Category | Monthly | Comments | Annual |
Salary/Wages for person #1 | $5,083 | $61,000 | |
Pretax Health Ins. | $500 | $6,000 | |
FICA base salary/wages | $4,583 | $55,000 | |
401(k) / 403(b) / TSP / etc. | $600 | Room to increase? | $7,200 |
Income subject to IRS tax | $3,983 | $47,800 | |
Federal Total Income | $3,983 | $47,800 | |
Federal tax | -$371 | 2015 rates, MFJ, stand. ded., 6 exempt. | -$4,455 |
Soc. Sec. | $284 | Assumes 1 earner paying | $3,410 |
Medicare | $66 | $798 | |
Total income taxes | -$21 | -$247 | |
Income before other expenses | $4,004 | $48,047 | |
Monthly Average Expenses: | |||
Mortgage | $824 | $9,888 | |
Charitable contributions | $450 | $5,400 | |
Miscellaneous | $2,134 | $25,608 | |
Non-mortgage total | $2,584 | $31,008 | |
Loans: | |||
Student Loan | $483 | $5,793 | |
Total Expense | $3,891 | $46,689 | |
Total to invest | $113 | $1,358 | |
Summary: | |||
"Gross" income | $5,083 | $61,000 | |
Income taxes | -$21 | -$247 | |
After-tax income | $5,104 | $61,247 | |
IRA+401k/403b/TSP/457 (Savers' credit) | $600 | $7,200 | |
Living expenses | $3,908 | $46,896 | |
Non-mortgage loans | $483 | $5,793 | |
After-tax investable | $113 | $1,358 | |
Filing Status | 2 | 1=S, 2=MFJ | |
# Exempt. | 6 | ||
# Children <17 | 4 | ||
# of earners | 1 | ||
Total Income | $47,800 | ||
Std. Deduct. | $12,600 | ||
Act. Deduct. | $12,600 | ||
Exemption | $24,000 | ||
SL int. (approx.) | $2,240 | ||
AGI | $45,560 | ||
MAGI | $47,800 | ||
Taxable | $8,960 | ||
Tax | $896 | ||
Saver's credit | $200 | ||
Tax after n-r credit | $696 | ||
Child Tax Cred. | $4,000 | ||
EIC | $1,151 | ||
Net Tax | -$4,455 | ||
Monthly | -$371 | ||
Mtg. Int. (approx.) | $6,168 | ||
Charity | $5,400 | ||
Item. Deduct. | $11,568 | ||
Version | V6.021 |
Loans: | Orig. Prin. | Orig. Length | Curr. Prin. | Yrs left | Rate |
Mortgage | $183,500 | 30 | $178,000 | 28 | 3.500% |
Student Loan | $36,000 | 8 | $36,000 | 8 | 6.550% |
I feel the need to ask a hard question here: what, realistically, are you going to do with that nursing degree once you get it? Do you really think it would make sense for you to go back to work and pay for child care for four kids? Are you expecting your then-11-year-old to take care of his siblings after you graduate? Is your husband going to quit his job and be a stay-at-home dad?
Most of your expenses are pretty good for a family of six. If anything, the grocery bill would be the place to attack. Internet for $50 seems very high. And the idea of paying back interest only on your student loan is scary.
My first thought though had nothing to do with that: I'm wondering if nursing school is realistic for a mother of four small children. My daughter is currently a senior nursing major, and it is a DIFFICULT and TIME CONSUMING major. It's also an expensive major. I'm not trying to dissuade you -- I think my daughter is making a great choice by going into nursing; I just want to make you aware of what nursing school is. Things I didn't know before she started -- she is at a four-year university working towards a BSRN, so filter that through your own circumstances:
- You say you're doing two semesters online. That means you'll be leaving ALL your lab classes for those later semesters; those will be tough, busy semesters because a lab requires as much time as a regular lecture class ... yet you only get one credit hour.
- From the moment you begin classes, you MUST make As. Why? Because once you've finished those freshman/sophomore classes, you have to apply to enter the nursing program as a junior. In my daughter's case, about 150 students applied, and they were able to take 40. My daughter had a B and a B+ on her transcript, and she says she was "middle of the pack" for those who were accepted. Realistically, a single C will knock you out of the running.
- Once you're in nursing school, you have NO option to do anything part-time; you're either "in" or you're not in. Don't like it? Move aside, about 100 other students wanted your spot and were turned down.
