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January 29th, 2010 at 12:31 pm

OK I've been reading blogs and it seems as though everyone has an Emergency Fund. Hubby and I don't, however we are trying to save for a house - I don't know if we will manage to get on the property ladder straight away but the money saved will help when we finally get a house (even if we do rent).

I'd like to get a used car too. I passed my test nearly a year ago and due to the wedding I haven't been able to get one.

So, I'm wondering, is it even possible for us to do that?

3 Responses to “EF”

  1. creditcardfree Says:

    On some level the money you have saved for the house is an emergency fund. You could dip into IF there were an emergency. And you always want to have an emergency fund in place BEFORE you make a big purchase like a house. Houses have more maintenence costs that when you are a renter.

    Why not set aside $500 to $1000 to start your EF? Then put some of your savings to EF and some to the house.

  2. baselle Says:

    You want to save money - it sounds like you a little hung up on what to call it. Emergency Fund (EF) or down payment on a house? I say you should save and call it an EF first ... because 3 months/ 6 paychecks is a reachable goal and will give you a lift quicker when you reach it.

    When you get to the EF goal, mentally divide up the EF into 1/2 EF and 1/2 down payment, then put 1/4 of what you are saving into EF, 3/4 into down payment, then keep going.

  3. scottish girl Says:

    Baselle I will try that Smile Thanks

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