Quote:
Originally Posted by threebeansalad
I'm mulling over my savings plan and goals. One major goal is to able to buy a home in 3.5 years. Due to our work situation, DH and I will most likely be re-locating in Summer 2111 and would be looking to buy our first home at that time. Unfortunately, we don't know WHERE that move will be to, so its hard to estimate how much $$ we'll need (I can say we can rule out super high COLA area like San Fran and NYC, although DC is a possibility). So, we've set a goal of savings 50K in cash by that point. I have confidence this goal can be attained, and likely surpassed.
However, I'm trying to figure out how much we should have in an EF after the 50K or whatever is spent. I know the 3 month rule, but the likelihood of us BOTH simultaneously losing our income just seems highly unlikely. How are other DINK couples calculating EF needs?
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Well, we are DINKS too, (childfree) but we did things kinda backwards.
We had 56K in EF and now down to 11K and 2 home mortgages. One is a rental.
Our goal is to save up to at least 30K with 2 homes.
So, I guess 15K would be fine for your situation.
HTH!!