Income:
His (Every Other Week): $1,538 + $158.02 401k contribution (employer matches 1/2 of first 4%) + $46.02 Roth contribution
Hers (Every Other Week): $1,586 + $67 401k contribution (employer matches 9% of income so total contribution is around $270)
Monthly Take Home: $6248
Current expenses: Provide breakdown and relevant details. Include fixed expenses and variable expenses
Housing(includes ins/tax) $1,230.00
Student Loans 1 $232.00
Student Loans 2 $53.00
Car Payment (Honda) $269.00
Auto Maintance (Honda) $20.00
Gas (Honda) $125.00
Car Payments (Saturn) $0.00
Auto Maintance (Saturn) $50.00
Gas (Saturn) $125.00
Auto Insurance (Both) $150.00
Life Insurance - G $30.00
Life Insurance - N $40.00
DayCare $500.00
Groceries $350.00
Gym $42.00
Cell Phones $135.00
Alliant Energy $125.00
MidAmerican Energy $50.00
Municipal Utilities $65.00
Cable/Internet $135.00
Clothing $100.00
Baby Supplies $100.00
Personal Care $50.00
Pet Food $20.00
$3,996.00
Expected ER expenses: Not Sure
Assets: Combined Retirement Savings 401k + Roth both parties ~$53k
$4,200 Emergency Fund
Liabilities:
Chase Credit Card - $0.00 15.24%
Stafford Loan - $2,436.59 6.80%
Stafford Loan 2 - $1,173.00 6.80%
Stafford Loan 3 - $750.00 6.80%
ECSI Loan - $2,291.00 5.00%
Sub Cons Loan - $2,173.00 4.88%
Unsub Cons Loan - $2,538.00 4.88%
Hills Home Loan - $18,850.05 4.50%
PLP Loan - $5,116.00 2.43%
Honda - $11,303.10 2.39%
Home Mortgage - $125,025.48 3.64%
Total - $171,656.22
Specific Question(s):
Ok so just getting started on my mustache. I am 30 and just found MMM 2-3 weeks ago and have already knocked out roughly $800 in student loans and took money out of the emergency fund to kill our $1k credit card debt. We know we still have a lot of cutting we can do with our expenses. Just talked about cutting cable today, actually my spouse suggested that! So she's at least partially on board. I'm locked into the Gym Membership for another year. I will be getting a $3,500 pay bump at the first of the year and would expect 4% a year going forward. The wife will be getting 1% this year as it's a very new job for her. Her job is about a 30 mile drive each way but it has great benefits (we paid $0 out of pocket to have our baby). We could move about 10 miles closer until housing prices go up quite a bit - this would also be closer to my job. Most likely scenario is that we will have 1 - 2 more kids over the next 5 years so daycare expenses won't go down.
So Senior Mustachians guide me in growing my mini stache into a big bold beautiful stache.
Where would you put your extra money at this point? Into debt or savings?
Where else can we cut our expenses?
Could ER be in our future by say 40 or 45?
Thank you in advance!