how did you pay the bills during school? Hubby freaking out!

Roseyposey · Jul 27, 2005

School loans.
I decided to self-finance my education for a number of reasons, one being the getting my husband to write a ck for anything is stressful. .

I do this also. I keep a separate checking account from which I pay my tuition and all my school-related expenses. If I need to pay for something via credit card, I write my husband a check (made out to the cc company) right after I charge it. This helps make sure the money is there when I need it and that it is used in the manner for which it is intended.

ICRN2008, BSN, RN · Jul 27, 2005

I also agree that cutting back now is the best option, because you have a whole year before you start clinicals. You'd be amazed at how much you can save by cooking at home instead of going out to eat, dropping cable, changing to a family cell phone plan, etc. My husband and I also downgraded our living situation (from 2 bedroom to 1 bedroom) and bought a used car instead of a new one.

Even with these changes, I am still taking out a fair amound of Stafford loans. I figure that I'll pay them back later.

HeartsOpenWide, RN · Jul 27, 2005

I know this is my situation alone, but in my case I had to wait two years before I could even start school all together. I knew we could afford it, we do not have a house payment and I am more than willing to live simply, and am very frugal (I got my electric bill down from $86 to $5 in a month). Once my husband got a raise I jumped on it! The agrement was that I could go to school full time as long as I worked when ever I was not in school ( spring break, summer, winter break) lucky for me (as a CCMA-C) it is not to hard to get a job. I worked for a mobil office last summer and this last winter and this summer I was able to work for the office I worked for two years before going back to school.(some one walked out three days after spring classes ended...thank GOD!)

I would suggest working like I do, on school breaks, if you can make it with out working during school sessions that would be awsome, however...I know how debt can be as it was way over our heads at one point, but getting a lot better, if anything, keep up on getting that debt down.

Jo Dirt · Jul 27, 2005

Warning: this is looong but this is also a very serious subject you can't sum up in a small paragraph.

Many are telling you to borrow out the wazoo but I strongly urge against this. Nothing will cause strife in a marriage like financial woes (finances are the main reason people get divorced today) My advice is extremely unpopular because it doesn't involve getting into a lot of debt (the easy way out...at least it *starts* that way. The nightmare will be when you have to pay back that debt.You don't want to get out of school only to owe tens of thousands in student debt, even if it *is* low interest. As you know, the debtor is slave to the creditor and payback is never easy no matter how low interest it is. I've been in debt and I've gotten out of debt, and I will never go there again. I will get slammed for saying this but it is the truth, though the truth doesn't make us popular. I would like for you to please take what I say into consideration, because I feel strongly about this.

#1 Do not take financial advice from people who are broke.

First and foremost, plan a budget on paper. Write out your budget for the month, accounting for every dollar of your income. As for your bills, make out a list of every monthly bill you pay (cable, rent, telephone, etc.), multiply the amount you come up with by 52, as there are 52 weeks in a year. Whatever you get divide that by 12 and you will get the amount you spend on your bills each month. You can then break that down into the amount you will need to pay every week or every two weeks, if that is the way you get paid.

For example, I opened a separate checking account just to pay my bills (made it easier to keep up with by keeping it separate). At the time, it required $350 a week (which is a lot because I also had a car payment, which is something I will never do again either, more on that later) put into that checking account to pay my monthly bills. Though it was a little tough to get started the first couple of weeks, funny thing is, I started to notice I had more money in my regular checking account than I usually did, and by setting up for bank draft I never have to bother with checks or late fees because I'm so busy I have trouble finding the time to go pay the bill or even mail it in, which you can expect to be a very busy lady. My weekly checks were (and still are) $840 one week and $612 the next, alternating, so when I took out the money for the bill account, I still had $490 in my regular bank (or $262 on the weeks my pay is $612) account to take care of groceries, clothes, and miscellaneous expenses. Keep in mind you still need do a written budget with your remaining money. Allot so much for clothes, food, gas, etc. I suggest drawing the cash out of the bank and dividing it up using envelops labled "gas", "groceries", etc.

