfer Tuesday, which is a weekly savings challenge where a set amount of money is transferred from their checking account to their savings account every Tuesday.

In week 17 of Transfer Tuesday, participants are continuing to make progress in their house downpayment savings. Some have reached their goal and are ready to start house hunting, while others are a few steps closer to achieving their target.

One participant, Sarah, shared that she has been able to save $2,500 thus far, which is just over 10% of her desired downpayment. She attributes her success to the accountability of Transfer Tuesday, which forces her to make savings a priority.

Another participant, James, has saved $7,500 and is well on his way to his $20,000 goal. He expressed the satisfaction of seeing his savings grow each week and believes that small steps consistently taken will lead to big results.

Many Transfer Tuesday participants have also shared their tips for maximizing their savings. These include:

1. Automating transfers to take the decision-making out of the process and make saving a habit.
2. Making small sacrifices, such as bringing lunch from home or cutting back on subscriptions.
3. Staying motivated by visualizing their future home and the lifestyle they can have by achieving their savings goal.
4. Seeking out high-yield savings accounts to earn more interest on their savings.

See also  How To Open A Roth IRA Retirement Account (Step By Step)

While saving for a house downpayment can be challenging, Transfer Tuesday proves to be a helpful tool for holding oneself accountable and making steady progress towards homeownership. By staying disciplined and committed to their savings goals, participants can achieve their dream of owning a home.

Gold IRA Advantages for Baby Boomers Nearing Retirement
You May Also Like

20 Comments

  1. Mary Ann Rogers

    1% better. Trying to be 1% better each day by being more intentional with my money and my health.

  2. Megan P

    1% better, I made contributions to my ROTH, my CD and my vacations savings this week.

  3. Organized By Kat

    1% better
    Threw about $55 from reselling to my student loans!

  4. S. Y.

    1% better. I only contributed the minimums to my emergency saving and Roth. But, I did get a new credit card that I can do a balance transfer with 21 month of 0% interest. So, that will help with paying off one of my last two credit cards. One has a really high Interest rate and I want to pay off and close it. Now I can close it and pay off the balance quicker.

  5. Home Perm

    Didn’t you save $10K for the down payment last year? Shouldn’t you be at 61%? I may have missed a step. You’re amazing though!! ❤

  6. Yaz

    I'm in a tough season and love the sound of 1% better – is it related to Atomic Habits? I feel like I need to reread that!

  7. Avery's Money Moves

    1% better! I love this concept. This week I put $500 towards my house down payment and $300 towards my Roth. I only get paid once a month so I unfortunately can't really do weekly transfers but I'm grateful to do such a large transfer to my goals this month!

  8. Brooke Nigh

    1% better! Slow and steady does it. You're doing amazing!

  9. Budgeting The Bacon

    1% better. In March I got an unexpected check from a school I attended in 2020 for a very short amount of time. The check was for $899! I know you said it's weird to receive checks in the mail, but I was like bring on more weird< LOL

  10. Kori

    I’m curious how you plan on handling your current mortgage once you have enough downpayment for the second home. Will you have to convert the mortgage to a secondary/investment property to be able to qualify for the dream home? I just bought a vacation home and the minimum was 10% down + discount points and I have zero debt outside of that. They are tightening lending restrictions on second homes, so I’m not sure $20,000 will be enough to get into another home in this current market. And I’m not trying to be a Debbie Downer. Just trying to make the math work with your dream!

  11. Debb

    1% better yes!!! I love this idea for life generally too

  12. Girl Dad Dividend Investor

    1% better!!! This is so cool. My current reading is 2% Rule by Alex & Cassie Michael. Love it. Get better everyday.

  13. Ro

    1% Better!!! Yesterday, I was thinking about this! I know I could up my 401K by 1% and still be okay. I ended up doing 2% instead. Hopefully, it will help me catch up
    as I am really far behind.

  14. Rebecca Mockalis

    Love the concept of 1% better! I would get so bummed with not being able to do the recommended retirement percentages, but once I learned about the 1% better concept and focused on that instead I found I made progress!!

  15. Karol Mackenzie

    1% Better Transfer Tuesday Great job Mary

  16. Dana Franklin

    1% better. I'm saving up for vacation so I did my weekly transfer

U.S. National Debt

The current U.S. national debt:
$34,552,930,923,742

Source

ben stein recessions & depressions

Retirement Age Calculator

  Original Size