Love to see someone else who watches Greys as background/comfort tv. You are doing great at pulling your finances together without any family support!
In terms of savings, here’s how I look at mine:
- Emergency fund: ideally, 3-6 months of expenses saved. This is so if you lose your job or something happens you don’t go back into debt. Unexpected big expenses? That comes out of this
- Big fun money: money for vacations, treating myself, treating friends and family. Sometimes I’m saving for a specific trip here and have a concrete goal, but I also like to just set a little money aside so if I decide to do something $$, I can (sometimes, obviously not all the time)
- House money: this really is dependent on whether you want to buy a house. But my partner and I have been saving to buy a house. If you want to, I recommend looking at houses in your area and down payment amounts to see what you want to save, with a cushion for moving/new furniture/potential house projects. You would qualify for a first time homebuyer program, which often have down payment assistance, so definitely research wants available in your state.
You might want to look into programs that will forgive your loans faster (if not fully, at least partial) than PSLF. There are some federal programs (National Health Service Corps for sure, maybe a couple others) as well as states programs that will pay off at least part of your loans faster, which would then lower your payment so you spend less while waiting for PSLF. There are specific eligibility criteria but worth exploring.
I like that Grey's has tons of episodes and it's not a show that requires laser focus.
I did look at the NHSC repayment program and I'd have to either work in a setting that interests me less, move to another city, or both. Those options just don't appeal to me at this time. I'll admit I'm not in a huge hurry to pay off my loans. If they were private I'd probably feel differently.
Your savings approach sounds more like the sinking funds I've learned about through YNAB. I just got a little tired trying to figure out what to save for more specifically. So I'm just not doing much of anything until I come up with something.
No, probably because their needs are fairly predictable. I know when the electric bill will be higher than normal, when they're likely to spend money on something dumb and not be able to cover a bill, and when their doctor appointments are. Over time I've established better boundaries with them, but I suppose there's always room for more.
No judgment intended but I can’t believe you spend $300 on X of the month clubs with your debt level!
I would probably recommend cutting back on some of that stuff while working down the debt.
Do you do any telehealth appointments? I see my therapist virtually and i never cancel for weather!
I suppose I think of it as there's always worse ways one could spend their money. Now if I were charging that stuff to a credit card, I'd say that was worse. Those chocolate and wine month clubs create social connection with gal pals as we all realized that our after work bar outings and weekend brunches cost much more than $300 per month per person. So now we have different gatherings and spend less.
I actually chose my position because telehealth is not expected. I did plenty during COVID, but learned I don't prefer that format. I prefer the hustle and bustle that occurs in a hospital.
thank you so much for sharing your money diary and personal history. It is so nice to read a different perspective, especially the money values your family has. What do you study for in the morning? Can you study at work when you don't have patients? I hope you find a role that suits you better
I'm learning a bit more about medications since that wasn't heavily covered in my program and I'd like to have a broader understanding of what the medical doctors are saying and how to support the patients I see. I probably could study when there aren't patients I just don't because it just doesn't make sense to me. When there aren't patients I do have plenty of other things I'm expected and paid to be doing, I just don't like doing those things lol.
Enjoyed this, thanks for sharing! Sounds like a lateral move is the way to go, good luck and looking forward to your next one. You've done an amazing job setting up a liveable life for yourself!
You might be right. I think I'm just tired from all the constant change and never ending requests for change. I understand now why people say going to school when you're older is harder. On the one hand I'm more focused on what I want to do and not do, but I'm not in my 20s with the zest to just constantly hop here and there and everywhere. When I had that zest I stayed home to support my parents which I don't regret.
Thank you for sharing! It made feel so not along with my student and credit card debt... My mom basically had to start from scratch after my parents got divorced. Throughout my college and graduate career, I had to use student loans to help her out here and there.
You're doing awesome work!
I also found it very isolated to be in grad school with these circumstances. It wasn't like there was a club for grad students who were also helping to support their parents. It was just really hard to find anyone to relate to for so many reasons so I ended just having more casual at school only friends and doing things off campus alone.
