Hello, I was curious what people would choose to allocate money to each month given this situation:
Husband and I are 31 and in the midwest, make approx 150k Just built a home 30yr fixed at 4% Have a healthy emergency fund and in addition to about 20k extra saved for potential emergency/investment opportunity/etc...
(we also both max out retirement)
Here is my question, I was going to try and pay off our mortgage in 20 years, which is an additional $433 in principal. However, I was thinking about if my husbands car were to die (maybe have another 5 years left ) we would need to use our savings to purchase another one. Budget ~10k (we do not drive new/fancy cars).
Also, prob in the next year we will have a child.
So, question is should I even continue to allocate the $433 to the house? Or, should I set up for a car or to offset daycare costs? This $433 is just money I've been putting into the house, so we are still saving about 1500 in addition. I have been having second thoughts about putting the funds into the house since if I need them I have to pay interest on them (HELOC)
thoughts?
Submitted June 11, 2018 at 09:16AM by financegal87 https://ift.tt/2sOneP1
