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How Much Money Should You Save To Buy A House. How much should you save every month? The table above is really illogical.
from venturebeat.com
Saving anywhere from 1 to 3 percent of your home's value in a maintenance fund every year should give you enough money to cover expenses. Total amount of tax saved under section 80c and section 24 for the housing loan is rs 20 lakh. This is called the 50/30/20 rule of thumb, and it provides a quick and easy way for you to budget your money.
According to the popular 50/30/20 rule, you should reserve 50% of your budget for essentials like rent and food, 30% for discretionary spending,. Saving 20% of your income can help you save the bulk of that in one or two years if you make more than $50,000 annually. If you are buying a $200,000 home, a 1.5% earnest money deposit would come out to $3,000. According to the popular 50/30/20 rule, you should reserve 50% of your budget for essentials like rent and food, 30% for discretionary spending,.
