[Ryan]

I would pay that credit card debt off ASAP as the interest on that amount of debt is insane.

I would also consider renting in the short term until you have more money saved up as dropping all your extra cash for a down payment on a house is just never a wise move.

As far as mindset goes I find participating in groups like this and consuming other related content helps keep me on track.

Also helps to really understand why you’re on this journey to begin with.

[Damon]

I would pay off the credit card debt and invest the rest (wouldn’t put towards mortgage to remove PMI).

[Tanya]

Do you have a budget and know exactly where every dollar goes? 1) This helps with money mindset by knowing specifics and 2) will inform how much to put in the emergency fund.

If you get a handle on spending less than you earn, then a 3 month EF is prob fine

[Christina]

Do you have a lease? Where are you living in the interim? Definitely pay off the credit cards.

Then do something nice for yourself (maybe a couple thousand), then stick the rest in savings and continue to add to it.

When you find the next place you want to live, you’ll have a better sense on what your emergency savings should look like.

Also don’t forget that you can get rid of PMI once you pay down the house.

It’s usually the cost of an appraisal and some bank fees for reviewing the request.

[Rebecca]

So, will you have 2 mortgages at some point or where will you go when your home sells?

[Alex]

You may consider renting instead for awhile before committing all your money to down payment for house and build up some savings to get healthier emergency fund

[Alyssha]

I think your plan sounds great and I would do exactly the same as you!

I would maybe carve out a little bit of the money to put into an investment account if you don’t have one already.

Even if it’s just a few thousand dollars, I think it will help you start to know the feeling of having investments growing/shrinking.

I’m all in on FI now, and it all started with me opening up an Acorns account.

ChooseFI people hate Acorns and other gimmicky investment products, but it was actually life changing for me.

[Michael]

Depending on where you are buying and your income you may be eligible for 3% down with a reduced mortgage insurance.

definitely pay down the CC debt though

[Author]

Posts