Eventually, something changed in me. I was about to azing, beautiful, super-fun, and kick-ass wife (see picture). I desired discover 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’d like recommendations, current email address myself from the ). 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 interest-free title loans Lynchburg 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 you are able to do together with your profit.
My partner and i stayed extremely frugally within my PGY1, thriving almost totally off this lady income and placing my income into the my personal funds. However the reality is you to we nevertheless had over $100k to go. And we additional a home loan, advancing years savings, and an increasing friends to your monetary photo.
While the I’ve graduated for the 2013, we’ve generated a ton of advances to 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 days of my personal get hold of paycheck would be given straight to the bank just to pay the interest on my loans.
Prevent an extra and remember you to definitely. Every day, also to invest in a sit down elsewhere about eatery throughout the health in which I spent some time working do start me on negative $30 on the day. in advance of You will find attained anything.
If you graduated recently (or are about to graduate), you’re probably in a similar situation. Doesn’t that make you frustrated? 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’ve got to do something from the college 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’m not attending try everything in the my personal capability to spend less and reduce the latest monetary weight to your my children.
Reducing your Education loan Burden
Reducing the notice on your own education loan helps you save plenty of cash. in both their monthly payment as well as in the amount you spend over the term of one’s loan.
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. which you most likely would if you graduated with a pharmacy degree.
Everytime a separate private lender jumped right up within my Twitter offer, I’d eagerly comment the new deets. I discovered an abundance of companies and plenty of plans you to definitely featured attractive. However, one thing always avoided me personally out of refinancing: Decreased liberty.