- Nursing is a 9-semester program. There's a mandatory summer session between sophomore /junior year. It can only be taken in the summer. That summer session cost us as much as a whole semester. Part of that was that we were required to buy school-specific scrubs that summer at $90/outfit. That summer she also had to buy her own stethoscope and a number of other items that I can't remember.
- Nursing books are notoriously expensive; of course, used books are an option, but expect them to cost more than other majors.
- Nursing school constantly "nickel and dimes" you: Criminal background check before you can go to this Clinical location, $5 for a new ID for that Clinical location, flu shot, parking for this hospital. It's always something.
- Once you're in nursing school, you'll only attend school four days a week: Most semesters, two days will be Clinicals, two days will be in the classroom. Your Clinical hours will be at a wide variety of locations: Nearby hospitals, hospitals two hours away, nursing homes, mental hospitals, schools, and prisons. For some of these locations, my daughter is up and out the door before 5:00 am and is gone 8-12 hours. It is a RIGOROUS PROGRAM, both physically and emotionally.
- If you miss two Clinical days in a semester, you are out of the program. One of my daughter's classmates had emergency surgery ... missed one Clinical day ... but went to Clinicals the 2nd or 3rd day after surgery. Her friends helped her all they could: Someone else drove, they pitched in helping her with the heavy lifting, and she made it through ... but she didn't dare miss that second day.
- In your last year, you'll do a Capstone program, which actually sounds easier than the previous semesters.
- Finally there's the NCLEX exam, which you'll take shortly after graduation. All said, it's going to cost about $250 between yet another criminal background check, a passport photo (which they say not to take yourself, but we're going to do so), and numerous other hoops to jump through.
So, seriously, is this something you can do with four small children? Again, I'm not trying to dissuade you -- I think nursing is a great career choice -- but is it something you can manage at this point in your life? I strongly suggest you talk to someone who is in the program you hope to join. See whether these details I see here are true for your school as well.
Most of your expenses are pretty good for a family of six. If anything, the grocery bill would be the place to attack. Internet for $50 seems very high. And the idea of paying back interest only on your student loan is scary.
My first thought though had nothing to do with that: I'm wondering if nursing school is realistic for a mother of four small children. My daughter is currently a senior nursing major, and it is a DIFFICULT and TIME CONSUMING major. It's also an expensive major. I'm not trying to dissuade you -- I think my daughter is making a great choice by going into nursing; I just want to make you aware of what nursing school is. Things I didn't know before she started -- she is at a four-year university working towards a BSRN, so filter that through your own circumstances:
- You say you're doing two semesters online. That means you'll be leaving ALL your lab classes for those later semesters; those will be tough, busy semesters because a lab requires as much time as a regular lecture class ... yet you only get one credit hour.
- From the moment you begin classes, you MUST make As. Why? Because once you've finished those freshman/sophomore classes, you have to apply to enter the nursing program as a junior. In my daughter's case, about 150 students applied, and they were able to take 40. My daughter had a B and a B+ on her transcript, and she says she was "middle of the pack" for those who were accepted. Realistically, a single C will knock you out of the running.
- Once you're in nursing school, you have NO option to do anything part-time; you're either "in" or you're not in. Don't like it? Move aside, about 100 other students wanted your spot and were turned down.
- Nursing is a 9-semester program. There's a mandatory summer session between sophomore /junior year. It can only be taken in the summer. That summer session cost us as much as a whole semester. Part of that was that we were required to buy school-specific scrubs that summer at $90/outfit. That summer she also had to buy her own stethoscope and a number of other items that I can't remember.
- Nursing books are notoriously expensive; of course, used books are an option, but expect them to cost more than other majors.
- Nursing school constantly "nickel and dimes" you: Criminal background check before you can go to this Clinical location, $5 for a new ID for that Clinical location, flu shot, parking for this hospital. It's always something.
- Once you're in nursing school, you'll only attend school four days a week: Most semesters, two days will be Clinicals, two days will be in the classroom. Your Clinical hours will be at a wide variety of locations: Nearby hospitals, hospitals two hours away, nursing homes, mental hospitals, schools, and prisons. For some of these locations, my daughter is up and out the door before 5:00 am and is gone 8-12 hours. It is a RIGOROUS PROGRAM, both physically and emotionally.
- If you miss two Clinical days in a semester, you are out of the program. One of my daughter's classmates had emergency surgery ... missed one Clinical day ... but went to Clinicals the 2nd or 3rd day after surgery. Her friends helped her all they could: Someone else drove, they pitched in helping her with the heavy lifting, and she made it through ... but she didn't dare miss that second day.
