Question

Question for you all.  I have just written out all of our debt and totaled up our monthly living expenses.Question for you all. I have just written out all of our debt and totaled up our monthly living expenses. Every cent is accounted for, and to be honest I can't cut anything else. Next month I will be able to throw our tax money into our savings! I am also due to get an injury settlement, though I don't know a total yet, so I can't really factor that in. Anyway, I have figured it will take us until Dec 2021 to pay all of the debt, except student loans  which seems really discouraging, actually. My question is, since every cent is accounted for for monthly costs, debt repayment, 401k contributions and I only work part-time (I'm st SAHM during the day), how do we bulk up our savings? Should I bulk that up before paying down the larger debt and then just postpone my debt repayment date a few months? Any suggestions are welcome! Thanks  

Answer 1

We pay off debt and save all at once. When one debt is paid off that payment gets snowballed into the next one, so on so forth. We live under my husbands pay, so my pay is for all the extras. I usually put 50% in savings, 25% towards a debt, and 25% for cash for the week. (I get paid weekly)