Hey r/personalfinance,
This is my first post so I hope I'm doing this correctly. I'm just looking for some input on my current situation. Here's a little back story because I feel like it's important to know all of my options.
I'm 24 years old and currently serving in the United States Air Force as a Staff Sergeant. My wife is a RN (Registered Nurse) and working as a dialysis nurse at a local center. With just us two in the house, we're pretty comfortable. My wife wanted to go for her Nurse Practitioner License so she recently enrolled in graduate school. The degree program is online and available anywhere. I've started the process of transferring my GI Bill (paid schooling for military members) to help with the expenses. We've also applied for Financial Aid. She just showed me how much her first semester is ($9000) and she has a total of 7 semesters. Oh man.
Not to mention we also just found out that we're going to be first time parents come mid July! This is so exciting but also just adds to the stress of money management. We have two extremely supportive families but we want to try and not take money from them. The baby obviously comes first and I've set up a small 12 month Certificate account for the kid. Its nothing special ($50 minimum deposit with unlimited transfers into the account). I was thinking this would be for school down the road?
Remember that whole newborn thing happening in July? Well I just found out that I received orders to move across the country to Arizona.... in July. I've reached out to my supervision about moving our moving date to April but I haven't heard anything yet. The military will move all of our things for us so I'm not to worried about this. Just hoping that our new date gets approved.
So I guess I should go into his much money I have vs what we spend? We currently have around $35K saved up. This includes our emergency fund (15k). I moved the majority of our money into a high interest savings account with an .85% dividend return. It works the same as my old savings account, just with a better return. Our debt is as follows: Wife's previous student loans, car and car insurance, cable/internet, phone bill, and other various things like Netflix and spotify.
I suppose I'm just looking to see if anyone has gone through something similar and could offer some advice. Should we add her new student loans into her old ones? Would it be smart to continue to put money into the CD even if only like $20 a month? Let me know!
TL;DR: My wife who is going back to school is having a baby and at the same time we are moving across the country. We have some money saved, just looking for advice.
Submitted December 17, 2018 at 12:45AM by justadoodonreddit https://ift.tt/2LkxlTt