- In your last year, you'll do a Capstone program, which actually sounds easier than the previous semesters.
- Finally there's the NCLEX exam, which you'll take shortly after graduation. All said, it's going to cost about $250 between yet another criminal background check, a passport photo (which they say not to take yourself, but we're going to do so), and numerous other hoops to jump through.
So, seriously, is this something you can do with four small children? Again, I'm not trying to dissuade you -- I think nursing is a great career choice -- but is it something you can manage at this point in your life? I strongly suggest you talk to someone who is in the program you hope to join. See whether these details I see here are true for your school as well.
Since it's utilities in a hot climate, I would find a way to reduce this through judicious use of fans. You can learn how to be comfortable with higher temps. It might take some getting used to, but the payoff could potentially be big. I'm not saying it will be fun, but you've got to find a way to not just tread water on the student loan, especially since you are going to be adding to them in the near future.
The food budget isn't astronomical for a family of five, but once again, something's gotta give. I guess you just have to decide where to cut. If you care more about food or A/C than phones, then reduce your cell phones. Clearly you've already indicated that the tithe is most important, so in order to keep that in your budget and still pay off loans, you have to cut something else. Maybe going to a mostly vegetarian diet? Cutting all beverages and just drinking water? I don't know what can be changed, but there's likely wriggle room there. Don't save for tuition (presumably college tuition) for your kids. Pay off your own tuition first!
I looked into getting a nursing degree with kids and the ROI didn't work out for us. But you're quite a bit younger than me. I do, however, think going to school without childcare sounds incredibly stressful. And you guys can't really afford childcare currently.
Wowza. Lots of moving parts and mouths to feed.
Like the others have said, Nursing school is extremely competitive and tough. It is a full time job for sure. Clinicals and preparing for NCLEX is no joke. Not to mention, nursing is a burn out job depending on the floor. Pretty backbreaking only to come home to four growing children.
My wife just finished her RN to BSN program yesterday. Not even comparable to how hard she worked on her ASN. Extremely demanding.
Also, don't think a Community College program is easier. My wife went to one and they have one of the highest regarded programs in the state.
+1 to everything MrsPete said. Sounds scary? It is. Be prepared to dedicate all of your time to it.
Good luck.
When I saw the $450 charitable contribution, Mark 12:41-44 came into my mind. The poor widow put in two copper coins to the temple's treasury, everything she had. You went even further. You give money you don't have, because you are in debt.
That's just my two cents: If you used this $450 to eliminate your debt, you could be debt-free soon. When you reach debt-free status, you could contribute to charity again.
Month | Tithe Debt | Loan Repaid | Loan interest saved |
0 | 200.0 | 200.0 | 1.08 |
1 | 400.5 | 400.0 | 3.25 |
2 | 601.50 | 600.0 | 6.5 |
3 | 803.00 | 800.0 | 10.83 |
4 | 1005.01 | 1000.0 | 16.25 |
5 | 1207.52 | 1200.0 | 22.75 |
6 | 1410.54 | 1400.0 | 30.33 |
7 | 1614.07 | 1600.0 | 39.0 |
8 | 1818.10 | 1800.0 | 48.75 |
9 | 2022.65 | 2000.0 | 59.58 |
10 | 2227.70 | 2200.0 | 71.5 |
11 | 2433.27 | 2400.0 | 84.5 |
Most of your expenses are pretty good for a family of six. If anything, the grocery bill would be the place to attack. Internet for $50 seems very high. And the idea of paying back interest only on your student loan is scary.
My first thought though had nothing to do with that: I'm wondering if nursing school is realistic for a mother of four small children. My daughter is currently a senior nursing major, and it is a DIFFICULT and TIME CONSUMING major. It's also an expensive major. I'm not trying to dissuade you -- I think my daughter is making a great choice by going into nursing; I just want to make you aware of what nursing school is. Things I didn't know before she started -- she is at a four-year university working towards a BSRN, so filter that through your own circumstances:
- You say you're doing two semesters online. That means you'll be leaving ALL your lab classes for those later semesters; those will be tough, busy semesters because a lab requires as much time as a regular lecture class ... yet you only get one credit hour.
- From the moment you begin classes, you MUST make As. Why? Because once you've finished those freshman/sophomore classes, you have to apply to enter the nursing program as a junior. In my daughter's case, about 150 students applied, and they were able to take 40. My daughter had a B and a B+ on her transcript, and she says she was "middle of the pack" for those who were accepted. Realistically, a single C will knock you out of the running.
