I'm looking to you for some advice. I literally just mailed in my last car payment so the only debts I have are:
Mortgage @ 3.625% - $164,500
Student Loans @ 6.46% (blended rate) - $44,000
After paying my bills, using some money for 'fun', and contributing about $700/month to our 401k's, we will have about $2200 remaining each month. We currently have about $15k saved. My question is, what do you think the best strategy is with our money and debts? I am thinking of paying an extra $1,000 toward my student loans each money until they are paid in roughly 2.5 years. This will allow for us to save the remaining ~$1200 mixed between increased 401k, investments (stock, ETF, etc.), and cash.
What do you guys think about all this?
Eliminating debt is always a good idea ~ I agree that paying the student loans down is a good approach.
That's what I would do! Student loans are the only non-dischargeable debt.
And I should know!
I totally agree about paying off that Student Loan as fast as possible.
I agree, getting that monkey off your back would feel good!
Depends on when you graduated. IF recently, and loans are in deferment than pay on the UNsubsidized; interest just keeps compounding. If you are beyond that period, pay more than the minimum payment if you can. Student loan interest compounds DAILY! Good luck!