Hi all,
I am in a position where I have about $60,000 in student loan debt, about a $42,000/year base income, and I am paying my student loans off with over 50% of my salary and 100% of my monthly bonus which sometimes approaches 30% of my monthly salary.
I have a condition that requires me to buy several medications, the most expensive of which costs me $45 per month (about $55 total expense per month).
There is an optional surgical procedure that would prevent me from ever having to take that medication again, saving me $45 per month, for life. The cost of the procedure is between $2,000 and $3,000. I will use the worst-case $3000 in the estimates. I would like to do it as soon as possible, because the medication has other negative side effects other than leaking money. (I am not allowed to eat bananas! ... among other, more medical, side effects.)
However, the newly planted mustachian in me is having trouble reconciling that vs. paying off my student loans as quickly as possible. I could pay them off in 2-3 years, depending largely on how big my monthly bonuses are, and get the procedure after.
Would the $3,000 cost of the surgery (worst case) make the $540 savings per year worth while? I'd break even in under 6 years, and I would otherwise be required to stay on the medication for the rest of my life. I would also be able to attribute the now-free $45/mo to my loans, to help make up the $3000 I rerouted to pay for the procedure.
What do you think? Are bananas in my oatmeal and $45 unspent dollars per month worth spending $3000 now?
Thank you for you advise!
Lea