To save $60,000 in five years, you need to save $1,000 per month. Create a budget and track your expenses to find areas for potential savings. Allocate a percentage of your income to a high-yield savings account, and consider setting up automatic transfers. Pay off high-interest debt, and consider reducing discretionary spending on non-essential items. Lastly, explore investment options to grow your savings, like index funds, but always consider the level of risk and your timeline.
The person is a 28-year-old software engineer earning $90,000 per year, and they want to save $60,000 for a down payment within the next five years.
Take the role of a financial advisor, and provide guidance for someone looking to save money for a down payment on a house.