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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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How much in savings?
For those who have purchased a home, how much did you have in savings AFTER you're down payment, closing costs, etc?
Is there a certain amount you should try to have in savings depending on your monthly cost of living (such as 2 or 3 months living expenses)?
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Posted 2/9/07 11:52 AM  |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: How much in savings?
I think we had about 10-15K after closing costs. We then got married so we had our wedding money after that.
I think you should always have an "Oh Sh!t" fund because you never know what can happen in a house!
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| Posted 2/9/07 11:54 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: How much in savings?
I don't think there's any *set* number, but we plan on having $10k...just to feel comfortable.
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| Posted 2/9/07 11:54 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: How much in savings?
We have a little less than $5K left over. But we have a few CDs with money in reserves too.
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| Posted 2/9/07 11:54 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: How much in savings?
We had about $17K left but we knew we'd need more to do the kitchen. I think we're down to $12K now.
I once heard of someone - I swear - who had 10 cents left after closing. That's scary!
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| Posted 2/9/07 12:02 PM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: How much in savings?
we have 10k right now.
we have monies tied up elsewhere, but we are not touching them unless extreme emergency.
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| Posted 2/9/07 12:04 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How much in savings?
Posted by RandJ0806
I once heard of someone - I swear - who had 10 cents left after closing. That's scary!
my parents had 25 cents left after they closed on their 2nd house in 1976
they made it- they didn't have alot of furniture for a few years
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| Posted 2/9/07 12:04 PM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: How much in savings?
We didn't have much left over probably about 7-8K. Then we got married & got some money but we don't touch that money. They tell you to have some backup just in case something happens
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| Posted 2/9/07 12:06 PM |
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kaklesmay
Love my baby boy!
Member since 9/05 1151 total posts
Name:
Kim
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Re: How much in savings?
We banked about 6 months of total living expenses
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| Posted 2/9/07 12:28 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: How much in savings?
Posted by Beth1210
Posted by RandJ0806
I once heard of someone - I swear - who had 10 cents left after closing. That's scary!
my parents had 25 cents left after they closed on their 2nd house in 1976
they made it- they didn't have alot of furniture for a few years
I have to agree. We probably didn't have much either. All our wedding money went to the downpayment and other things we needed when we got married.
It is nice to have that little extra but things always work out.
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| Posted 2/9/07 12:32 PM |
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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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Re: How much in savings?
We had quite a bit b/c we wanted to do some renovations immediately and we had to pay for the wedding. We didn't put that much down (5%). It didn't seem worth it to put so much down b/c our interest rate is 5% and then have to take out loans or wait to save up enough money for renovations.
But we have an emergency fund that we never touch (unless of an emergency!)
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| Posted 2/9/07 12:35 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: How much in savings?
We'd like to have about $10K in savings after we buy the house but I wasn't sure if that would be enough. We don't have the house yet so I don't know if we will need $ for renovations. But it's definitely something we will have to consider.
I can't see us having 6 months worth of expenses in savings. 
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| Posted 2/9/07 12:46 PM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: How much in savings?
probably about 20K give or take. We need furniture though so that will eat that down a bit.
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| Posted 2/9/07 1:01 PM |
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betty
My boys
Member since 5/05 4380 total posts
Name:
Beth
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Re: How much in savings?
We have some renovations we will be doing in the house before we move in so after that we are hoping to have 15-20k left in the bank a BIG difference than what we have now
Message edited 2/9/2007 2:17:17 PM.
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| Posted 2/9/07 2:12 PM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: How much in savings?
About 14K
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| Posted 2/9/07 2:15 PM |
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KrisT
Two Boys for Me!!
Member since 1/07 5213 total posts
Name:
Kristin
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Re: How much in savings?
We closed on our co-op the day we got back from our honeymoon, so we had all of our wedding gifts. If we didn't have the wedding gifts, I think we would have only had about $5000 or so in savings.
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| Posted 2/9/07 2:21 PM |
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mskimmy98
My twins are one!!!
Member since 5/05 2540 total posts
Name:
Kimberly
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Re: How much in savings?
After closing we had about 23,000.. than after fixing stuff up, buying new furniture, decorating and paying off some credit card debt.. we now have 10,000 left. Now we won't be touching that money only adding to it.
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| Posted 2/9/07 3:00 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: How much in savings?
My first house I actually borrowed money from my mother for the Down Payment so I guess you could say I had negative money in savings!
This house, we had a good amount in savings. At this point in my life I dont think I would have been comfortable with anything less than 6 months worth of tax,mortgage & insurance payments.
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| Posted 2/9/07 3:23 PM |
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Lucky09
2017!
Member since 1/06 7539 total posts
Name:
DW
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Re: How much in savings?
We had about $14K in savings afterward. We proceeded to use about $5K on house things - landscaping, new appliances, etc.
We have been building it back up since then...
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| Posted 2/9/07 3:41 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: How much in savings?
We had a bout $10K maybe a little more but we bought furniture with 0% promos which worked out well.
It was what we had to do and it was scary but it worked out.
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| Posted 2/9/07 3:49 PM |
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2Pisces
Life Coach
Member since 2/06 3337 total posts
Name:
Paige
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Re: How much in savings?
A friend of ours had $10 left after closing and then took his DW out to McDonald's and used it! 
We had about $10k left but we had to pay for our wedding so...we had to have something. 
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| Posted 2/9/07 3:53 PM |
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sarahbelle
Little drummer boy
Member since 5/05 2377 total posts
Name:
Sarah
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Re: How much in savings?
We will probably have between $5,000 and $10,000.
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| Posted 2/9/07 4:31 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: How much in savings?
About $10000 and that really didn't change for 2-3 years after we bought.
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| Posted 2/9/07 5:09 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: How much in savings?
Posted by kaklesmay
We banked about 6 months of total living expenses
This is what we will have after we close. I wanted to make sure that we would be covered God forbid anything happened. Since interest rates are so low now, we only putting 10% down, paying closing costs and the rest is staying in the bank. I feel better this way. Everyone is different. To be honest I could never leave ourselves with less than what we are in the bank ...I would have anxiety every day over it.
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| Posted 2/9/07 6:00 PM |
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