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Pay debt or Save?
I am back again. We have gone from unemployment to employed. Thank heavens.
I will be leaving my current job and most likely be making roughly $600-700 a month when I get out there. ( I have a few nanny related job offers.)
We are not entirely sure yet what he will be making but we are estimating about $2000 a month. I know it doesn't sound like a lot but we will have no bills beyond our cell phones and any "extras" because he is a private school teacher and we live/eat/gym for free.
We only have a $1000 dollar savings and plan to put anything we get in wedding gifts into our savings as well. So by August we MIGHT have $4000 there.
If we payed $800 a month in a debt snowball we would have his debt paid off in just over three years on 8 student loans.
Should we save more first?
Love: March 2010 Marriage: July 2013 Debt Free: October 2014 TTC: May 2015
Re: Pay debt or Save?
Let's assume the low end on the income. So, maybe $600 for you and $2k for DH. That's $2,600.
Let's also assume a low savings amount in gifts after the wedding, so instead of $4k, think $3k.
That would mean you have about $4k total in you
Thank you for the response! I am glad to know what we are doing is smart. Our families think we are too young to be this focused on saving/paying off debt. They also think we are too young to get married. Go figure.
I think maybe you are right a
Love: March 2010 Marriage: July 2013 Debt Free: October 2014 TTC: May 2015
8 student loans seems like a lot. can you consolidate them? is the $32,000 all school loans? I still have mine as well but it comes from just one place. I have $35,000 left on mine but I don't think its that big of a deal.  
Eight student loans is a lot and yes the ONLY debt we have is SL. We cannot consolidate them. Our monthly payment as of now on all 8 is almost 500 dollars even.
I think we will try and get six thousand into our emergency fund before we try
Love: March 2010 Marriage: July 2013 Debt Free: October 2014 TTC: May 2015