Question

Quick question ladies.  what would you do if you are married, have a credit card balance of 3000, a car loan balance of 12, n a school loan balance of 40.Quick question ladies. what would you do if you are married, have a credit card balance of 3000, a car loan balance of 12, n a school loan balance of 40. Ur husband purchased a multifamhouse before yall were married and its tenats cover the mortgage. You both currently make about 125k combined (not including the house) utilities/groceries run about total 650month. Feels like ur just barely making it. **just using 60k** How do you save to have that 6month emergency nest ? Or any other suggestions?  

Answer 1

Pay debts first to build a 3-6 months emergency fund

Answer 2

So you definitely aren’t having a problem with debt based on your figures and income. I would guess it’s a spending problem. I would sit down and look at 2 mo worth of bank statements/cr card statements and figure out where all your money is going?! Then adjust accordingly with your goals. If it’s eating out/or miscellaneous spending make a set budget and try the envelope method with just that amt if cash and start your emergency fund. The second piece of advice is don’t trust that the tenants will always pay on time or there won’t be repairs. You need to also set aside a few mo to cover that should something happen.  

Answer 3

I would start by saving 10% of your income, including the rental income. Then start knocking out your debt. I prefer the “avalanche” method, which is tackling the highest debt first.  

Answer 4

Sounds like it’s your spending that’s the issue. You both need to sit down and agree a budget by looking at where your spending is going. It’s amazing how much we waste and don’t realise