How to pay off 50k
My husband & I have about 50k of debt including our car and both student loans. I know that’s not the highest amount, but we really need to purchase a second one soon in order for me to work more full time. I don’t want to go into further debt, but it would also allow us to make more, and we feel nervous about buying a significantly older car. I am currently in grad school and work part time.
We currently rent and want to pay off all debt before we buy a house or have kids. My husband makes 70k and I don’t make a ton, but what I do make goes straight into savings. Is it possible to pay off the 50k before having kids or buying a house? What’s the best way since we only have one car? I’m still in grad school and won’t be done for about a year and a half. Any advice is welcome.
Student loans make up 30k of the debt and 20k is our car.
Husbands paycheck: $4500 each month
My paycheck: $2000 per month
Rent: $1800
Bills & utilities $300
Car payment: $500
Gas and groceries: $400
Car insurance: $300
Entertainment/miscellaneous: $300
Student loans: $260 (both of our loan payments are included)