So my husband and I have about 60k in savings, but have about 54k in debt (not including mortgage) comprised of 24k student loans and 30k in car loans. When is it a good time to stop piling money into savings and put it all towards debt?
For reference I have already severely slashed our budget as I recently became a stay at home mom. I've started meal planning, shopping the deals, cut down our cell plan, switched homeowners insurance (saved over $400/yr!), canceled Weight Watchers, installed water displacement devices in toilet tanks, replaced all bulbs with LEDs, switched to cloth diapering, stopped buying Starbucks and food out, among other things. We will likely have about $500 extra each month (this will be our first full month with me staying home).
October 05, 2018 at 02:25PM
