BONUS call: Saving for House
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 6 February 2018
⏱️ 7 minutes
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Summary
If you're determined to buy your first house, should the priority be saving for retirement or saving for the down payment? That's what Erin from Salt Lake City was wondering on the latest BONUS call. Do they pull back on their 401(k) contributions or keep maxing out and pay PMI due to a smaller down payment? Have a finance related question? Go to jillonmoney.com for all the contact info and we'll arrange to get you on. Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating or review in Apple Podcasts. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money http://betteroffpodcast.com/ https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2
Transcript
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| 0:00.0 | Welcome to the Better Off Bonus Call of the Week. |
| 0:06.0 | We're sponsored by Betterment, the largest independent online financial advisor. |
| 0:11.0 | Now remember, if you've got a financial question a concern and issue something that doesn't feel |
| 0:16.7 | right you want a second opinion we want to help you out that's why twice a week we want to hear from you actually want to hear from you every day, but we have two chances to get you on the show with us live on Tuesdays we drop our better off bonus call of the Week and then after the longer show on |
| 0:34.7 | Thursdays we drop the listener question of the week. If you'd like to get on the |
| 0:39.1 | air with us just send us an email ask Jill at better off podcast. |
| 0:43.0 | com. |
| 0:44.0 | Today we've got Aaron from Salt Lake City on the line. |
| 0:47.3 | Hello, Aaron, how are you? |
| 0:49.7 | Hi, Jill, I'm good. |
| 0:51.0 | Thanks, thanks for taking my call. |
| 0:52.8 | Oh, I'm so happy to chat with you. |
| 0:54.6 | Tell me what is going on and how we can help you out. |
| 0:58.4 | Thanks. |
| 0:59.4 | So my question is more about savings prioritization. My husband and I are saving up for a house and I just became |
| 1:07.8 | eligible for my company's 401k plan. He's been eligible for his for a while now but I'm just wondering what our |
| 1:13.7 | priority should be is house savings or maxing out my 401k. Tell me about what's |
| 1:20.2 | going on in general so you said you're married. How old are you guys? |
| 1:24.0 | I'm 27, he's 32. Is he contributing to his retirement account? |
| 1:29.0 | Yeah, we max his out every year and we've been maxing out our IRAs every year as well. |
| 1:36.0 | So he's putting in last year 18,000, 18,500 this year or maxing out to the match? Putting in the 18-5. |
| 1:44.0 | Okay, so he's 18-5 and then you're each putting in 5,500 to your Roth's, which is great. |
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