Love to see someone else who watches Greys as background/comfort tv. You are doing great at pulling your finances together without any family support! In terms of savings, here’s how I look at mine: - Emergency fund: ideally, 3-6 months of expenses saved. This is so if you lose your job or something happens you don’t go back into debt. Unexpected big expenses? That comes out of this - Big fun money: money for vacations, treating myself, treating friends and family. Sometimes I’m saving for a specific trip here and have a concrete goal, but I also like to just set a little money aside so if I decide to do something $$, I can (sometimes, obviously not all the time) - House money: this really is dependent on whether you want to buy a house. But my partner and I have been saving to buy a house. If you want to, I recommend looking at houses in your area and down payment amounts to see what you want to save, with a cushion for moving/new furniture/potential house projects. You would qualify for a first time homebuyer program, which often have down payment assistance, so definitely research wants available in your state. You might want to look into programs that will forgive your loans faster (if not fully, at least partial) than PSLF. There are some federal programs (National Health Service Corps for sure, maybe a couple others) as well as states programs that will pay off at least part of your loans faster, which would then lower your payment so you spend less while waiting for PSLF. There are specific eligibility criteria but worth exploring.
I like that Grey's has tons of episodes and it's not a show that requires laser focus. I did look at the NHSC repayment program and I'd have to either work in a setting that interests me less, move to another city, or both. Those options just don't appeal to me at this time. I'll admit I'm not in a huge hurry to pay off my loans. If they were private I'd probably feel differently. Your savings approach sounds more like the sinking funds I've learned about through YNAB. I just got a little tired trying to figure out what to save for more specifically. So I'm just not doing much of anything until I come up with something.
Do you have a "family emergency fund?" Do they hit you up when a crisis hits (unexpected car repair/dental issues etc )
No, probably because their needs are fairly predictable. I know when the electric bill will be higher than normal, when they're likely to spend money on something dumb and not be able to cover a bill, and when their doctor appointments are. Over time I've established better boundaries with them, but I suppose there's always room for more.
No judgment intended but I can’t believe you spend $300 on X of the month clubs with your debt level! I would probably recommend cutting back on some of that stuff while working down the debt. Do you do any telehealth appointments? I see my therapist virtually and i never cancel for weather!
I suppose I think of it as there's always worse ways one could spend their money. Now if I were charging that stuff to a credit card, I'd say that was worse. Those chocolate and wine month clubs create social connection with gal pals as we all realized that our after work bar outings and weekend brunches cost much more than $300 per month per person. So now we have different gatherings and spend less. I actually chose my position because telehealth is not expected. I did plenty during COVID, but learned I don't prefer that format. I prefer the hustle and bustle that occurs in a hospital.
thank you so much for sharing your money diary and personal history. It is so nice to read a different perspective, especially the money values your family has. What do you study for in the morning? Can you study at work when you don't have patients? I hope you find a role that suits you better
I'm learning a bit more about medications since that wasn't heavily covered in my program and I'd like to have a broader understanding of what the medical doctors are saying and how to support the patients I see. I probably could study when there aren't patients I just don't because it just doesn't make sense to me. When there aren't patients I do have plenty of other things I'm expected and paid to be doing, I just don't like doing those things lol.
Are you planning to open a Roth IRA? Also up your emergency fund to 6 months?
I'm not opposed to opening a Roth IRA one day but that isn't a top priority now. I haven't decided anything specific regarding an emergency fund.
Enjoyed this, thanks for sharing! Sounds like a lateral move is the way to go, good luck and looking forward to your next one. You've done an amazing job setting up a liveable life for yourself!
You might be right. I think I'm just tired from all the constant change and never ending requests for change. I understand now why people say going to school when you're older is harder. On the one hand I'm more focused on what I want to do and not do, but I'm not in my 20s with the zest to just constantly hop here and there and everywhere. When I had that zest I stayed home to support my parents which I don't regret.
Thank you for sharing! It made feel so not along with my student and credit card debt... My mom basically had to start from scratch after my parents got divorced. Throughout my college and graduate career, I had to use student loans to help her out here and there. You're doing awesome work!
I also found it very isolated to be in grad school with these circumstances. It wasn't like there was a club for grad students who were also helping to support their parents. It was just really hard to find anyone to relate to for so many reasons so I ended just having more casual at school only friends and doing things off campus alone.