Great Post!
I suggest you read the MMM post on "Your Hair is on Fire"
You jointly have a lot of debt. In the MMM world the idea is to kill debt with a focused attack.
That in mind, thank you for providing your budget, you have lots of low hanging fruit to give you leverage over the debt.
Your Discovery, Cells, gym, newspaper, internet, eating out, soccer, season tickets, 401 and art classes equal about $1,050 per month.
Here are my suggestions - Focus on paying off Discovery first -- even get deferrals on your low interest student loans if possible to help.
Switch cells to Republic and save $50 a month on that. Easy peasy.
Cancel gym if not under contract. Easy
Newspaper cancel - hey radio and broadcast TV are free!
Internet gone - again free at library or at wifi hotspots
eating out --- no, no, no
Soccer, season tickets, art classes gone, gone, gone. Parks are free, exercise is free, paint is cheap
401K is hard to say, if you're getting a substantial match, you probably want to keep contributing.
Those changes may seem extreme or even difficult for you but remember most of the readers here have already done this and feel pretty good about it.
Once the Discovery Card is done it is time to focus on the Student Loans.
In my very humble opinion 4% interest is a great rate and I wouldn't pay them off. I would instead dedicate a fund named "Student Loan Debt." It would be a very nice, low management fee mix of funds that have averaged 10% over the long haul.
I would then have your husband contribute as much as he can to this. If you want to gift him a matching amount that is up to you. At that rate it is still a 5 year trek.
Then in the next 2 weeks figure out how to boost your income by $1,500 per month. The math is pretty basic. $1,500 a month is about $400 a week divided by the two of you is $200 per person per week. At $10 per hour it would be 20 hours of work per week per person.
It could be OT at work, switching jobs, pizza delivery, waitressing/waitering, lawn mowing, anything you can think of. Just figure out what works and set a hard core goal of $1,500 per month.
At that rate you will be attacking at $2,500 per month and be able to collect 60K in 2 years.
At that point with your 60K in investments and 55K remaining on the student loans put the deal on auto pay with the monthly payment automatically coming out of your investment account. MMM would say write the check and pay it off but it is up to you. I like to keep debt that is below 5%.
After 2 years you will begin saving at the rate of 30K per year with no debt. You can even throw in a few minor luxuries if you like.
Other parts of your budget look pretty solid. Your monthly food bill is admirable in fact.
If you are focused, frugal and dedicated at your income you could be retired in 12-15 years.
Remember to consistently work both sides of the equation --- Lower your expenses, increase your income.
I know it sounds like a very long journey, but we know you can do it! Take some steps today, some this week and have most of the steps in place within a month.
Good Luck and thanks again for the post!