I think it's important to brainstorm and then finalize goals for after our bankruptcy discharge and for the future. This small series will be devoted to outlining some of the ones I've been thinking about.
Goals for the Next 11 Years (10 years after our year of savings)
I did a rather elaborate spreadsheet to figure out how our finances could go over the next 10 years. This is assuming one income, plus hubby's disability, plus mom's gift (or whatever funds replace that gift), so it's not fool proof.
(In fact, chances are that once our child is in 2nd or 3rd grade, I'll be working a full time job. I might choose to go back to school myself, and I'd really love to do that, but it's not certain.)
Once our year of savings has passed we're going to pour all our extra money into paying off hubby's student loans.
He owes $60,000 at a reasonable interest rate.
Paying his payment of $325/month he'd take roughly 15 years to pay it off.
If we make payments of $500/month plus whatever else we can spare we'd be able to pay it off in about ten years.
Again, it's not exact as I didn't calculate interest which will be about $2250 a year.
We should be able to pay that as my student loans will be $100/month, roughly, and his will be $325/month. That's still less than the $600/month we're currently paying (and just getting by on if we ignore other essentials) for credit card debt.