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Reply to "Using Savings for Bathroom Renovation"
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[quote=Anonymous]DH and I both work for the Federal Government in very stable jobs with decent upward mobility. We have about $30k in cash savings/emergency fund which is about 6 months worth of expenses. Our very old (1940s) house has one original full bath that is need of updating and we'd like to get this done before DC's arrival this December. We've received estimates from contractors and it looks like it will cost about $15k for a full gut renovation. Seeing as how this is about half of our savings/emergency fund and that we're expecting our first child soon, should we take on such a large expense at this time? As I mentioned, this is our only full bath (we have a half bath in the basement) but we don't think we'd get it done any time soon if we wait until after the baby. We plan on showering at work (gym) or at my brother's condo (he has agreed!) about 3 miles away. We also have substantial Roth IRA's that we can tap into in case of emergency. Any thoughts/advice?[/quote]
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