Hello PF! My husband and I are currently 27 years old with a combined student loan debt of ~$52k. Over the past year I have put together a meticulous plan for how we can pay off these student loans so that we can save for having kids/buying a house/retirement. Here is the info:
INCOME:
Wife gross annual income: $40,038.84
Wife net monthly income: $2,249.00
Husband gross annual income: $27,000
Husband net monthly income: $1,340.00
RECURRING EXPENSES:
Housing: $400/month (We rent a 3BR townhouse for $875/month and sublease the master bedroom for $475/month)
Electricity: $65/month - $150/month (Highest in the summer - we live in GA)
Natural Gas: $35/month
Water: $50/month
Internet: $51/month
Cell phones: $30/month ($15 each on Mint Mobile 3GB/month plan)
2016 Prius car payment: $327/month ($17,400 @ 4.9% for 60 months. Plan to pay off the car 2 years early in one lump sum after our student loans are gone)
Car insurance: $80/month
Gasoline: $60/month
Groceries & household supplies: $350/month (We only shop at ALDI)
DEBT:
Chase freedom #1: $3220 total balance, paying $360/month before 0% balance transfer expires in February 2020.
Chase freedom #2: $3626.16 total balance, paying $303/month before 0% balance transfer expires in May 2020.
Student Loans:
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1,855.48 @ 8.40%
-
760.25 @ 8.22%
-
8,002.21 @ 6.80%
-
7,650.93 @ 6.80%
-
5,164.70 @ 6.80%
-
1,656.05 @ 6.80%
-
5,788.95 @ 6.21%
-
3,353.10 @ 5.84%
-
1,623.28 @ 5.84%
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2,126.99 @ 5.31%
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4,010.57 @ 4.66%
-
8,569.71 @ 3.86%
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2,366.74 @ 3.40%
We currently pay $600/month against our student loans. In August 2019, we will have saved $10,000 in an AmEx HYSA that will function as our ~6 month emergency fund. As of August, we will begin the avalanche method. According to my calculations, we will pay off the student loans in August 2021.
Once the student loans are gone, we plan to max our HSA and Roth IRA contributions every single year.
Submitted May 16, 2019 at 09:06AM by sunspot5b http://bit.ly/2HkTiRX
