Reply to Should we take out HELOC for emergency expenses?

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[quote=Anonymous][quote=Anonymous]How much are your cars worth, what do you owe, and what's your income? I would seriously consider downgrading at least one car to get rid of that payment.

Mathematically, it's not a bad idea to take out the HELOC. Realistically, I worry about it, because you're putting your most important asset at risk if your finances get tighter.

Do you have Roth IRAs you could pull the contributions from?

Any side gigs either of you could pick up to make some extra money and build a buffer? Something in your industry, or if that's not possible - cleaning some houses, watching neighborhood kids for date nights or on weekend days, pet sitting, small landscaping jobs, meal prep, selling something on etsy? Think about skills you have.

Any stuff you have at home you could sell? I've been amazed when I go through my stuff and sell things I'm not using anymore - made 1200 at a garage sale once. Craigslist or FB are good options too. Any unused small appliances in the kitchen, etc?

I'm not against helocs, but I really think you're setting yourself up for more financial heartache unless you make a little more breathing room. The school change is a good one. What else could you do? Double check your cell phone plans, most major providers have gone down in the last several months, no contracts. $50 a month helps. Cable? Kids lessons? Home cleaning or lawn service? What's your grocery spending like? That's our biggest expense after housing. [/quote]

Very good suggestions. In addition to putting our kids in public school & reducing 529s, we've lowered our credit card interest rate by calling and asking for a better rate, we've lowered energy rate the same way, we had an insurance agent find a much better rate on our home insurance, we met with a financial planner, started shopping more at cheaper grocery stores (this is our biggest expense other than housing too), and are selling stuff on online garage sales. [/quote]

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