I mentioned earlier that we need a new well and it cannot wait until spring. The estimate for the new well is about $5000.
This is our plan to pay for it. Our regular savings is at $3800 and out new car fund is at $4500. We also just had to pay for our landscaping rock which was a little over $800. We will drain our savings and dip into the new car fund leaving us with only $2500. This is far below our comfort level but I would rather drain our savings than put it on our home equity line and pay interest on it.
If we have another emergency in the near future, it will go on our home equity line. The available credit is $28,500. We took that out when we bought the tractor but we got a better rate on the tractor.
The one newfound financial comfort is that the tractor is now paid off so we can focus on rebuilding our savings. We are watching our spending very closely in all areas. I'm hoping to put some money into savings this month but my pay is reduced due to the government shutdown last month.
I still think I prefer having our own well and septic rather than having city utilities. You still have to pay for the initial hookups when you buy a new house. With our previous house, the special tax assessments for the road, sewer, water and paying for the development were just over $20,000. We also then had a water and sewer bill monthly. So far we've paid about $6000 for a new septic and the well will be $5000.
Would you rather be on city water and sewer or have your own?