Accepted...Figuring Finances.

[Spotinho]

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Hey all,

I've been accepted to the few programs I applied to, however I am having difficulty figuring out how to make ends meet. A little bit about my situation: My wife is currently pregnant and we are expecting our first child, once school starts and she gives birth she will not be going back to work (high risk pregnancy, etc) and if and when she is ready it might be a part time at the most. She really wants to be a stay-at-home mom and I want her to have that for the most part.

Now, by looking at the tentative financial aid award (schools website), it seems like there is somewhere between 26k-27k leftover as a refund after stafford loans and plus loans are taken into account. And with at least in my situation (married, needing a 2 bedroom for nursery) rent being somewhere between 1.1k-1.5k varying by school location, that essentially leaves 8k-9k to best case scenario 14k for the year. I don't think this would be enough, what am I missing?

I have heard babies are expensive, by taking a look at diaper needs I am already frightened. I guess my question is for those of you in a similar situation, whether married and significant other not working, or have/having kids, etc. how did you manage to make ends meet? Did you have to take alternative/private loans through a bank? I always thought from reading forums like SDN and hearing others talk that financial aid was the easiest part of the process....it always went something like this, "you'll have financial aid to take care of all of that, they will give you more than enough" ...or..."I actually borrowed too much and returned someone of it."

Idk, I already asked about personal budget increase, but the most they'll do is for child care (which doesn't apply in my case) or for the purchase of a computer (nothing gained nothing lost). I am currently somewhat discouraged and feeling like I won't be able to attend school because I can't afford it 🙁, therefore any insights, advice, past/current experiences are welcomed.

Thank you all in advance.

 

[NITRAS]

The biggest expense with babies is daycare (and lost sleep). You are going to have to go to the doctor at some point, but not every month. Breast milk is free, and most of the odds and ends can be had a second hand shops for quarters on the dollar. My kid didn’t start wearing out stuff until age 3 (just grew out of them). Also insurance will usually pay for breast pump.

The other good thing is that lots of care is given at university setting for significantly reduced rate because people get what your going through. I got a dental implant for dirt cheap. Negotiate the cost of delivery.

Two things, look for cheaper rent. In med school we had a 1 bedroom with a nook, which we could have kept a crip or child bed.

Second, $1500/month changes your whole picture. Your wife working will help make this much more doable. Don’t forget self employed ideas that pay more and she can control her hours better. You also will ultimately pay back all the money you’ve borrowed. Looks like you are planning for $250,000ish from podiatry school, plus whatever you have already. You need to be a strict budget to minimize the bleeding. A dollar you save is at least two dollars you won’t have to pay back.

Congrats on the baby. Babies are awesome. It’s exciting times. They grow fast. Good luck.

 

[Spotinho]

The biggest expense with babies is daycare (and lost sleep). You are going to have to go to the doctor at some point, but not every month. Breast milk is free, and most of the odds and ends can be had a second hand shops for quarters on the dollar. My kid didn’t start wearing out stuff until age 3 (just grew out of them). Also insurance will usually pay for breast pump.

The other good thing is that lots of care is given at university setting for significantly reduced rate because people get what your going through. I got a dental implant for dirt cheap. Negotiate the cost of delivery.

Two things, look for cheaper rent. In med school we had a 1 bedroom with a nook, which we could have kept a crip or child bed.

Second, $1500/month changes your whole picture. Your wife working will help make this much more doable. Don’t forget self employed ideas that pay more and she can control her hours better. You also will ultimately pay back all the money you’ve borrowed. Looks like you are planning for $250,000ish from podiatry school, plus whatever you have already. You need to be a strict budget to minimize the bleeding. A dollar you save is at least two dollars you won’t have to pay back.

Congrats on the baby. Babies are awesome. It’s exciting times. They grow fast. Good luck.

Thanks for the response, appreciate you taking the time to give me your thoughts. I will try and have this moved to a different forum and see if I can get more traction.