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.
Showing posts with label debt reduction. Show all posts
Showing posts with label debt reduction. Show all posts
Tuesday, May 13, 2008
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