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No. of Recommendations: 4
I've cut our expenses way down, but our monthly obligations are still numerous - mortgage, car loan, lease payment, student loan, utilities, phone, plus min payments on cc debt - and that is just scratching the surface. There's also child care, home maintenance, gas, groceries, etc. Would be nice to eliminate a monthly payment.

Is the lease payment also for a vehicle? Do you have a plan on how you will replace that vehicle when the lease comes due?

Also, I would like to suggest that once you have the car loan paid and after you have finished paying off your debt that you put your car loan amount into a separate savings account to be used to buy the next vehicle so that you don't have another car payment waiting for you down the line.


Savings now go towards retirement and 529s.

I agree about putting some savings towards retirement, but with all the debt that you have, I would not be putting anything else in the 529s. The kids will have options around college including delaying, attending community college for 2 years and then transferring to a 4-year college, finding a job that has tuition reimbursement and using that to fund college, and taking out their own student loans. If you are saving in their 529s while paying interest on all your debt, that college savings is already costing you more because you are not using it to reduce your debt.
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