[greedy4chips]

I also question how you got a mortgage based on $1200 biweekly take home checks. My bank would not consider bonuses as income, hence the term "bonus".

You have $45,000 in vehicle debt...that is insane too, but you already know that. Whatever you can do to get out of that lease HAS to be done. Your hubby could try to refinance his truck also to lower the monthly payment. This is only advisable if you understand that you must repay your loan asap after other debts are paid off, otherwise you end up paying so much extra in interest.

You and your hubby want a stable/reliable vehicle and a cell phone in case of emergencies. These feelings are quite understandable. However, you do not have the same level of stability with regard to your budget. A bonus is just as secure as a used vehicle in that it could be useless tomorrow.

Does your hubby read these postings?

1. [x] Drop whole life
2. [ ] Sell house
3. [ ] Get out of van lease
4. [ ] Pay off/transfer CC#2
5. [ ] Pay off DH's truck
6. [ ] Pay off 8.8% student loan
7. [ ] Pay off other CCs and transferring balances to 0% before promotional periods end

Sale of the house will net you 15k max after realtor fees and paying off mortgage. Cashing out whole life policies will net ???. Bonus will net you 35k if/when you get it...exactly when do you hope to get the bonus??? Total net possible = $50 - $52k

You have $68000 in debt if you can replace the van with a $3000 vehicle and a $5000 loan...consider another 0% CC for the $5k loan. The 68k comes from all debt minus the van plus a different vehicle loan.

So you are really only $13k short. Very doable in the next year (after the sale of the house) if you have a rock solid budget!!!

I figure $680 for monthly bills you have listed minus the whole life policies and 529 + $800 rent + $400 food + $250 gas = $2130 in payments.

Income is $1200 biweekly (does this mean 26 paychecks per year or does he get paid twice a month on the 1st and 15th, which is only 24 paychecks per year and $2400 less/yr)

I am going to assume he gets paid every other friday. This means you get 1 extra paycheck per month 4 times per year an additional $400/ month if properly budgeted. So your hubby brings home $2800/month in this scenario...$1200 + $1200 + $400.

$2800 - $2130 (payments) = $670/month for debt repayment.

Could you increase your income by doing daycare/babysitting for friends. I know you have 3 kids under 4 but 1 additional kid for 8 hrs a day ($100/wk) would be a great extra to help your budget.

My personal favorite...donate/sell plasma. Deliver pizzas on the weekend when the DH can watch the kids.

I think you will be debt free within 1 yr of selling your house if you stick to a plan!