In our household we have 135k and 65k gross income respectively for a 200k total....
Apartment lease ends in December, so we are debating "move into a home then. Or another year in apartment and save up" - panic mode says "we need to stay in apartment for another 5 years to have enough money" because of how expensive things are.
Here's the breakdown
His:
- Emergency Fund: 15k
- Mutual Fund: 46k
- 401K: 38k
Hers:
- Emergency Fund: 1k
- Mutual Fund: 25k
- 401K: 4k
Joint:
- "Big Purchase Savings" Joint Account: 15k
The joint account is recently created to have a place to put our money for a house that we know we will want... We started putting a total of $4k into it each month.
TLDR: Based on the accounts, how much do we actually have expendable for a house? For example, the mutual funds... should that be something that we DO NOT TOUCH as its "investments" or could we pull from it for a house.
We are looking at ~300k estimated house cost. Considering downpayment, earnest money, approvals, applications etc. Its expensive to close.
Initially we thought: "lets save until we have $60-70k then we will be able to afford it" but then we realized "that's another 1.5-2 years"
Because I've just been putting money into emergency/mutual funds the last 2 years without intentions on a big purchase, I never have thought about "what is safe to use"... saving money is always thought of as "Save it. dont ever touch it." type of deal.
But maybe that mindset is wrong?
Submitted September 25, 2021 at 06:37PM by ObjectiveDev https://ift.tt/2Y4jdbM