- Once you're in nursing school, you have NO option to do anything part-time; you're either "in" or you're not in. Don't like it? Move aside, about 100 other students wanted your spot and were turned down.
- Nursing is a 9-semester program. There's a mandatory summer session between sophomore /junior year. It can only be taken in the summer. That summer session cost us as much as a whole semester. Part of that was that we were required to buy school-specific scrubs that summer at $90/outfit. That summer she also had to buy her own stethoscope and a number of other items that I can't remember.
- Nursing books are notoriously expensive; of course, used books are an option, but expect them to cost more than other majors.
- Nursing school constantly "nickel and dimes" you: Criminal background check before you can go to this Clinical location, $5 for a new ID for that Clinical location, flu shot, parking for this hospital. It's always something.
- Once you're in nursing school, you'll only attend school four days a week: Most semesters, two days will be Clinicals, two days will be in the classroom. Your Clinical hours will be at a wide variety of locations: Nearby hospitals, hospitals two hours away, nursing homes, mental hospitals, schools, and prisons. For some of these locations, my daughter is up and out the door before 5:00 am and is gone 8-12 hours. It is a RIGOROUS PROGRAM, both physically and emotionally.
- If you miss two Clinical days in a semester, you are out of the program. One of my daughter's classmates had emergency surgery ... missed one Clinical day ... but went to Clinicals the 2nd or 3rd day after surgery. Her friends helped her all they could: Someone else drove, they pitched in helping her with the heavy lifting, and she made it through ... but she didn't dare miss that second day.
- In your last year, you'll do a Capstone program, which actually sounds easier than the previous semesters.
- Finally there's the NCLEX exam, which you'll take shortly after graduation. All said, it's going to cost about $250 between yet another criminal background check, a passport photo (which they say not to take yourself, but we're going to do so), and numerous other hoops to jump through.
So, seriously, is this something you can do with four small children? Again, I'm not trying to dissuade you -- I think nursing is a great career choice -- but is it something you can manage at this point in your life? I strongly suggest you talk to someone who is in the program you hope to join. See whether these details I see here are true for your school as well.
I talked to DH about our phone bill. Funnily enough, it's his family that's holding him back more than anything else. We currently share a data plan with them, and split it six ways. One guy, my brother-in-law, uses 85% of the data. The rest of us just don't need/use data. "But," DH argues, "we're still paying less than we were on our old plan ($150/month) because we're sharing with more people. Now we're only paying $90."Check into what "your own plan" would cost before you speak to your husband (or his family). Grouping people together can be a money-saver, but not if you're paying for unwanted /unneeded services.
OP, have you looked into becoming an ultrasound tech or something like that? I've heard they are in demand, make decent money, and the training program is much, much less rigorous than that for an RN. Plus the hours can be very flexible.Bouncing off your ultrasound tech thought, other ideas might include Pharm Tech, Surgery Tech, or Respiratory Therapist. I would have included Dental Hygienist, but I think that one peaked a couple years ago and new grads are having trouble finding work. These are jobs in the health care field and the requirements can be completed much faster than an RN. Yes, the RN makes more money, but the ROI may be higher for these other options.
I have a Ph.D. in history. When I looked into an RN program at our local community college five years ago, they had prereqs in the social sciences and even in history that I would have still been required to take. It was ludicrous. Hell, I could be teaching the class! If the class didn't measure up exactly with the prereq, then you had to take it anyway. Plus if you had taken them over 10 years earlier, you had to retake. This would have meant that I would have had to retake modern composition. Sorry, but no fucking way. Perhaps I could have met with administrators face to face and gotten a waiver, but I just gave up right then and there. I figured with little ones at home it would have taken me at least four years to get the degree.
I can totally understand having to retake chemistry, even though I took it as an undergrad 15+ years ago. This makes sense, because it is a science class.
There were accelerated programs in town that were more willing to take into account all my prior education, but they would have been to the tune of 60K in tuition. I would have been done in a year, though. That, however, is a full time job plus. No way could I do it with kids.
OP, have you looked into becoming an ultrasound tech or something like that? I've heard they are in demand, make decent money, and the training program is much, much less rigorous than that for an RN. Plus the hours can be very flexible.
