Thanks for the welcome!
Let's see, we have no debt besides our house loan and my student loan (except for my car that will be paid off this Friday!)
Hubby is probably starting a part-time graduate program in the fall so he is saving towards that to minimize any future loan debt. Because of that, I want to tackle my student loan debt on my own so I'm mostly going to focus on my income instead of our joint income. Trust me, once he's done with school he gets to help me pay off the mortgage early
Here's my income and bill info:
$3100 - my net monthly income
$1600 - goes towards minimum student loan payment, along with my portion of the mortgage, household bills, and groceries
(I really do have line items for all of these but trying to keep it simple)
Here are my goals for 2014:
- Pay off car
- Pay $400 extra a month on student loans
- Add $400 a month to e-savings
Congrats on paying off your car this month!
Good goals! Looks like you have $3100 net income and $1600 in expenses. That leaves $1500 to go towards debts/e-fund... You mentioned $800 ($400 student loans and $400 to e-savings)... What are you going to do with the other $700?
Consider looking at this thread
of suggestions regarding cutting expenses.
A few questions:
When was the last time you got a car/home insurance quote?
Do you guys have a landline?
How often do you eat out?
Do you have a gym membership you guys don't use?
Do you have some magazine subscriptions you don't really read?
Have cable/Satelite? Consider using Netflix, AmazonPrime, or Hulu for a time instead...
Buy a deep freezer, buy groceries in bulk (meats, etc.), cook meals in bulk, and save money!
Have you considered getting a credit card (which you determine to pay off monthly) for cashback bonuses on every day purchases (gas, groceries, etc.)?