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Cash in the bank, c.12 months emergency fund, some loans, what would you do?

Splash21 · 2022-07-22 10:20:39

Hi all, Welcome to Friday, keen to get the opinions from others on our scenario. I am currently employed, wife is on Mat leave (SMP) and due to go back March 2023. We have 2 children, one in nursery and the other hasn't long arrived but will go to nursery next year. Wife pay post maternity is around £1.4k take home, for…

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Andyjflet Posts: 702 Forumite

25 July 2022 at 4:55PM
Classic case of doing the Dave Ramsey baby Steps for me;

Dave Ramsey's 7 Budgeting Baby Steps
Step 1: Start an Emergency Fund. ...
Step 2: Focus on Debts. ...
Step 3: Complete Your Emergency Fund. ...
Step 4: Save for Retirement. ...
Step 5: Save for College Funds. ...
Step 6: Pay Off Your House. ...
Step 7: Build Wealth.
Baby Step 6/7 . £16000 saved and invested. £47,000 deposit paid on new home DEBT FREE !!!
Currently Negotiating with HMRC !
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