Question for the Money Doctors
Question submitted on Aug 11, 2013.
Here is my situation: I''m a 50 yr old white female. I gross $27,040 no other income. I have lost 3 jobs since 2008. I went through all of my savings and 401K just to survive, only to file bankruptcy chptr 7, 12/2011. On top of that I have student loan debt which I have not been able to make payments to yet so I keep putting into forbearance (not good)that is 30+K now. Needed a car, bought a new used Ford Fusion 2010 w/36K miles. My mother put $1,200 down and had to co-sign, so my payments are $238, car insurance is $130, cell phone $70, Store CC bal of $70,$500 PT bill(knees)and about $80 in Dr.visit bills, food $60per wk, fuel $50-60a wk. I have a dog and cat. No medical insurance today due to new better job, better compmany, working through Accountemps until I get hired. My health is good, no meds. I have to move so I''m looking at $300 - $450 for rent. I will need a couch,TV,matress all 16 yrs old. Please tell me how should I save for this and budget? Also, how do I start paying back the student loans? Made it all the way to my clinicals for RN program and my job wouldn''t work with me to allow me to leave an hour early, had to give up my spot. Do I finish my education at this point? Any information would be helpful. Thank you for your time.
Rather than trying to figure out how to scrape by in the short-term, think long-term instead.
You started on the path to earning your RN, a career that according to the Bureau of Labor Statistics earned a median wage of $65,950 in 2011. Finishing your education and earning your degree could potentially double (or more) your current income, provide you with reasonably-priced health insurance, and offer retirement savings programs. There are even programs that will pay off nursing student loans if you commit to working in the public sector (i.e. NurseCorps).
For additional information visit http://www.360financialliteracy.org/