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[quote=Anonymous]Current HHI is about 300.  220K from one salary, about 75K from the other.

We're both 36.  One child. Massive debts.

Currently have about 40K saved in cash.  Nothing saved for retirement.

Trying to pay down our school loans.  35K is at an 8% fixed interest rate, 40K is at a 6.3% fixed interest rate.  The remaining $200,000 in school loans (not a typo) is at an interest rate of about 3.5% on average.  All loans have already been consolidated at a lower interest rate when possible.  We also have a 720K mortgage.  Home is valued at 930K.  Mortgage is 5/5 arm with rate of 3%.  Refinanced this year.

Our current plan is to save until we reach 100K in cash (for emergencies) and then work on the 8% followed by the 6% loans.  We would like to have another child in the next year or so and want to have enough cash on hand should we need fertility treatments.  Because of my age we don't want to wait longer than a year to try for our second baby.  We think we need to save for retirement now too and for college for our child, but we've been putting any extra money towards loans and now liquid savings.  Not sure if this is the right thing to do.

One of us has the option of 401K but is not contributing under the theory that we're better off putting that money towards the student loans with the 8% interest rate.  Monthly, after our debts are paid (also have 2 car payments), mortgage and child care, we have little left over.  We're not saving for our child's college yet either.  He's 9 months old.

Thank you.
Would appreciate your advice.[/quote]

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