Pharmacy paid off

[Hope1974]

Was tough as balls to get a job. I was struggling: applied to over 300 positions, but finally got 1 last October. I have been working on average 65 hrs a week, low being 55 and highest per week 80. I have done several 70 something's. My loans are gonna be paid off n August. Yup, I paid on average 7k a month- I worked hard and it paid off. It's not easy at times, I get tired of the same ole questions from people. If I were younger I'd go to medschool, so I'd get paid to answer those questions. Good luck to everyone.

---

Members don't see this ad.

 

[FLaCoPHaRm]

Congrats, that's awesome!

 

[358265]

Was tough as balls to get a job. I was struggling: applied to over 300 positions, but finally got 1 last October. I have been working on average 65 hrs a week, low being 55 and highest per week 80. I have done several 70 something's. My loans are gonna be paid off n August. Yup, I paid on average 7k a month- I worked hard and it paid off. It's not easy at times, I get tired of the same ole questions from people. If I were younger I'd go to medschool, so I'd get paid to answer those questions. Good luck to everyone.

The question remains... if you had to do it all over again (or if you knew what you knew now), would you still pursue the pharmacy route?

 

[xiphoid2010]

Good job getting out from under the debt and move on to better things. 10 months pay off $70k, wow! My wife and I are doing the same but not as aggressively as that due to various family needs.

 

[Farmercyst]

I'm just starting to be in a position to put extra money on mine. Found out I can put money toward specific loans on my consolidated statement. This means I can pay off my 8.25% loans first, then the 7.6 and lastly the 5.5's

 

[neopharma]

I'm just starting to be in a position to put extra money on mine. Found out I can put money toward specific loans on my consolidated statement. This means I can pay off my 8.25% loans first, then the 7.6 and lastly the 5.5's

Farmercyst, the consolidation would leave you with an average % interest from all of the different interests on each of the loans from what I understand. By putting money towards the higher % loans after consolidating, does it change your consolidated %, and if so, how often does it get changed? I hope I've made sense; I'm struggling with coming to learn all about the loan repayment options :/

 

[Farmercyst]

Farmercyst, the consolidation would leave you with an average % interest from all of the different interests on each of the loans from what I understand. By putting money towards the higher % loans after consolidating, does it change your consolidated %, and if so, how often does it get changed? I hope I've made sense; I'm struggling with coming to learn all about the loan repayment options :/

Slight difference, I haven't consolidated my loans. That would give me a weighted average % on my loans. I have a consolidated statement. All my loans retain their initial rates, but are reported on a single statement for efficiency. This way I can rapidly pay off my high interest loans while accruing lower interest on the remaining loans. By doing it my way I should save more in interest than paying the same amount toward a loan with a weighted rate.

 

[Pharmacceptance]

I've heard that you should pay loans off by their amounts rather than their rates. If you have 5 $5,000 loans at just 5% and a $20,000 at 8%, then you should eliminate those 5k loans first. Most people just think that taking out the highest interest loan is the best option, but in the long run, you'd save by getting the little ones out of the way as fast as possible.

 

[dxb8307]

Was tough as balls to get a job. I was struggling: applied to over 300 positions, but finally got 1 last October. I have been working on average 65 hrs a week, low being 55 and highest per week 80. I have done several 70 something's. My loans are gonna be paid off n August. Yup, I paid on average 7k a month- I worked hard and it paid off. It's not easy at times, I get tired of the same ole questions from people. If I were younger I'd go to medschool, so I'd get paid to answer those questions. Good luck to everyone.

Congrats!!! Nicely done!

 

[owlegrad]

I've heard that you should pay loans off by their amounts rather than their rates. If you have 5 $5,000 loans at just 5% and a $20,000 at 8%, then you should eliminate those 5k loans first. Most people just think that taking out the highest interest loan is the best option, but in the long run, you'd save by getting the little ones out of the way as fast as possible.

 

[Momus]

I've heard that you should pay loans off by their amounts rather than their rates. If you have 5 $5,000 loans at just 5% and a $20,000 at 8%, then you should eliminate those 5k loans first. Most people just think that taking out the highest interest loan is the best option, but in the long run, you'd save by getting the little ones out of the way as fast as possible.

