[familyof4]

I am posting my situation again to get a feel for what avenue I should take. Any advice?

Bill Payment Balance
Mortgage $1,514.92 $156250 Rate 6.5% fixed
Vehicle Lease $398 12 months left
home eq $196 $17200 7.5%
Vehicle 2 Loan $317.2 $16650 7%
Children Acct $40
401 repay $163.85 $1900 6.5% (12 months left)
auto Ins $183
snowmobile Ins $24
Life Ins $53.05
Student Loan $47.74 $9400 (5%?, can't remember off hand)
power $90
TV $48.74
Cell $53
Phone line to house $27
Garbage $17
Heat $100
Food and Misc spending $800
MMA/Car Fund $600 +$5200
Mortgage Payoff Act $0
emergency Savings $100 +1100

Total Monthly debt including savings and car fund is 4,773.50. We bring home 4832.22 which leaves an extra 58.72 that I auto draft into my Billing acct to cover any possible incidentals. at the end of the year we will take that extra lump (if any) and add it to the MMA acct.

I think since last June we are doing well, no credit cards, watching our spending. Now is the time we need to make our new found knowledge work for us. As we continue to build up the emergency fund. We have placed many loans on auto pay. Some bi-weekly and I want to add more to that list including the mortgage.

We are 32 years old with two children. I have 17,500 in my 401 and my wife has about 10,000 in her retirement fund.

My question now is what to tackle next. Some of my thoughts are:

#1 I have set my sites on paying cash for my wife’s next vehicle. She has 12 months on the lease and I would like to have all if not most of the payment to replace it next May 2010.

#2 adding more to my student loan, possibly the extra 50.00 per month that I have been letting hit the bill acct.

#3 Once the vehicle is paid for next year, place that fund money $600.00 onto the mortgage principle and use the car payment $398.00 to pay down my vehicle.

Would it be best to take out of the 5k in MMA savings to pay the 1900 loan with my 401k. With my credit union 5k is the limit before we drop down the MMA interest. Right now it is not much 1.25%

Thanks