Expert: Julie Zorgo - 8/10/2009

Question
I have a $200,000  mortgage, $60,000 student loans, 2 car loans around $5,000 each. I also have $10,000 in savings. Got married 3 yrs ago and a 2 yr old child. I was wondering what bill I should attack first? If I was given $5,000 should  I put it towards the mortgage or something else?

Answer
I would personally take the $5,000 you were give, as well as half your savings and pay off both of the car loans. Next I would attack the school loans, and finally the mortgage.

I hope that helps you out!
Thanks,
Julie

P.s. Don't eliminate your savings entirely. It's good to have some in the bank for an emergency.