Eventually, something changed in me. I was about to azing, beautiful, super-fun, and kick-ass wife (see picture). I wanted locate my shit 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 would like information, email address me at 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 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 you are able to do together with your finances.
My partner and i existed really frugally in my own title loans Brownsville PGY1, surviving almost totally away from their income and you may getting my personal income towards my personal money. But the the reality is you to we still had over $100k to visit. And you will we have extra a mortgage, advancing years coupons, and you can an ever growing nearest and dearest to our financial picture.
Given that I’ve finished inside the 2013, we now have generated a lot of improvements on my student education loans
At the peak of my loans (I graduated with just over $200k), I was paying over $26 in interest each and every day. I calculated that as a resident, the first 4 months off my personal take-home salary would be given straight to the bank just to pay the interest on my loans.
Stop one minute and you will think about one. Day-after-day, actually to invest in a sit down elsewhere regarding the bistro regarding the medical in which We did carry out begin me personally in the negative $29 at the time. ahead of We have earned something.
If you graduated recently (or are about to graduate), you’re probably in a similar situation. Doesn’t that make you mad? 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 have to do something in the student 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 gonna try everything when you look at the my power to save money and reduce the fresh new financial burden to the my family.
Lowering your Education loan Load
Decreasing the attract in your education loan helps you save plenty of cash. both in the payment and also in the amount your pay along the identity of one’s 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 most likely carry out if you graduated with a pharmacy degree.
Everytime a special private loan company popped up during my Facebook offer, I would personally eagerly review brand new deets. I found an abundance of people and a lot of preparations you to definitely checked glamorous. However, anything constantly eliminated myself from refinancing: Lack of flexibility.