Rxpert83 t1_iydrqy6 wrote on November 30, 2022 at 5:27 PM

It's not clear if your budget breakdown is your half of the finances or both. You should really be sharing both as it's not a question of if you can afford it, it's a question of can both of you afford it.

IE- Is the $1000 your total mortgage you're budgeting for or only your portion of it?

Concerned-23 t1_iydrzim wrote on November 30, 2022 at 5:28 PM

My half. I edited the post. He has budgeted for the mortgage and has 10k saved for downpayment/closing. He also has 5k earmarked for the wedding. He is maxing out his IRA and 401k match.

BoxingRaptor t1_iydsf3u wrote on November 30, 2022 at 5:31 PM

Then it would be tough to give a good answer. With the numbers you gave, you'd be stretching yourself very thin. What happens if you have a several thousand dollar emergency repair on the new house?

Also, why do you need a new car? If I'm reading this right, you're just about to pay off the one you currently have. Why are you jumping into a new monthly car payment right away?

Concerned-23 t1_iydt0i1 wrote on November 30, 2022 at 5:35 PM

I mean with 40k collectively in emergency fund/home repair savings can’t that cover most major home repairs?

My current car is 11 years old and needs 3k in repairs. It’s on its second engine and it’s very unreliable

BoxingRaptor t1_iydt6t9 wrote on November 30, 2022 at 5:36 PM

What car? Make/model? What is the mileage? And what are the $3k in repairs that it needs?

Concerned-23 t1_iydtjpf wrote on November 30, 2022 at 5:38 PM

Hyundai Elantra. It was the worst decision ever I will never buy a Hyundai again. Needs new struts and something else that I can’t remember. Also has an electrical problem that needs fixed. Not to mention the engine could fail again as the engines are faulty but no official recall

positev t1_iydvn2l wrote on November 30, 2022 at 5:52 PM

Struts are easy and cheap. Regular maintenance

BoxingRaptor t1_iydvp6q wrote on November 30, 2022 at 5:52 PM

Struts are something you'll have to replace periodically on every car you'll ever own. That's called a "wear" item. The electrical problem is probably worth just fixing. And I wouldn't rush into a new car for tens of thousands of dollars just because the engine MIGHT fail again.

Concerned-23 t1_iydw5xz wrote on November 30, 2022 at 5:55 PM

When it does die again I’ll be stuck with no transportation. My car has left me stranded on multiple accounts. I’ve put nearly 10k of work into it and I’ve had it less than 5 years. Every time I take it in (6 months or less) I’m given another 2-3k in repairs. I’ve had mechanics and tow truck drivers tell me it’s a money pit