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Pay day, savings, and home purchase

Today was pay day which is a happy time in Dimples world. I transfered money to my savings accounts and paid off some bills. I am almost at the halfway point of my E-fund goal.


After reading different posts on how much your emergency fund should equal, I realized that my initial goal of $3000 is way off mark. Basically your emergency fund should equal three to six months worth of basic living expenses. My definition of basic living expenses is: bills + groceries + gas. So my emergency fund should be between $8625 and $17250. I think an E-fund of $10K will be more than adequate for me and my daughter. Once I reach my initial goal of $3000 I will extend it to $10,000.

Not doing so good in the debt area. My sister's wedding is next week and I gotta dish out some money for things like a dress for the wedding, weddings gifts, bachelorette party. I am not charging this to any credit cards but I am going to need to use some of the money I would have applied to my cc debt. And I am taking $300 to pay my folks electric bill.

I am a little worried that I won't be ready to by my home come February. I tried out several different calculators to see how much home I could afford and I got horrible results. Based on the calculators, the most home I can afford is $72K. Where am I going to find a house for $72K? Are these calculators reliable? Well, I set up a meeting with my realtor tomorrow. I plan on talking to him about where I am currently and where I plan to be by February and see if they can calculate how much home I can afford. I'll keep you guys updated on that.

Leaving to go out of town tomorrow afternoon. Going to pick up my baby from her 2 month vacay. I missed my sweet pea. School starts on Monday. Gotta get some school shopping in some time this week.

Comments

Unknown said…
Man that's alot. I need to figure out how much I need. I usually just aim for $1000. Then I wind up having to spend it all.

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