No matter what you make there isn't a reason you can't save. I am finishing my ADN right now and it is requiring quite a bit of money now that I am to the end. I have to come up with $1075 in the next few weeks plus other expenses. I could go take out a loan but why would I when budgeting can take me through this with no debt? I just paid $800 in three weeks so I could go to a workshop in August. I expect to have this $1075 paid in a month

Yes, this takes a little time but you will be glad you did it. It's much easier to get into debt but you have to look at the bigger picture. Think of how good it will feel to have little to no debt when you are out of school.

Your cars...I assume you and hubby both have car payments? If you have car payments it is likely you are driving cars you cannot afford. I know people making payments on $27,000 cars with an income of $27,000 a year...that is way insane. But I also know a lot of people will not part with their cars by selling them and scraping the money to get a cheap $1500 get around car they payed cash for (nooo, you are not any more likely to be stranded on the road than with a new car) so just figure these car payments into your bill account and then decide if you feel like the payments are worth it.

My house is paid for but I have three small children and my share of financial responsibilities.

I'm not trying to be some know it all financial advisor. This is the advice I took when I was broke and had bill collectors calling my house and I decided to get angry and get out of the mess I was in and boy, what a feeling to be debt free and to be in a position to actually save my money.

And also, starting now build an emergency fund of at least $1000 and do not touch this except in an EMERGENCY!

And don't take out any credit cards! If you have credit cards pay off that balance and drive a stake through them!

BTW, I also suggest you cook meals ahead of time. On Sundays, I cook enough food to last a week and put it in the freezer. You can cook simple things like homemade chicken noodle soup and spaghetti and freeze it. Then you won't have to spend a lot of time cooking when you need to be studying.

Good luck to you.

Momto3andNurse2B · Jul 27, 2005

I don't know what the situation is like in other areas, but here in Florida, most hospitals offer nursing scholarships in exchange for a commitment to work there after you graduate. Unless you are planning to move when you finish (like me), it not only pays for school, but it is pretty much a guaranteed job when you finish.

Best of luck to you.

marcieg · Jul 27, 2005

Thanks everyone, I will have my husband read all these too.

Unfortunately, there is basically nothing else to cut back. We rarely eat out, cell phones are a necessity for our jobs, we are both on the road all day, and have the mininmum plans that meet our needs.

We already traded in his beloved pickup, but with all his negative equity on it, we had to lease a car. Not to bore anyone with all the details, it saved us money each month and the negative equity willl be gone in three years. My new/ used car is the only reason that I was able to even think about being able to get to school, my old one was on it's last leg (tire?). We both agreed a reliable car was a must for me.

I changed jobs at work to become a hospice home health aide, so I work 10 or so less hours a week and bring in more income. My hours are a little more flexible, and I have the opportunity to work in our hospice residence at some point to work nights and weekends if needed.

I like the idea of collection boxes at the gas station, lol.

I am the queen of cheap, I hardly ever buy anything new, just redecorated my living room for like 20 bucks. I was a single mom working up to three jobs and getting state aid and food stamps for years, so believe me, I can stretch a dollar until it screams.

Well, we still have a little more than a year, so we are looking for all the advice we can get. I just want my husband to know we aren't the only ones going through this, and that it's worth it.

Oh by the way, he has an awesome budget made out, runs like clockwork, so we know where every penny goes.

southern_girl · Jul 27, 2005

Can you tell me what does PRN mean.

Thanks in advance

I worked as a CNA while in school, PRN. That way, weekends, between semesters, etc...I would work MORE hours. Also, I became the Queen of the Kitchen, making inexpensive dishes for meals. Hey, add cheese to it, it becomes edible.
Good Luck.

Jo Dirt · Jul 27, 2005

Oh by the way, he has an awesome budget made out, runs like clockwork, so we know where every penny goes.

The car fleece was a big mistake. Not sure how you can get out of it now and you didn't have to go into debt just to get another vehicle.

If he is working two jobs, you are working part-time and you have a budget...what's the problem?

SnowymtnRN · Jul 28, 2005

The car fleece was a big mistake. Not sure how you can get out of it now and you didn't have to go into debt just to get another vehicle.
If he is working two jobs, you are working part-time and you have a budget...what's the problem?

The problem is these people have expenses and bills they have to pay. it must be nice to have a tightly ran budget like you do, and i commend you for it. But what works for some doesn't work for others.

