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Tenmaru45 OP t1_j2dp5f4 wrote

Reply to comment by Wisdom_In_Wonder in Can I afford a new home in this market? by Tenmaru45

Thanks for these thoughts. My emergency fund is about 5 months worth of expenses, maybe 5.5. We're saving about $500 a month, and $12k is where I'd hit 6 months without being on rice and beans, but still cutting back.

That said, at the time there isn't another separate sinking fund which also worries me as the EF is sort of a both/and deal.

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Wisdom_In_Wonder t1_j2dy23a wrote

You are in a stable financial position - no new house is worth risking that. I definitely would not consider moving until the EF is at $12k and you have filled sinking funds beyond that and you are saving 15% monthly to retirement.

Home Maintenance: 1-2% of home value/year

Vehicle Maintenance: $75/vehicle/month

Vehicle Replacement: Estimated monthly payment

Personal Care: Annual clothing + haircuts/12

Holidays/Birthdays/Gifts: As you see fit

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