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How much do we have?

August 10th, 2006 at 07:30 pm

Ok, I sort of had an epiphany of sorts. I realized I really don't know how much money we have. I guess I really need to figure this out so I can see our overall financial picture. Things I know?

Credit Union approx $ 970
Bank Savings approx $10,725
Checking approx $ 450
My 401K approx $40,000
DH 401K ??? maybe $14,000
EF MF approx $28,000

I know DH has a Roth IRA out there and I am starting one this year. He also has a few other accts hanging around with some unknown amounts. Maybe around $12K. I think I ought to track those down. The Credit Union savings will have another $2500 added to it by the end of the year but we will use some for our bi-annual car ins and Christmas. The rest will go toward my Roth IRA. The Bank Savings is going to pay off the boat loan next paycheck and the remaining will be for some home repairs.

Other debt (besides the boat loan which will be paid off by the end of August): approx $15K of DH student loans and approx $206K mortgage. I'm not overlyl concerned about the mortgage at this point but those student loans need to go! They will be paid off in a year or so. We didn't want to reduce our EF by too much (just took out over half to pay off the Truck Loan and credit cards). We can handle the mortgage and student loan payments. Then after the student loans are paid off we will throw all our money back into savings and trying to reduce our mortgage. One baby step at a time... Our savings just seem sooo small. Esp our retirement accts. We are both putting in 10% right now and we will bump them to 20% after the student loans are through. I just feel like we will never have enought to retire... AND what about college for our child/children? Oh, it's sooo overwhelming.

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