ME (Groom)
Income $144,000/year
Debt
$37,000 (18k Student 19k Auto)
- Monthly Payments: Auto-$375, Student-$425
Savings/Retirement
Cash Savings (Emergency Fund): $15,000
Retirement/401k: $17,000
HER (Bride)
Income
$67,000/year
Debt
$77,000 (71k Student, 6k Auto)
- Monthly Payments: Auto-$175, Student-$1,100
Savings/Retirement
Cash Savings (Emergency Fund): $4,500
Retirement/401k: $10,000
After we get married, should we keep our Finances separate for awhile, or join them right away? Does our Debt and Income levels change whether it's a good idea or bad idea now vs in the future?
My original thought was - after the wedding I'd try to pay all of my student loans off as quickly as possible, then start focusing on saving for a downpayment on a house. Meanwhile, I thought it'd be a good idea she'd continue focusing on paying off her loans as quickly as possible. She's about to get a $300/mo raise, I think she's planning to but most of that raise to her monthly student debt payment. Does that seem like a decent plan, or should I consider other ways/alternatives?
Also, with how much debt we have, is it realistic to think we could safely afford to buy a house in 2 years?
Submitted May 09, 2017 at 08:21AM by kaatmbmjj http://ift.tt/2pv4IHx
