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I’m a 41-year-old CNA in an ICU in Colorado, and my goal has always been to finish my nursing degree for better pay and personal fulfillment. Over the past two years, I’ve been solely responsible for paying the mortgage on my house while living there with my two kids, as my ex has been absent. Now, I want to reduce my work hours and focus on completing my nursing degree.
I currently have 57 credits that can be applied toward a bachelor’s in nursing, but I’m considering pursuing an associate degree for a quicker entry into the nursing field and completing the bachelor’s later. Unfortunately, I have accumulated a significant amount of debt due to shouldering the mortgage and supporting my kids on a $22/hour salary.
The credit card debt alone totals around $25-30k. To accommodate the nursing program’s schedule, which typically runs in cohorts from Monday to Friday, I must cut back to part-time work and only be available on weekends. I’m trying to determine the best course of action.
Should I use a substantial portion of my money to pay off all debts and use the remainder for living expenses while completing my degree? Or should I partially pay off the credit card debt while working part-time and gradually eliminate it? Is there a way to quickly increase my financial position with the available funds?
I’m feeling incredibly lost and unsure of what to do. As I sit in my empty home, maintaining its pristine condition for potential buyers, I yearn for guidance and direction.
Navigating through financial challenges can be overwhelming, but with careful planning and considerations, you can find a path forward. Here are some recommendations to help you make informed decisions:
- Evaluate your financial priorities: Assess your immediate financial needs and long-term goals. Determine the importance of paying off debt, completing your nursing degree, and maintaining a sustainable lifestyle for you and your children.
- Create a budget: Develop a comprehensive budget that takes into account your income, expenses, and debt obligations. Identify areas where you can cut back on expenses and allocate resources towards debt repayment and funding your education.
- Prioritize debt repayment: Given your credit card debt, it’s advisable to prioritize paying off high-interest debt to reduce financial burden and interest accumulation. Consider a debt repayment strategy, such as the debt snowball or debt avalanche method, to tackle your debts systematically.
- Explore financial assistance options: Look into scholarships, grants, or student loan programs that can help alleviate the financial strain of pursuing your nursing degree. Research if your workplace offers tuition reimbursement or scholarships for employees seeking higher education.
- Consider the associate degree option: If time and financial constraints are a concern, pursuing an associate degree in nursing could be a viable choice. It allows you to enter the workforce sooner and start earning a higher income, which can then be used to further your education in the future.
- Utilize your savings strategically: Review your savings and determine how much can be allocated towards debt repayment while ensuring you have enough to cover living expenses and emergencies during your transition to part-time work and nursing school. Consider consulting with a financial advisor to help optimize your savings and investment strategy.
- Seek guidance from academic advisors: Connect with academic advisors at your chosen nursing program to discuss your financial situation and explore available resources. They can provide insights into financial aid options, part-time job opportunities, and help you plan your schedule accordingly.
- Embrace a frugal lifestyle: Emphasize living within your means by adopting a frugal mindset. Cut unnecessary expenses, find affordable alternatives, and explore ways to maximize your income, such as taking on side gigs or freelance work that aligns with your schedule.
Remember, it’s crucial to strike a balance between managing your debts, investing in your education, and maintaining a stable financial situation for yourself and your children. Take the time to thoroughly evaluate your options and consider seeking advice from professionals in both finance and education to make well-informed decisions.
