Anonymous wrote:

Anonymous wrote:You're not supplying enough information here. Post a budget, your average spending in categories, and also your savings amounts in various categories (529s, retirement, etc.). Then post what you make and how you allocate it and what short term needs you have. Then you can get some real advice.

I won't post all that. I will say that I have very little in retirement, I don't have any investments that I could cash in and I don't have family that I could ask for help. My emergency savings fund is what would cover me while out of work

Then I think you've answered your own question

Anonymous wrote:No way, you need to build up your emergency fund stat. Save save save. Leave for later and home projects that aren't necessary (fix leaks but don't redo the kitchen).
Could you just drive your car till it dies then rely on bus or metro till you have a one year emergency fund?

I can continue driving the car until it dies. But when it does, I'll have to get a replacement (young kids and don't have public transport close by).
Thanks for the advice. Going to hold off on the house projects

No way, you need to build up your emergency fund stat. Save save save. Leave for later and home projects that aren't necessary (fix leaks but don't redo the kitchen).
Could you just drive your car till it dies then rely on bus or metro till you have a one year emergency fund?

Anonymous wrote:You're not supplying enough information here. Post a budget, your average spending in categories, and also your savings amounts in various categories (529s, retirement, etc.). Then post what you make and how you allocate it and what short term needs you have. Then you can get some real advice.

I won't post all that. I will say that I have very little in retirement, I don't have any investments that I could cash in and I don't have family that I could ask for help. My emergency savings fund is what would cover me while out of work

Anonymous wrote:I would get to at least 6 months' emergency savings before spending on home projects. 9-12 months if you're the sole earner or your job(s) are volatile.

Thanks

I would get to at least 6 months' emergency savings before spending on home projects. 9-12 months if you're the sole earner or your job(s) are volatile.

You're not supplying enough information here. Post a budget, your average spending in categories, and also your savings amounts in various categories (529s, retirement, etc.). Then post what you make and how you allocate it and what short term needs you have. Then you can get some real advice.

Anonymous wrote:How much are you able to save each month? Why don't you just save up the $4k for the house projects? When you have it in cash, then do the projects. Same with the car. Figure out how much you are comfortable with spending and then save up to buy it. Depending on how long you're willing to wait, you can get a pretty nice used car without going overboard or having to make payments. Just start by saving each month what you would pay for a car payment.

How much you need in your emergency fund in order to be relaxed is a pretty personal question. Everyone is different. Maybe try to get to six months and see how you feel. Are there other aspects of your financial situation that make you feel vulnerable? You might look at what you can do to improve those areas as well.

The idea is that anything I spend on the house project or save for the house project or car is not going towards emergency savings. I'm interested in what others think would be a reasonable/safe point to get to before spending on other things.

How much are you able to save each month? Why don't you just save up the $4k for the house projects? When you have it in cash, then do the projects. Same with the car. Figure out how much you are comfortable with spending and then save up to buy it. Depending on how long you're willing to wait, you can get a pretty nice used car without going overboard or having to make payments. Just start by saving each month what you would pay for a car payment.

How much you need in your emergency fund in order to be relaxed is a pretty personal question. Everyone is different. Maybe try to get to six months and see how you feel. Are there other aspects of your financial situation that make you feel vulnerable? You might look at what you can do to improve those areas as well.

My emergency savings fund isn't anywhere close to where it needs to be. I have maybe 3 months worth of expenses saved.
There are a couple of house projects (totaling $4k) I have been wanting to do. Nothing urgent but things that would certainly make life easier/more pleasant. I also want to get a new car, the one I currently drive is about 20 years old and has cost me over $5k in repairs over the past couple of years. The deposit + the monthly payments would of course lessen my savings and how much I could contribute to it each month.

Should I put absolutely everything on hold (as in anything beyond necessities) while I focus on building up my savings? At what point (how many months worth) can I be more relaxed about it and know I can comfortably spend on other things?