Trying to get a handle on our crazy $71K of consumer debt, I think I can be done by next Fall. With our income so high, I would love to make the flip from debt paying mode to savings mode.
My income is $150K/year with a $22,500 bonus in March of 2019.
My wife's income is $80K/year
Take home is ~$12,200/month for the two of us.
My current situation is below:
1) House Payment - $2400
2) Utilities (power, water, internet) - $400
3) Verizon Cell Phone - $210
4) Car Insurance - $250
5) Toyota Lease (ends 9/2019) - $342
6) Student Loans ($24K Remaining @ 6.5%) - $352
7) Afterschool Childcare (8 months per year) - $382
8) IRS Payment Plan ($12K Left) - $300
9) Lending Club ($21K Remaining @ 12%) - $1,054
10) Marcus Loan ($22K @15%) - $754
10) NFCU CC ($17K @ 16%) - $340
11) NFCU CC ($11K @18%) - $220
Much of the is facepalmish I know. My plan is to put ~$2500 per month toward the CC debt (snowball method) until I get my bonus, use the bonus to pay off Lending Club which will free up another $1000/mo to put toward the remaining debt. No idea what to do when my lease is up in September of next year.
I think I can shop around for cheaper cell phone service. Verizon unlimited for two people is crazy. Also, State Farm charging us $250/month is quite high, I went online and got a quote from Progressive for $130/month.