I am 25 and make $90k salary with inconsistent bonuses but I will make about $120k this year. My wife is 24 and in the second year of her masters. She works part time and makes around $20/hr while in school. We live around a large city
Our money is completely shared. Our rent is currently around $1600, due to rates rising will probably be closer to $1800 before the end of the year. So far the only debt we have is $3k left on my truck. I've been fortunate enough to pay for her college and masters so far but her credit hours are going up this semester which will raise the cost of this semester to around $5000. She's applied for scholarships but unfortunately nothing has worked out.
We have only been tightly budgeting for the last 2 months (I know I'm dumb) trying to save for a house. I don't personally like the thought of a loan but I'm wondering if it would be smart to do that instead of trying to take the 5k out of our house fund. I only have $27k saved up for a house because last year around this time the most I had ever made was $60k in a much smaller city.
Neither of our parents have ever been financially literate or stable so I'm trying to get as educated as I can. I also never went to college so I'm not sure what options we have.
Thanks in advance.
Edit for clarity
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My wife is more than capable of taking out her own loans. I’m asking if taking out a loan is better than paying for the cost of tuition up front.
- her masters requires an internship which is of course un paid. So she cannot work full time.
Submitted August 20, 2023 at 06:49PM by TR2G https://ift.tt/8mFfisX