Worst advice on sdn. Math is your friend, buddy...

 

[clockwork247]

I've heard that you should pay loans off by their amounts rather than their rates. If you have 5 $5,000 loans at just 5% and a $20,000 at 8%, then you should eliminate those 5k loans first. Most people just think that taking out the highest interest loan is the best option, but in the long run, you'd save by getting the little ones out of the way as fast as possible.

let's just assume linear interest (not compound) for simple math.

you have
5000 @ 5%
20000 @ 8%

and you want to pay off the 5000 1st
that leaves you with
20000 @ 8%

VS paying 5000 on the 20000 loans you'll end up with
5000 @ 5%
15000 @ 8%

which do you think is better?

 

[All4MyDaughter]

Those of you peeing your panties over pharmacceptance's loan payoff plan should read this: Debt Snowball. It's a well known approach to paying off debts and it works. My husband and I used it and we have no debts other than a small mortgage and my student loans (currently in IBR until after residency).

 

[pezdispenser]

I've heard that you should pay loans off by their amounts rather than their rates. If you have 5 $5,000 loans at just 5% and a $20,000 at 8%, then you should eliminate those 5k loans first. Most people just think that taking out the highest interest loan is the best option, but in the long run, you'd save by getting the little ones out of the way as fast as possible.

Mathematically, it does not make sense.

But I do see Dave Ramsey's argument for this method, because there are a lot of factors that the simple math model does not take into account such as:
- the psychology that goes into budgeting, spending, saving, paying off debt, borrowing more money, and
- your cash flow situation and how it is always changing as things happen in your life.

Anyway, I do like the main theme of this thread, to pay off those student loans as quickly as possible. If you did up a balance sheet of your assets and liabilities, you can buy a house which goes on the assets side and the mortgage goes on the liabilities side, so they balance out and there is no change to your net worth. But when you have your student loans on the liabilities side, there is nothing to balance it out on the assets side, so you will have huge negative net worth, which doesn't look good even though you can live perfectly fine and pay all your bills .

I also worked hard and paid off my student loans last year. Time to have some fun with this newfound disposable income

Congrats Hope1974

 

[Momus]

Maybe Bernanke has to address this problem first

 

[awval999]

But when you have your student loans on the liabilities side, there is nothing to balance it out on the assets side, so you will have huge negative net worth, which doesn't look good even though you can live perfectly fine and pay all your bills

Human capital.
You are like a 40/year annuity that throws of an inflation-adjusted $100K/year. Not too shabby.

 

[StevePerry]

Maybe Bernanke has to address this problem first

Bernanke

 

[StevePerry]

Was tough as balls to get a job. I was struggling: applied to over 300 positions, but finally got 1 last October. I have been working on average 65 hrs a week, low being 55 and highest per week 80. I have done several 70 something's. My loans are gonna be paid off n August. Yup, I paid on average 7k a month- I worked hard and it paid off. It's not easy at times, I get tired of the same ole questions from people. If I were younger I'd go to medschool, so I'd get paid to answer those questions. Good luck to everyone.

I like the use of the expression "tough as balls" -- real gritty stuff there. Congrats on the loans as well.

 

[Farmercyst]

Those of you peeing your panties over pharmacceptance's loan payoff plan should read this: Debt Snowball. It's a well known approach to paying off debts and it works. My husband and I used it and we have no debts other than a small mortgage and my student loans (currently in IBR until after residency).

I understand his reasoning, but I don't need the mental win of paying a small bill off for mental satisfaction. Not saying the idea is wrong, just not for me. Most of my classmates would probably be better off using his approach.

 

[Muse600]

I'm really impressed. I haven't stopped thinking about this thread for days now, and I want to do this myself.

just a few q's:

1.)where were you permitted to work 65 hours per week? since I'm hourly, my employer won't allow me to put in over 40 hours/week, so they don't have to pay overtime.

2.) did you have 2 jobs?

