I start my first job as a lawyer next week! So, lots of debt but decent salary.
Income (post-tax):
Me: $96,000 (First year attorney)
Husband: $48,000 (Public school teacher)
Total: $144,000 a year ($12,000 a month)
Current monthly household expenses:
Rent: $2,300
Public transportation: $230
Phones, internet, Netflix: $205
Gym: $150
Utilities: $125
Insurance: $75
Food: $300
Laundry and dry cleaning: $100
Misc: $500
Husband’s student loans: $400
My student loans: $1,650
401k + Roth: $2,300
Subtotal: $8,410
Left-over: $3,590
Assets:
Savings: $50,000
Husband’s retirement $15,000
My retirement: $20,000
Liabilities (all student loans)
My Plus Loan $75,000 @ 7.9%
My Stafford loan $65,000 @ 6.8%
Husband’s private loan $40,000 @ 3.13%(v)
Total debt= $180,000
Specific questions:
How much of our savings should we put toward loans? $20k? $30k?
• Right now we plan on putting our extra $3,500/month toward loans
• Also plan on refinancing my debt with SoFi once I am admitted to the bar
Other info: Would like to have a baby in 2-3 years and have my husband be a stay-at-home dad until pre-school starts. Oh, and we live in NYC. I know we pay a lot in rent but a short commute is really important to me.
Thanks so much for your thoughts. Seems like MMM is a great community.