Eventually, something changed in me. I was about to azing, beautiful, super-fun, and kick-ass wife (see picture). I wanted locate my crap along with her. So, I started reading, and taking action on what I read.
I read every personal finance book and blog I could get my hands on (if you need guidance, email address me at ). These books literally changed my life. I studied. I applied. I moved into a smaller apartment. I sold my car and started biking to work. I even got creative and took out a 15-month notice-free credit card to cover expenses for a few months until my next student loan disbursement came (I paid the balance in full before any interest was due). Slowly but surely, my financial picture started looking better.
So, there’s some background. But that’s not really why I’m up at 5:38 AM on a Thursday morning writing this to you. This post is about one of my current financial strategies, and (more importantly), something can be done with your cash.
My wife and i resided extremely frugally in my own PGY1, thriving almost entirely off their salary and you may putting my paycheck towards the my personal payday loan in Decatur IN funds. However the the truth is one to we now have nonetheless got more than $100k commit. And you may there is extra a mortgage, old-age deals, and an ever-increasing family members to your monetary picture.
Just like the We have finished in 2013, we produced a ton of advances back at my student loans
At the peak of my loans (I graduated with just over $200k), I was paying over $26 in interest just about every day. I calculated that as a resident, the first cuatro months out-of my personal get hold of income would be given straight to the bank just to pay the interest on my loans.
Prevent a second and contemplate you to. Everyday, actually to get a cup of coffee in the eatery throughout the medical where I has worked create begin me personally on negative $29 on the day. in advance of I’ve made one thing.
If you graduated recently (or are about to graduate), you’re probably in a similar situation. Doesn’t that make you crazy? Because it sure as hell fires me up. It makes me burn with the fury of 1000 suns.
But before we get too carried away, this isn’t one of those “We to behave on the student education loans!!” complainy-posts. I’m resigned to my choices. No one forced me to go to pharmacy school. No one forced me to take out more money than I needed. I wasn’t educated about what I was doing, but that’s my fault. That’s on me. I’m able and willing to deal with the consequences of the misguided choices of my youth.
However, that doesn’t mean I am not planning do everything inside the my personal ability to spend less and relieve the latest economic weight into the my loved ones.
Cutting your Education loan Load
Lowering the interest on your education loan helps you to save a lot of cash. in the payment per month plus in the total amount your spend along the identity of your own financing.
If you’ve been paying attention, you may have noticed something recently. Private loan companies are coming out of the woodwork offering lower interest rates compared to federal loans. This is especially true if you’ve got Graduate and Graduate Plus federal loans. that you probably do if you graduated with a pharmacy degree.
Every time a different individual financial institution sprang right up within my Twitter feed, I would personally excitedly opinion this new deets. I discovered plenty of organizations and a lot of plans that checked glamorous. But something usually prevented me personally from refinancing: Insufficient independence.