Hi all, newbie here, but glad to have the opportunity to pose a question. I'm really digging the MMM blog, reading it from first article on. Thanks in advance for anyone who takes the time to help me out.
My question: My wife and I live in DC. She works full time as an attorney and I watch our son during the week and freelance on the side as a video producer. My freelance gig has brought in some extra dough recently so I have about $25k saved in my business account - taxes paid. I also have about 60k in student loans at 6.25%. My current thinking is to take as much of that windfall of cash as is reasonable to put toward the loan. The question is how much. (we have no other higher loans, use a paid-for car, rent apartment, bike to work, have good health insurance, etc)
One of my main considerations is how much to leave behind as a rainy day fund - none, some, most...? If "some" then how much is a good amount to have in a rainy day savings? I already have about $6k in another account not doing much, and I'm able to save more every month to replenish the fund a bit at a time. I estimate my monthly average expenses can go as low as 3k in an emergency.
Any thoughts? advice?