My fiance(29M) and I(26F) purchased our residence collectively a bit of over a yr in the past. It took each saved greenback we needed to do it and do any wanted repairs. Since then we have now additionally paid off all private debt(except for my automobile which has about $7k left at 3.24%). Our 3-month emergency fund is in a shared HYSA and is nearly absolutely funded. On prime of that although, I have been placing away cash into my private financial savings and have near $3k in there(separate private HYSA). Ought to I be placing it into the inventory market as a substitute of HYSA since we have now an emergency fund?
I haven’t got something I am actually saving in direction of brief or long run, except for retirement clearly. It is simply there principally for once I’d like to purchase one thing larger than my weekly enjoyable finances or if one week I’ve an sudden expense come up.
A number of facet notes:
I am in no rush to repay my automobile. It is extraordinarily manageable at $261/month. Automotive is a 2018 that’s nicely maintained and runs nicely.
I plan to make our emergency fund six-months, presumably as much as a yr of bills ultimately. The primary objective for us was 3 months although.
I do know $3k will not be a lot, however I haven’t got sudden purchases over perhaps $200-300. For instance I went to the attention physician immediately, that was $220 as a result of my insurance coverage does not cowl the imaging they do to not need to dilate my pupils(and works higher). I used my financial savings for that. It is also uncommon for me to make use of my financial savings, so I might see it will definitely rising to 5-figures.
Please do not inform me the way you should not purchase a
home with somebody you are not married to. It could’t be undone, and even when it might I would not change it.
TIA!!