I’ve talked about how we started our house savings with a fairly small amount of money. We are still working our way out of debt and we are still slowly building the account with small amounts of money.
When we started the House Account, we started with a CD (certificate of deposit) so that the money would be inaccessible. The money that hubby has taken from his check goes into an account at a separate bank (out of sight, out of mind). The CD we used had a six month term (it was paying the most interest at the time) so we got into the habit of making deposits twice a year when it opened for renewal. The last time the CD was up for renewal the bank had a regular savings account paying higher interest than the CDs were so we went that route instead but we’ve stuck to the twice a year deposits.
So we’ve pulled together the money from hubby’s direct deposit for the last few months, our change jar & a couple of small reimbursement checks that have come in the last week and we’ve added that to the house account. It wasn’t a huge deposit but it is progress and it motivates us to work harder. Before the deposit we were at 12% of our down payment goal and now we are at 14% of our down payment goal.