How to save?

My salary is of 19700( takehome)of which a monthly emi's of 6823/- & 2226 is cut for personal loan.Likewise,my wife's takehome salary of 13800 has a emi of 4219 taken out each month.we have a monthly expense of 8000 each month.i will be needing 230000/- on dec 2007 to pay all my personal loans.pls tell me how much and how should i save the money to collect mentioned amount. Awaiting for your reply, pls do reply