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Hi all,
I have mostly lurked on here for the past few years.
I just wanted to get input on how much savings/emergency fund is acceptable with unusual circumstances.
I live with my fiance and we have 4 kids from our previous marriages. The children live with us 5/6 nights per week. I am currently staying home with the children. I had been applying for jobs and I did not find one, but did apply for child support increase. Financially speaking we decided I would stay home for the next 1-3 years because we have 4 young children who would need child care aged 3,3,6,8 and all their care would cost roughly 2400$ per month. (fiances ex does not pay childsupport) My fiance and I are still working on meshing our fianances. Since we moved in together in august we were able to save money up since I had an overlap in alimony and child support and my alimony ended last month. My ex is really good about paying support every month. He has paid monthly for 2 1/2 years now occasionally a week late but not more than that. During my beginning months and being unemployed I decided I should have an emergency fund and had settled on 2K. With the overlap of alimony I have been able to save about 3K and have about 1500$ in the checking for the next months beginning bills. I am wondering how much should my fiance and I have in emergency funds/savings while paying off debt? Our total monthly expenses run about 4000 and DP brings home about 3000 per month plus my 2000 for child support for roughly 5000$ per month income .
I am working on paying off debts:
2700$ credit card
500 $ student loan 1
5225$ 4 federal student loans.
Fiance has some misc medical debts he is in the works to pay off 700$ total about and 1 car loan 200$ per month (loan is 9K)
I have mostly lurked on here for the past few years.
I just wanted to get input on how much savings/emergency fund is acceptable with unusual circumstances.
I live with my fiance and we have 4 kids from our previous marriages. The children live with us 5/6 nights per week. I am currently staying home with the children. I had been applying for jobs and I did not find one, but did apply for child support increase. Financially speaking we decided I would stay home for the next 1-3 years because we have 4 young children who would need child care aged 3,3,6,8 and all their care would cost roughly 2400$ per month. (fiances ex does not pay childsupport) My fiance and I are still working on meshing our fianances. Since we moved in together in august we were able to save money up since I had an overlap in alimony and child support and my alimony ended last month. My ex is really good about paying support every month. He has paid monthly for 2 1/2 years now occasionally a week late but not more than that. During my beginning months and being unemployed I decided I should have an emergency fund and had settled on 2K. With the overlap of alimony I have been able to save about 3K and have about 1500$ in the checking for the next months beginning bills. I am wondering how much should my fiance and I have in emergency funds/savings while paying off debt? Our total monthly expenses run about 4000 and DP brings home about 3000 per month plus my 2000 for child support for roughly 5000$ per month income .
I am working on paying off debts:
2700$ credit card
500 $ student loan 1
5225$ 4 federal student loans.
Fiance has some misc medical debts he is in the works to pay off 700$ total about and 1 car loan 200$ per month (loan is 9K)
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