3.) how much loan did you have, and how else did you minimize expenses to put more towards loans?

personally, I found that loans = ~$1,000 (6-6.55%)...rent is $700 (utilities/internet included)...car payment is $402 (2.74%)...insurance is $175/month...food is another $400/month...gas is another $300/month...home stuff/toiletry is another $80/month...clothes were $60/month (all bought at TJ maxx)...family internet plan (helping out my parents) is $185/month, and only my sister has data

so I average $3,302/month for expenses...and that doesn't include the $1,200 to register the car, occasionally w' draw cash ($2-$300/month), occasional movies/going out to eat/"gifting yourself" ($185/month)...and I need to buy 4 new tires within a month or two ($600)

even if I don't buy clothes, or occasionally gift myself...over half of a month's pay is gone towards expenses...if I'm lucky, I don't save anything extra, and I exclude the interest that accrues, it'll still take over 5 years to pay off $100k + in loans...not to mention, in that time I expect to buy a ring, pay half for a wedding, and buy a house.

so yeah man...how do yo do it!!

 

[owlegrad]

I understand his reasoning, but I don't need the mental win of paying a small bill off for mental satisfaction. Not saying the idea is wrong, just not for me. Most of my classmates would probably be better off using his approach.

He makes a good point about behavour vs knowing what is best. And if someone uses that method and it works for them, great. But I think I will keep doing it the way that makes sense mathmatically, where you pay the least amount of interest.

 

[All4MyDaughter]

He makes a good point about behavour vs knowing what is best. And if someone uses that method and it works for them, great. But I think I will keep doing it the way that makes sense mathmatically, where you pay the least amount of interest.

I think it pays off debts faster and that may favorably impact the interest issue. It's all explained in more detail in Ramsey's book, but it's been a long time since I read that.

It works something like this:

Credit card balance: 5000 with minimum payment of $100
Car 1: 12000 with minimum payment of $300
Car 2: 17000 with minimum payment of $400

Extra money each month to apply to ANY debt: $400

So you start by paying the minimum on all those debts, but add the extra $400 to your credit card payment. At that payment, it's paid off in about 10 months. Then, you take the $500 you were paying toward the credit card and add that to the $300 you are already paying toward Car 1. At a new monthly payment of $800, Car 1 will be paid off in about 11 months. After that, you take the $800 that you were paying toward Car 1 and apply it to Car 2 and pay $1200/month toward Car 2, which gets it paid off in another seven months (or so).

My numbers might be a little off (I'm sick, sue me) but the point is that you have a progressively larger monthly "debt reduction payment" that pays off each subsequent debt faster than the last, hence the term "Snowball."

 

[Momus]

personally, I found that loans = ~$1,000 (6-6.55%)...rent is $700 (utilities/internet included)...car payment is $402 (2.74%)...insurance is $175/month...food is another $400/month...gas is another $300/month...home stuff/toiletry is another $80/month...clothes were $60/month (all bought at TJ maxx)...family internet plan (helping out my parents) is $185/month, and only my sister has data

so I average $3,302/month for expenses...and that doesn't include the $1,200 to register the car

A few stand out:
- Car payment is $402 (2.74%)...insurance is $175/month... $1,200 to register the car --- spending too much for a car, you could have gotten a cheaper ~5 year old car also; I paid $60/month for car ins
- Gas is another $300/month --- move closer to where you work <10 miles/dump the gas eating car... I spend around <$150/month on gas @$4.40/gallon here in CA ~$25 mile/gallon
- Food is another $400/month --- way too much for a single person... don't go out to eat, I spend less than <$150/month
- $60 clothing - you don't need to buy new clothes every month
- Home stuff/toiletry is another $80/month --- you ****ting tp? or female with tons of cosmetics requirement? Buy generic/in bulk/discounted
- Family internet plan (helping out my parents) is $185/month, and only my sister has data --- I use Virgin Mobile $25/month (unlimited data, text, 300 mins), could've gotten myself prepaid card <$10/month I really want to save

I average $1200/month in expenses (no student loan). A penny saved is a penny earned mentality. Budgeting will save you ~$800 easy if you keep expenses down

 

[pezdispenser]

Credit card balance: 5000 with minimum payment of $100
Car 1: 12000 with minimum payment of $300
Car 2: 17000 with minimum payment of $400

Extra money each month to apply to ANY debt: $400

This is not a good example because the credit card probably has the highest interest rate, as well as the smallest balance.

