With 7k saved for a house down payment and expecting a pension next year, should I invest or keep saving in a savings account?

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  • October 15, 2023 at 4:56 pm #90119 Reply
    USER

      I’ve been able to save 7k. I’ve been saving for a down payment on a house. I’ll get my pension next year bc I’m turning 60 so I’m hoping to save 8k by December 2024. My issue is that maybe I should invest some of the money or should I keep it in my savings account and keep saving? I’m a little leary about putting my hard earned money into investments.

      October 15, 2023 at 4:57 pm #90120 Reply
      Bonny

        CDs are paying well right now.

        October 15, 2023 at 4:57 pm #90121 Reply
        Brian

          Money market. Over 5%.

          October 15, 2023 at 4:57 pm #90122 Reply
          Molly

            I moved all of my savings into a Cash Reserve account. Currently it’s earning 4.75% interest but it acts as a checking account. It can take 2-3 business days to move cash from the Cash Reserve into your regular checking, but otherwise acts the same.

            No risk is losing the money, it’s not like stocks.

            October 15, 2023 at 4:57 pm #90123 Reply
            Cindy

              If you are saving for a down payment in BC it’s very hard to get a mortgage while on pension because if you don’t make payments they can’t take from your pension.

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