I don't think that line on clothing spending is accurate so I just googled a number to put in there while trying to make the budget.
Warner, I'm slightly confused on your advice. Are you suggesting that I Invest in index funds or something equivalent and label that portfolio as "Student Loans"? When I have the balance owed in that account what do I do with the funds?
In a separate portfolio after I have the balance owed on my student loans I should begin saving for a home? do you suggest I save for the purchase price of the home?
I really appreciate the feedback everyone, I seriously needed to talk about this with someone to help me realize I am straying way away from what a sane person would do here.
Sorry for the confusion --
Student loan 3.5% 100K -- Open a vanguard 500 fund and save like a mad man in that fund. On your ledger mark it student loan and continue in this manner until you have 70-100K in there. The reason -- your loan rate is 3.5 and the market may yield 7-9% long term. You can take the rest of your life to pay the loan. If you should die the loan is 100% forgiven yet your vanguard fund still exists. Some are so anti debt of any kind they would disagree.
House - People say "buy" a house when they really mean borrow money and occupy a house. I am not in favor of this. I believe people should actually have the money to "buy" the consumer items their hearts desire. Like above, under the current low interest environment, if you should choose to buy once you have the money, I suggest putting the money in a fund called "paid off house" and then obtaining a low interest mortgage. (because rates are so low)
Convincing your wife will be the hard part. People feel entitled. Learn to say "no" to yourself and "no" to your wife. Women love a strong man.
I'm pretty blunt. Please excuse me.