The reality is the cost of living is high. If you have jobs where you are on the road, you need a reliable car. They have 2 reliable cars and will have them paid off in 3 years. They have children, they cost money. Not everyone has a house that's paid for, that's a HUGE load off your back i'm sure. My mortgage is $1700 a month. But let me end buy saying this. There's NO WAY i could have budgeted they way you suggested. You yourself know its bad advice because of how you worded it, but it works for you. That's awesome! But i couldn't wait to go to school. i was making $5.15 an hour when i STARTED. I had a car paid off, cheap insurance, etc...My husband and i shared a car, walked where we could, meal planned, ate cheap meals, pain off credit cards, and still paid the rent. I do not regret it for a MOMENT. we got behind on some things some of the time. We had to have travel money, expense money for school, uniforms, supplies, and all those unforseen expenses they forget to tell you about. We did thie TOGETHER, both of us in the program. And buy finishing school the way we did, we now make over 100K a year. We are still cutting expenses as much as we can because we don't want to waste money. But without budgeting, school loans (which we are paying back at a cheap rate, consolidated) and scholorships there's NO WAY i'd be making the money i'm making now. NO WAY.

So girlfriend, you do what you gotta do. Just when you think there's not one red cent left, you'll scrape the barrel and find it. When you are done you'll be SOOOO pleased with yourself that you did it.

Hang in there.

Mulan · Jul 28, 2005

I know this is my situation alone, but in my case I had to wait two years before I could even start school all together. I knew we could afford it, we do not have a house payment and I am more than willing to live simply, and am very frugal (I got my electric bill down from $86 to $5 in a month). Once my husband got a raise I jumped on it! The agrement was that I could go to school full time as long as I worked when ever I was not in school ( spring break, summer, winter break) lucky for me (as a CCMA-C) it is not to hard to get a job. I worked for a mobil office last summer and this last winter and this summer I was able to work for the office I worked for two years before going back to school.(some one walked out three days after spring classes ended...thank GOD!)
I would suggest working like I do, on school breaks, if you can make it with out working during school sessions that would be awsome, however...I know how debt can be as it was way over our heads at one point, but getting a lot better, if anything, keep up on getting that debt down.

Wow! How did you get your electric bill down that much?

jeannie143 · Jul 28, 2005

I am going to start my actual nursing classes in September 2006, and my husband is freaking out (to put it mildly). He knew this was coming, and now that I have been able to find out what semester for sure, he is in a panic about money.
We have been working hard to pay things off before then, because we are anticipating that I am either not going to be able to work or only work reduced hours, but we will still have car payments, mortgage, etc. and not all our other debt will be paid off.
Were any of you able to creatively finance the gap in pay while in school? I am willing to go to school part time and work full time if needed or vice versa, but we both agree the sooner I can get done and bring more income in the better. I plan on getting a Stafford Loan and any other aid the school can offer, but we are afraid that it still won't be enough to keep us afloat.
He already works 2 jobs, while I work full time and also attend classes. We also have a 13 year old that someone needs to be keeping an eye on.
There is not much more we can cut down on, the only luxury items we have are basic cable and DSL for the internet (mostly because I need that for school). Everything else goes to pay down debt. Any ideas?
Thanks for any advice!

I am in the exact same circumstances. Left my ft job to go ft school in Sept. Took out a home equity line of credit to pay for tuitition and to supplement the loss of income. All I have to work for is the monthly payment on the home equity line. The rate was great and we have 20 years to pay it. Got the same rate as the loans offered by the school. Check into it, maybe it will help you too. Good luck.

Jeannie :)

SusanJean · Jul 28, 2005

#1 Do not take financial advice from people who are broke.
First and foremost, plan a budget on paper.

I don't know if you mean that we, those who posted advice, are broke (because we took loans) or just are saying that in general.

In the event of the former, I would like to say that I am not broke, have significant investments but do not want to touch the principle. Also, I would like to take part in the loan forgivenss program, but in order to do that, I need to have loans.

We have a lovely home, but live modestly, drive older cars w/ no payments and rarely use credit cards. If we do, they are paid off at the end of the month.

I agree credit can be a slippery slope, but it is there for a reason, too. If used responsibly, it can make an college education available where someone may not be able to otherwise have one.

IMHO, being available for my kids (vs working - and I know others feel the same way ) is worth the cost of the student loans. They can always be prepaid w/out penalty.

SJ