I posted here three months ago (Previous post) about my husband losing his job and your advice about where we should cut. You were all sort of brutal (in a useful way) and so I wanted to provide an update and ask a question.
We put the student loans in forbearance while we were figuring things out ($783 per month). We realized my husband would need to stay home for a while to get healthy emotionally before going back to work, so we pulled the kids out of daycare (saving $2,370 on daycare and aftercare per month). Then we took your advice about looking into how to live below our means and made the big decision to sell our beloved home we had recently built and significantly downsized and moved to the suburbs (mortgage and escrow now $800 instead of $2,675). I'm a little sad about the home but I also feel so much less pressure it feels worth it.
The question: After selling our home and putting 20% down on our new home we now have $28,000 left over. I previously thought my $5,000 emergency fund was cushy, but you all quickly corrected me there. How much of this $28,000 should I set aside for a real emergency fund and how much should I throw at debts? All my debts are as follows:
His student loan: balance $57k at 6.8%
My student loan: balance $34k at 6.6%
Mortgage: balance $130k at 4.68%
Auto loan: balance $17k at 2.49%
Submitted November 27, 2018 at 03:18PM by fatpancake212 https://ift.tt/2TNb8Bs
