I'm 38 she is 31. Make about $100,000 combined. House is paid off (worth about $260,000). $16,000 in student loans, $9000 in other debt, she has a car payment (300$/month), I have no car payment, pay $650/month for her daughters school (she's 7 in catholic school). We have a joint account already and have set a budget where we would save around $1,000/month. Any other advice from the wise people on the money board?

This post was edited on 1/17/16 at 8:52 am

6 ...

Report Post

Posted by LSUSUPERSTAR

Member since Jan 2005

16312 posts

Posted on 1/17/16 at 8:56 am to TechDawg2007

Don't do it!?

Just kidding, good luck to you. How do you have a $260k house paid off but still have $16k in student loans and $9k in other debt? Also, are you saving for retirement? Is public school not an option where you live?

1 ...

Report Post

Posted by Shadowlink

The Shadows

Member since Apr 2014

1434 posts

Posted on 1/17/16 at 8:59 am to TechDawg2007

Roth IRA, life insurance, disability insurance, 529 plan for the child? How is your retirement? Are you where you need to be?
Congrats on getting married! Hope you enjoy it as much as I do.

0 ...

Report Post

Posted by TechDawg2007

Bawville

Member since Nov 2007

32249 posts

Posted on 1/17/16 at 8:59 am to LSUSUPERSTAR

We are saving for retirement. Me %7 her %7. We are in the process of knocking out the debt. The house was an inheritance. Public school is not an option. We are both catholic and have decided to keep her in catholic school

2 ...

Report Post

Posted by Mr.Perfect

Louisiana

Member since Mar 2013

17438 posts

Posted on 1/17/16 at 9:05 am to TechDawg2007

quote:
for her daughters school

quote:
We are both catholic

1 ...

Report Post

Posted by yellowfin

Coastal Bar

Member since May 2006

97635 posts

Posted on 1/17/16 at 9:37 am to Mr.Perfect

0 ...

Report Post

Posted by Costanza

Member since May 2011

3151 posts

Posted on 1/17/16 at 10:05 am to TechDawg2007

Knock out the debt asap, save up 15k as an emergency fund (since house is paid for), and go full speed on retirement. Bump it up till it hurts. Congrats.

1 ...

Report Post

Posted by lynxcat

Member since Jan 2008

24147 posts

Posted on 1/17/16 at 11:54 am to Costanza

What are the rates on the student loans and other debt?

How much of an employer match do you have?

I might consider pulling back on your 7% to pay off the debt if it is north of ~4% (arbitrary number but that would be my threshold).

1 ...

Report Post

Posted by zeebo

Hammond

Member since Jan 2008

5193 posts

Posted on 1/17/16 at 12:23 pm to lynxcat

Try not to sweat the small stuff. Early in marriage you tend to freak over the little things. Did I marry a slob etc. don't freak if she is not perfect with money. Marriage will add years to your life and be a big plus financially over time. But most wives spend a little more than we would have guessed, but we are more gross than they would have guessed. It all works out. Best thing in life bro!! Congrats!!!??

0 ...

Report Post

Posted by slinger1317

Northshore

Member since Sep 2005

5840 posts

Posted on 1/17/16 at 6:39 pm to TechDawg2007

Not being cynical, but sign some sort of pre nuptial financial agreement. You can say you won't ever need it but if you do ever divorce it will be the best thing you ever did.

If your SO balks, Don't let her say that it will doom your marriage. Sign it and put it in a drawer and never look at it again. Plus if she has a daughter it will be to her benefit as well.

0 ...

Report Post

Posted by notiger1997

Metairie

Member since May 2009

58125 posts

Posted on 1/17/16 at 7:55 pm to TechDawg2007

I have no advice really. You are ahead of about 80% of the country already because you are productive citizens and you communicate.
Just live within your means and save a bunch of money.