Advice Needed: School/Finances

[LatinRN1]

Hello everyone-

I have a situation where I would like some advice/input. I am currently a first semester MSN/FNP student and also am a full time ICU RN ( working 3 12 hour shifts).

Here is where the dilemma starts:

Starting next semester, I am going to start doing my clinical rotations which will occupy 2 days a week, plus my 3 days of work that leaves me with 2 days to do some studying. I feel that I might need to drop and become a PT employee (working 2 days a week) in order for me to fully give it my all to the program and study as I should, the problem deals with this next situation:

I wanted to buy a house and in order for me to buy a house and be able to manage all payments and still be able to pay for school and such I would need to be working my full time (3 days a week), but with school and the studying this thought is becoming a bit stressful.

Option 1} Keep renting my apartment and stay here with my wife and son and complete my MSN/FNP program with less stress by working PT.

Option 2} Just bite it and work 3 days a week and buy the house.

* If I am to buy the house, my monthly housing payment will go up by ~$700.00

I basically have 3 semesters left; what should I do guys?

Thanks in advance

[meanmaryjean, DNP, RN]

Keep renting. Houses will still be there. Your family and school are MUCH more important at this stage of the game.

[gelli.25]

If it were me, I'd definitely choose option 1.

[littlepeopleRNICU]

Keep renting...when you graduate, you may even be able to afford a nicer house than you would be able to now. That's my plan! Even that set aside, if you have the means to go part-time at work right now and give yourself less stress and time to focus more on the program, that sounds like a no brainer!

[BiotoBSNtoFNP]

Option 1-keep renting. I cut down from FT to PT at work once my fnp clinicals started. I was surely glad to keep my sanity!

You want to make sure you have enough time to dedicate towards your studies so that you are the best prepared np you can be!

[sailornurse]

Agree with all PP, keep renting. I worked about 20 hours per week in NP school. But on Winter break & summers I picked up extra shifts by floating. I also worked in the ER which was not tied to the 12 hour shifts (they had 6 hours, 4 hours etc) so sometimes I worked more, some weeks less. I had bought a house before I started, my GI bill covered the mortgage, I had paid off the car prior to starting NP school, so basically just had utilities/groceries/car & health insurance to cover.

I worked with another NP student who was one year behind me, she actually asked how I was "making it" working only 20 hours per week.

I replied that she probably drove a nicer car. (yeah she had a new mustang) (I drove a used Toyota Corolla) which she bought just before starting NP school & prior to her divorce that was a surprise to her. So she worked full time & struggled in her courses.

PT for now, you will be rewarded later.

[Jules A, MSN]

I'm a big fan of intelligent investing in real estate but would agree that it is probably smarter to keep renting for now however I'm never going to be the one recommending cutting back on full time hours especially when that only has you working 5 days a week.

Personally I didn't find either of my NP programs all that challenging and there is no way the amount of money someone loses by cutting their salary by 50% for a year or two can be justified, imo.

[verdeacres]

Definitely keep renting, spend time with your family, and with 3 semesters left, you will have plenty of time to look for a different house than you would have bought on your salary now. Who knows where your job will be too - you might want to be a slightly different area for an easier commute.

[applesxoranges, BSN, RN]

I would keep renting. What if you get an awesome offer that is several hours away from where you live now?