Financial/School Advice Needed

[MexicanDr]

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Hello everyone-

I have a situation where I would like some advice/input. I am currently a first semester MSN/FNP student and also am a full time ICU RN ( working 3 12 hour shifts).

Here is where the dilemma starts:

Starting next semester, I am going to start doing my clinical rotations which will occupy 2 days a week, plus my 3 days of work that leaves me with 2 days to do some studying. I feel that I might need to drop and become a PT employee (working 2 days a week) in order for me to fully give it my all to the program and study as I should, the problem deals with this next situation:

I wanted to buy a house and in order for me to buy a house and be able to manage all payments and still be able to pay for school and such I would need to be working my full time (3 days a week), but with school and the studying this thought is becoming a bit stressful.

 

[GreenDuck12]

It sounds as though you have your answer: in order to focus on school, you need to have flexibility with your work commitments which precludes your from buying a house.

Honestly, it does not sound as though you are ready. While you may be able to buy a house (down payment, mortgage payment, etc) what would happen if you were to voluntarily reduce hours/have your hours reduced/have a pipe burst/heater need to be replaced? For all of these occurrences you should have an "emergency fund" with 3 to 6 months of living expenses saved up in case of an emergency. If you do not have this, buying a house (or any major purchase) is extremely risky and can lead to months/years of expensive debt on credit cards/personal loans (which would be difficult to get if you lose your job). If you do have this fund, run the numbers to check to see if you can sustain a temporary reduction in hours and income. Just my .02