Every so often, we get asked questions that could be instructive to many of our readers. We recently got asked some such questions by a reader named Gina, and so I thought I’d share my response in the form of this post. Let’s take a look at her situation:
I’d like your advice on the following:
- I’m off to a bad start because I have student loans that’ll be nearly 25k by the time I graduate and I’m an undergrad…If I even consider the loans I might take out to pay for my masters I’ll probably owe over 35k (without even considering interest!!)
- My boyfriend and I plan to marry in 2 years….However, his family (parents & siblings) live really far and won’t be able to afford to purchase the tickets because it’s VERY expensive. So my boyfriend has decided to take care of that…and the wedding costs. I’ll be pitching in except that neither of us have jobs yet. We’ll both graduate next spring leaving us a year of preparation for not only wedding costs but also to purchase tickets, rent an apartment and car for my in-laws (they’ll need a place to stay and means of transportation since they don’t live here and don’t have family here besides their son, my boyfriend). It wouldn’t have been a problem financially except for the fact that I’ll bring debt into the marriage and we’ll have to figure out a way to pay for all of this (in-laws living arrangements+marriage) before even beginning to get out of debt. Let’s not forget the cost of building a new life together ourselves (moving in, furnishing the place…).
We have very small savings for now…
Once we finish paying off the debt, what can we do to save a considerable amount to give as a down payment?
I probably am psyching myself out lol. I’m way ahead. But shouldn’t we be? ☺
How do you propose we go about all this? What would you do? [Read more…]