Meet Jenny
Age: 35
Jenny’s main concerns, in her own words:
My husband’s salary around 170k/year. Plus a potential bonus of about $30k/year.
I work part time serving so my income fluctuates.
We’re newly married, no firm budget
My husband’s account: $55,000 in savings with a checking of around $20,000 (which I know is higher than Peter recommends, but my husband travels internationally and is often booking trips upwards of $12,000 at a time).
My account hovers between $500-$1,000.
I have about $16,000 in school loans and $11,000 in a consolidated debt loan. Current loan payments total $457/month. My income goes directly toward that and his income covers the rest of our expenses.
Our only other debt is the house. Purchased December of 2014 for $289k with $60k down payment and a 15 year mortgage.
I have about $25k sitting in an IRA-rolled over from previous 401K. It’s stagnant and I would like to be aggressive with it.
He has about $400,000 in retirement savings.
I’m about to start IVF and wonder how many cycles we can afford.
What we cover in this episode:
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fertility treatment cost impact
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cleaning up old debt when in a new relationship
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.