Quote:
Originally Posted by ScrimpAndSave
1) save 20% of paychecks. 10% to retirement and 10% to house fund.
I currently take home $1,156 every two weeks and save $700 of it.
2) keep expenses and debt low. Start repaying the debt now (why wait). Paying this down now saves you money and would allow a larger house payment because debt load would be lower.
I am debt free. Any debt there is - is in his name...we are not married as of yet.
3) pay cash for wedding and do not let wedding push debt higher.
I am only paying cash for the wedding - have an ING account that is open only for that.
4) do everything you can now to maximize fiance's earning power when he passes bar (maybe be flexible and you work 2 jobs now, so he studies and aces bar exam in a year or two).
Yeah, I might be able to do this.
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Maybe I am missing some posts in the times I check back, but you are clearly asking some questions, but not giving whole context to the problems which need to be solved. You need a full plan and are only looking at one piece of the plan 2-3 years out while not disclosing all aspects of the plan/needs in each thread (this is second or third thread related to this, right?).
What are savings levels (for retirement and non retirement accounts). In the non retirement accounts, how much of that will be left after the wedding is paid for?
You need to outline the WHOLE plan to get where you are going, and not try to solve a budget problem which is 2-3 years away from happening.
In addition you are looking at items as "his and hers", yet are talking about getting married and sharing a mortgage (and life) together. I would tackle the debt now if you are saving as much as you suggest (because I doubt you could beat the debt cost in a savings account over a 2 year period). In addition the debt payoff would allow you to afford more house in 2 years anyway (better ratios).