Hey y'all,
I've done a lot of research across r/frugal, r/personalfinance, and several other subreddits and sites over the past three months. However, despite a wealth of fantastic general advice, I've decided that I should submit a post about my specific situation.
I make $2800-3300 per month after taxes during the school year, $3500 during the summer. Living expenses are minimal, roughly $1000, because I spend very little outside of rent, food, and car insurance. However, since I am self-funded and the state of Texas decided college kids don't really need grant money any more, a not insignificant portion of my savings are funneled back into school expenses and trying to stockpile for grad school (physician assistant).
Here are my questions: 1) How should I approach replacing my current vehicle? Currently driving a 1996 Jeep Cherokee beater, and the repairs (and impending repairs) are adding up. I paid $1400 for the car, and I'm already $1200 deep in general upkeep (e.g. u joint replacements, new tires, hoses and joinery of other sorts). It still needs about $3000 put into it to make it mechanically sound and reliable. I have had my eye on a dealer selling a 2013 VW Golf that is currently sitting at $10.2k, but I am not sure if it is wise to take out a car loan when school is my first priority for the next 5-6 years. I need a vehicle for transportation to my job; I live in Houston, car travel is necessary unless you live and work on campus (which I do not). Thoughts?
2) How should I approach saving for grad school? I know I am going to have to take out loans for the program, but I would like to minimize ancillary expenses and begin cutting away at the principle as quickly as possible. So, what should I plan for, expenses wise, as I go about planning a future budget and saving accordingly? COL will remain roughly the same, if not decrease, in grad school.
Apologies if long winded or vague. I'll do my best to elaborate if prompted.
August 18, 2017 at 06:07PM
