grading/judgment/critiques pertaining to my financial situation

IMO:

1) max out Roth IRAs each year $12k

2) i'd put whatever it takes in the 401k to get to 15% pretax total retirement contributions each year of "your money" (not match). So $12k is about the equivalent of $15k pretax money. $21k would be roughly 15% of $140k. So I would make sure that between the both of you, you are putting around a minimum of $6-7k into your 401ks. At least enough to get the match if the match requires more.

3)Eliminate the student debt before buying a house if possible. When it comes to having kids, I personally value freeing up as much disposable cash in your monthly budget as possible as life is never predictable with kids. The last thing you want is to struggle putting food on the table or paying for a doctor visit.

4) Try and keep the option to live off of one income on the table. This will require eliminating all debt other than a mortgage or so. You never know when someone might get laid off or your wife wants to stay home with the kids.

You aren't in an impossible situation but that $140k definitely isn't going to go as far as you would like.

EDIT: I would highly suggest breaking down all your debt and such and figuring out a highly detailed monthly budget. This is going to be all that matters for you for a while. Don't just be throwing money around at things w/out knowing exactly where you stand both on what you are spending and what you "need" to spend.

Dave Ramsey would tell you to stop contributing to your 401k and other retirement investments and to attack both student loans. Then after the student loans are paid off then start back to investing in the 401k.

I mean currently we are planning on throwing almost $3,500 a month towards the loans while putting $500 each into our Roth’s.

This is a plan and we will see how prudent we actually are in reality soon. I will do a detailed breakdown of this January.

We shall see. I think I would settle for $2500 a month because I know how things pop up every month.

Obviously for the three months she isn’t working that will dwindle to zero but we have a baby fund set aside that will allow us to comfortably have her take off.