In addition to my other million Bank of America accounts, I’ve opened up another savings account which I’ve dubbed the House Account so I can start saving for my new house being built circa November.
I originally wanted to have $8,000 in that account to prepare for buying furniture, TV’s, sound system, drapes, blinds, beds etc., but friends who already own houses told me that $5,000 should suffice quite nicely for a house this size.
I’ve started making contributions to this new House Account by putting 10% of my income in it. I might bump that up at some point if needed. As I mentioned before I’d like to pay for the whole house through one online business, but the initial expenses need to come from somewhere else, and this account is the place.
All my house expenses will begin coming up sometime around October 2007, so I have approximately 6 months to save up the House Account to an acceptable level. Hopefully I can push it far past $5,000 so I can keep some reserve cash laying around for miscellaneous house-related expenses.