I listen to the Dave Ramsey podcasts and hardly any of the callers have as much unsecured debt as I do and they tend to be married couples with dual income. I have a quarter of a million dollars in student loan and credit card debt and I am currently single so I can tell you that I don't plan to wait 10 years before I start on any of the other Baby Steps. I don't think it's a wise move on my part. So, I am open to suggestions but this is what I am thinking.
Beginning next year:
- Apply all bonuses to debt repayment.
- Increase my 401k contributions 1% each year so that by the time I repay the loans, I am also already contributing 10% to my 401k.
- Begin saving $200/month so that I can contribute towards my 6 month eFund.