So as the title says, I’m looking to clear all debts besides the house.
I’m 28, my wife is 27. We have 3 kids, all in school. They go to an in-home daycare for an hour before school and about two and a half after. (Kindergarten, 2nd grade and 4th grade)
Both my wife and I work full-time. Income is around as follows:
Wife: $37,440 ($18/hr 40 hr week) there are variable Saturdays that I haven’t accounted for since she’s starting this job on Thursday.
Me: $46,930 ($19/hr + 5hrs overtime @ $28.5/hr) I am able to get around 3-5 extra hours of overtime every week if I want/can. So at best I can bump up to $54,340. I also receive two bonuses a year, one in the summer and one on Black Friday. The summer bonus is usually $500, except last year and this year has been $4,000 and the Black Friday bonus is around $1,500-3,000. Raises are yearly in January every year, this year will be inflation based so I’m *hoping* for $2/hr more. This would get me to $51,870 at regular work time, or $60,000 following the same high end of overtime I can work as mentioned.
Electric-$200-300 depending on weather
Gas-$30-150 weather pending
Subscriptions (Hulu Netflix Amazon) about $45
A grand total of $3,696
Monthly income of $7,030 before taxes. I’d average it to around $6,300.
We’re left with about $2,600 not including gas for 2 cars (I don’t ride the motorcycle every day) cigarettes (we both smoke and hate it) school stuff and sports for all 3 kids and all other incidentals that come with life. We’re essentially at zero every month.
SO, here’s my plan. We both work days, I currently work 7:30 to 5pm she’ll be 9-5. I can bump up my overtime and work 6:30-5 as well as work an overnight job at PF which I have an interview for Friday. 9pm to 5am. 5 days a week. Hopefully with my work experience I can start at the max the posting had of $13.75/hr. This would give us about $2,000 extra a month. There’s $13,307 left on her car and $6,969 on the bike. If I save every red cent from this second job both could be paid off in 10 months. This would clear up $600 a month, essentially our food bill.
So I guess I’m mainly looking for advice, maybe someone who has done the same thing to pay off debt.