Hello and $$$$questions

Hello, My name is Gina and I am the full time working spouse of a 4th year osteopathic student. We have two kids and a whole bunch of loans!! Now that we are getting closer to NOT taking out more loan debt and an actual paycheck from DH, I am getting very anxious to get a "real" plan going to pay off debt and actually live on what we EARN. (GASP>>>novel concept, I realize, but we have been hitting credit cards pretty seriously throughout school)
Anyway, I am just wondering what kind of advice anyone may have about money, or just some stories to reassure me that there is going to be SOME noticeable difference between now and THEN (July)

[DCJenn]

Hi Gina!

there are tons of people in your exact situation here- so even if you don't get any adivce (which you will) you will get both sympathy and empathy!

Welcome aboard-

Jenn

[houseelf]

Welcome Gina!

I'm Kelly, wife of a surgical resident with a full time job myself and I find myself muddling through the same questions. I really don't know how life got so expensive, but whew, the money just goes. I'm sure that just like you, I have a rolling ledger in my head of bills that need to be paid. In sum, your in good company here. Glad to meet you.

Kelly[/img]

money

Hi Gina,

My husband is an Internist and has been in practice about a year and a half. We had many of the same money problems you are facing. We have one son, a TON of loans from medical school, and substantial credit card debt. We are doing better now, but it isn't easy. The best suggestions I have is to try to live cheapy during Residency. As far as loans, we paid only interest during Residency- because of that credit card debt--it made more sense to put our money toward high interest credit cards than a low interest student loan. Now that he is in practice--we are refinancing our house, consolidating our credit debt, (I have been forced to cut up my precious cards) AND still trying to live like we did before. You know, no big purchases like cars, furniture, etc. no matter how tempting! We plan on doing this until we get used to the large monthly loan payments. When your husband gets into practice, depending on where you live, he may be able to get a sign on bonus to pay some of those loans. My last and most hated advice is a budget. When you start tracking your money, it is amazing what you discover! Lots of waste on our part. I am a credit card addict--but I will tell you, it feels good to pay cash! And it also feels good to pay off a credit card balance that has been hanging out there for a while.

Oh, well, I am rambling, hope some of it turns out to be helpful!

Renee

Although I am in the UK and have few responsibilities in terms of family, I am going through the same problems, although largely self-imposed.

My finances are fairly seperate from my bf at the moment, but we both have large debts- his through school debts and me through being a spend-thrift. He is fairly disapproving of my indiscriminate spending, and unfortunately I am with a private bank which seems to dole out cash regardless of the balance in my account and regardless of the fact that I dont have an overdraft facility.

Any more ideas on budgeting would be really helpful- at the moment our quality of life for two people in their late twenties is fairly poor, and I would love some ideas as to how to have fun despite having no cash and a very very overtired bf most of the time. I think part of my problem is that because he is so busy, I feel the need to indulge myself to make up for it. Self-pity, I know, and totally illogical, but there must be other ways to get through his on-calls than spending money on myself!

$$$$$

Hello Gina,

Money is almost always the biggest "disaster area" for just about every marriage. Usually, a couple charges their wedding/honeymoon/diamond ring on a credit card and NEVER CATCH UP. For the medical profession, school puts you under and makes life tough. Here are a couple of thoughts from an OLD guy that is enjoying life:

You must have a GOAL as well as a plan to get there.
You must BOTH be on the same page.... if you are saving and he is spending, it won't work.
You MUST save some each week/month in a place that you can't get to! (E-mail me if you want more info on this!!)
Pay off the high-interest loans FIRST.
There are currently credit card interest WARS going on. If you can get a new card with a 1.9% interest rate, move as much debt as possible off the 12-13% cards and CUT THEM UP. Don't put anything new on the cards if you don't absolutely have to.
If you pay all your bills with a credit card and can pay the card off each month, use a card that acquires airline miles. Get something for nothing!! Or, plan to buy a car, use a GM type card that gives you a percentage back on the purchase of a car.
Convince yourself that for every dollar you save now, you'll have $10 when you go to retire. Start with just $50 a month, and see how much more you can hide away without missing. Make it a game to pay the bills AND save.
Make a realistic budget. My brother is over 50 and doesn't have two nickels to rub together. When he was in the computer market 10 years ago and making $100K a year, he didn't save anything. BUT, he could afford to buy 30 cans of tennis balls and 4 pair of Nikes every month. Be realistic, but use common sense too.
Quit eating out.
Enough for now. There are lots of ways to cut back. You just have to learn how. Best of luck to you. Xz