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I would first make sure all other debts are paid, which it sounds like you are doing. I'd then try to max out Roths (if push came to shove this could be used toward housing, but would be better used for retirement), I'd also put something toward TSP. Roths are doubly good if you are deployed, you shouldn't have to pay tax on that money at all.
As far as the savings go I put all my money into one pot (ING saving), but keep track of the individual things via excel. We have the following columns: down payment, tuition/student loans (I'm in school), vacation, fun money, emergency fund and car fund. There is a set amount that goes into each pot a month, any extra is then also thrown into the down payment fund. For example $50 goes to fun money and $250 goes to car fund (what our last car payment was).
I've found organizing things this way really helps us visualize where that money is coming from. Ok we want to blow $500 on xyz, is that going to come from our down payment money or our vacation money??
As far as when to buy the house, you have to do what is right for you. DH and I just bought ours knowing I'll finish school and he'll PCS within a couple years. At that time we'll look at the market and either try to sell it or rent it out. (Between the school and Navy base there will be someone!) We know it's a gamble, but we are also financially sound enough that we could carry two house payments if need be.
As far as the savings go I put all my money into one pot (ING saving), but keep track of the individual things via excel. We have the following columns: down payment, tuition/student loans (I'm in school), vacation, fun money, emergency fund and car fund. There is a set amount that goes into each pot a month, any extra is then also thrown into the down payment fund. For example $50 goes to fun money and $250 goes to car fund (what our last car payment was).
I've found organizing things this way really helps us visualize where that money is coming from. Ok we want to blow $500 on xyz, is that going to come from our down payment money or our vacation money??
As far as when to buy the house, you have to do what is right for you. DH and I just bought ours knowing I'll finish school and he'll PCS within a couple years. At that time we'll look at the market and either try to sell it or rent it out. (Between the school and Navy base there will be someone!) We know it's a gamble, but we are also financially sound enough that we could carry two house payments if need be.
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