Help me prioritize

[Anonymous]

As other PPs have suggested, don't change your lifestyle at all! Build up your savings. Some priorities:

1. Max out 401ks (ie, pre-tax contributions to retirement) if you aren't already doing so

-- with higher HHI, you should definitely take advantage of the tax benefit (check up on this, but I would take the 401K route instaed of IRA, because IRA is post-tax and your HHI is too high to qualify for Roth I think)

2. Build up your emergency fund -- try to have enough to cover 6 months of expenses at least

-- As one pp recommended, I would shelve the idea of renovations/new house for now and focus on building up your finances, esp. since you have two young kids

3. Made some additional principal payments on high interest student loan

-- I would prioritize the 6.5% loan over the other loan and the car payments, since those are low or 0% interest

Congrats and good luck!

[Anonymous]

Thank you all so much - this has been a huge help.

[Anonymous]

you both work but have no child care expenses? assuming a family member for free or something?