One of the reasons why I wanted to start this blog is because I am struggling to figure out some things financially.
1.) How much do I need in my total savings at all times for an emergency?
- My current goal is $6,000 for my emergency fund, but as long as I have that in my total savings I feel like I should be okay.
2.) How much should I pay down on my current debts versus save?
- I am debating about taking anything over $6,000 from my savings account and putting it towards paying off my debts. I currently pay extra each month towards my debt, but it would be nice to pay even more. Is this a good idea? I think it all goes back to what is the minimum that I am comfortable with having in savings in case something happens?
My third question is both financial and personal.
3.) Where do I want to live?
- I feel as if I am currently priced out of my area. I am not able to afford to buy a home without a large savings. Even if I save a large down payment the monthly mortgage payments will be more than I want. I would like to live in an area where I feel more financially stable, but how far am I willing to move from my family. I am planning to start saving for a house down payment in the next two to three years. Even once I start saving it will still take me a number of years to save a 20% down payment for the area that I am currently living in. I also live somewhere warmer!
These are the questions that I struggle with then working on my finances. I am hoping that this blog journey helps me answer these. I do read other PF blogs and feel that they also help with these questions.