JG23, I have been intrigued by the degree to which people have tried to discourage you from pursuing your plan. We don't see that often on MMM. Only you know your energy, your resources, and your determination. Plus, you can always start down that path and reevaluate as time goes on. Nursing is a great career and one that will not be disappearing. And you are at an age of peak energy.The issue isn't that we think the OP is incapable -- not at all. The issue is the four children, who are also at the age for their peak needs. Can the OP manage both successfully? Nursing school will be available 4, 5, 6 years from now, but the children will only be in their most formative years now. No one's questioning the validity of the path, only the timing.
JG23, I have been intrigued by the degree to which people have tried to discourage you from pursuing your plan. We don't see that often on MMM. Only you know your energy, your resources, and your determination. Plus, you can always start down that path and reevaluate as time goes on. Nursing is a great career and one that will not be disappearing. And you are at an age of peak energy.The issue isn't that we think the OP is incapable -- not at all. The issue is the four children, who are also at the age for their peak needs. Can the OP manage both successfully? Nursing school will be available 4, 5, 6 years from now, but the children will only be in their most formative years now. No one's questioning the validity of the path, only the timing.
Actually...maybe.JG23, I have been intrigued by the degree to which people have tried to discourage you from pursuing your plan. We don't see that often on MMM. Only you know your energy, your resources, and your determination. Plus, you can always start down that path and reevaluate as time goes on. Nursing is a great career and one that will not be disappearing. And you are at an age of peak energy.The issue isn't that we think the OP is incapable -- not at all. The issue is the four children, who are also at the age for their peak needs. Can the OP manage both successfully? Nursing school will be available 4, 5, 6 years from now, but the children will only be in their most formative years now. No one's questioning the validity of the path, only the timing.
IF OP were a man would we be having this exact same discussion? Most likely not.
I think OP needs a reality check but not about pursuing the degree but about the finances. I finally read her other post about the $36k student loans. OP's hair is on fire and in my opinion can't afford nursing school and trying to get out of debt at the same time unless OP takes on some real budget cuts. Reducing the phone bill is nice but more needs to be done.
IF OP were a man would we be having this exact same discussion? Most likely not.If the man were going to give birth and need recovery time, yes.
... The CRNA route is also a good suggestion if you wanted to delay nursing school but bring in income and gain experience that will ultimately help you get into nursing. DH worked as a CRNA for a few months while waiting to take the NCLEX and it pretty much guaranteed him a job working in the unit he was eventually hired in (provided you hop to it and have a good attitude). IE, a strategy that could be maximized to secure a preferred hospital unit.
I had a conversation with my parents about gift-giving. They know we're saving for nursing school and think it's a good idea to cut back. My sisters are probably okay with it, too.No need to talk to them. They do not get to decide your financial future. That is for you and your husband to decide.
DH's family on the other hand... not very Mustachian. They like having that picture-perfect image of a Christmas tree with too many presents to count. We already give the cheapest gifts out of the group. But maybe talking to them about it would help.
... The CRNA route is also a good suggestion if you wanted to delay nursing school but bring in income and gain experience that will ultimately help you get into nursing. DH worked as a CRNA for a few months while waiting to take the NCLEX and it pretty much guaranteed him a job working in the unit he was eventually hired in (provided you hop to it and have a good attitude). IE, a strategy that could be maximized to secure a preferred hospital unit.
I'm assuming you mean CNA and not CRNA, right? Bit of a difference between those two!
Something to consider:My babies were in daycare from 13 weeks and 9 weeks (though part time on #2 there).
A lot of women build a career first, then have a baby. They take off a few weeks, then go back to work. The baby is in daycare from about 6 weeks on. In my case, my youngest will be about 15 months old before daycare is even considered. I'll also have summers off.
Both on this thread and my journal thread, I feel like I'm being judged for wanting a career after living in the SAHM world.
Most working women realize pretty early, that you can have it all, just not all at the same time.
Most working women realize pretty early, that you can have it all, just not all at the same time.
Men realize that too. Social pressures are pointed in different directions, but we feel the same family/career conflict.
In October, we paid $2341.53 toward the student loan. $1817 of that went toward principal.That's an adult step, not a baby step! Good job! That's a decent chunk in one month.
Baby steps.
Something to consider:
A lot of women build a career first, then have a baby. They take off a few weeks, then go back to work. The baby is in daycare from about 6 weeks on. In my case, my youngest will be about 15 months old before daycare is even considered. I'll also have summers off.
Both on this thread and my journal thread, I feel like I'm being judged for wanting a career after living in the SAHM world.