I always get motivated reading this sub so here is my plan. Tell me if you think it's feasible.
Myself- Been with company for almost 6 years. Only full time for 1 year as I was in school those first years. Base income is 54k a year. (More like 70k with overtime)
Fiance- Been with company 3 years. Just graduated an hired on full time last month. Base income is 40k. (More like 45k with overtime)
Our debt- 1. Just bought a house and mortgage is $870 per month. 2. Truck payment $215 per month. ($9,300 balance 5.65% interest) 3. School loans $220 per month. These are still deferred until December but we might as well start paying them now. ($20,400 balance average interest 4.2%)
Need to know: 1. My savings account $24,000 2. Wedding budget $6,000
The plan- August- Pay off wedding and reception: 24,000-6,000=$18,000 August- Pay off truck: 18,000-9,300=$8,700
We have't been in the house long enough to figure out our 6 months of costs for an emergency fund so I am not sure how much of that 8,700 I should put immediately towards the student loans. This $8700 will be slightly higher since it is not for another 2 months and a couple weeks away.
We will both get bonuses around the same time as tax time and we would like to use that to finish paying off the student loan balance and take the rest and celebrate with a vacation.
What am I missing? It seems like a challenging, but realistic at the same time, goal.
Submitted June 08, 2017 at 09:10AM by 08TundraCM http://ift.tt/2s7A4Jl
