I'm Apples! I live on a fruit farm (bet you can't guess what we grow...
). I moved in with my fiance the end of 2013, and we've been pooling our money since then. The boy has $61,400 in student loans (2 loans w/ the same interest rate). I have $30,000 in savings to put towards them. Also, I've created a budget spreadsheet to track our spending and all leftover funds each month will be applied towards the loan payments.
The point of this journal is for me to have a place to track and mention our progress on these goals, in hopes it reduces my desire to talk w/ other people about it. It's not the most polite of conversation topics, but I love talking and thinking about it.
Another goal is to keep our beginning net worth of about $46,000 relatively even through the year. We have $6,000 set aside for a honeymoon and $9,000 budgeted for house and wedding expenses that will come up. We are saving 7% of our net income for retirement (and an additional 5-7% through employers including the match).
There are 2 student loans:
GL at $44,014 and 5.75% interest Minimum payment of $275/month
CH at $17,218 and 5.75% interest Minimum payment of $130/month
We have budgeted $500/month towards the 2 loans for the moment. In addition, we are pulling $1500/month out of savings monthly, for a total of $2000/month. That is $18,000 from savings for the year. It leaves a cushion for unexpected expenses related to the house or wedding this first year. After the wedding, the balance of $12,000 in savings (don't worry-we have an emergency fund of the same size left!) will go in a lump sum. We are also paying the boy's mom back at a rate of $400/month for the first part of this year. When that is done, it will be added to the student loan payments for $900/month from income and $1500 from savings.
We plan to tackle the smaller one first because the interest rates are the same and it will be more of a mental "win". Our monthly net income is about $4900 (the boy has variable hourly pay, which is low in winter). Based on $4900 of take-home income, 51% of the budget is for necessities, 22% is for wants, and 27% goes towards savings. In months with additional income, some of it will go towards increased food and fuel expenses (5 weekends-5 grocery trips), but the majority will go towards debt payments.
I hope that long-winded account of our situation makes sense, and can't wait to share our progress each month.