Going back to Pharmacceptance's example, with some added info:
Just one $5,000 @ 5% x 10 yrs, minimum $53.03/mo
$20,000 @ 8% x 10 yrs, minimum $242.66/mo

I did up a spreadsheet to calculate what happens if you have a total of $1,000/mo to pay the loans. Remember, you still have to make at least the minimum payment on both loans every month.

Paying the smaller $5,000 loan first paid that off in 7 months, then using the full $1,000 on the other loan paid that off in 28 months. Total interest was $2,382.74.

Paying the higher 8% interest loan first took 23 months to complete, then the $5,000 loan was paid off in the 28th month. Total interest was $2,116.02.

So paying off the highest interest rate loan first is the best for saving interest. These examples were so close that they ended in the same month, but the final payment was lower when paying the higher interest loan first, so in a not so close scenario, this method is also faster.

Like I said before, the snowball method (smallest loan first) does not make sense mathematically. It is mostly psychological. In our example, you are done with the first loan in 7 months, but with the other method both loans stick around for 23 months.

 

[All4MyDaughter]

This is not a good example because the credit card probably has the highest interest rate, as well as the smallest balance.

Going back to Pharmacceptance's example, with some added info:
Just one $5,000 @ 5% x 10 yrs, minimum $53.03/mo
$20,000 @ 8% x 10 yrs, minimum $242.66/mo

I did up a spreadsheet to calculate what happens if you have a total of $1,000/mo to pay the loans. Remember, you still have to make at least the minimum payment on both loans every month.

Paying the smaller $5,000 loan first paid that off in 7 months, then using the full $1,000 on the other loan paid that off in 28 months. Total interest was $2,382.74.

Paying the higher 8% interest loan first took 23 months to complete, then the $5,000 loan was paid off in the 28th month. Total interest was $2,116.02.

So paying off the highest interest rate loan first is the best for saving interest. These examples were so close that they ended in the same month, but the final payment was lower when paying the higher interest loan first, so in a not so close scenario, this method is also faster.

Like I said before, the snowball method (smallest loan first) does not make sense mathematically. It is mostly psychological. In our example, you are done with the first loan in 7 months, but with the other method both loans stick around for 23 months.

I think that for most people, the smaller debts typically DO have the highest interest rates. I'm talking about stuff like department store credit cards, finance company stuff, and major credit cards. They are typically higher interest than car loans and mortgages.

And the snowball method does assume that you'll be making the minimum payment on all debts monthly.

 

[pezdispenser]

This is not a good example because the credit card probably has the highest interest rate, as well as the smallest balance.

I didn't mean that in any aggressive way at all. Just saying that both the debt snowball method, and the highest rate first method will have the same payment order, so I can't use that example to show which one is better.

 

[Muse600]

good deal, thanks for the feedback...

A few stand out:
- Car payment is $402 (2.74%)...insurance is $175/month... $1,200 to register the car --- spending too much for a car, you could have gotten a cheaper ~5 year old car also; I paid $60/month for car ins

what sort of coverage did you get and how did you get it that low? I have collision and comprehensive since it's on a loan...and I'm not sure how I could bring that down to $60/month even with the lowest limits, and I called 5-6 insurance companies, and got the company with the lowest quote

one piece on that though: since I was pre-approved for a higher amount than my car cost, I took the extra $$ @2.74% and put it towards my student loans that were 6.8%

- Gas is another $300/month --- move closer to where you work <10 miles/dump the gas eating car... I spend around <$150/month on gas @$4.40/gallon here in CA ~$25 mile/gallon

this is a tough one...I float, so I'm always traveling to different places often and rack up a lot of miles. I could do better mileage with the car..it averages ~25mpg, but even when I had a toyota corolla it averaged 28mpg, so I try to ride a motorcycle more often @ 46mpg, but it's dangerous, and the miles just add up regardless

- Food is another $400/month --- way too much for a single person... don't go out to eat, I spend less than <$150/month

this, honestly, I haven't figured out...I'll try to work on that

- Home stuff/toiletry is another $80/month --- you ****ting tp? or female with tons of cosmetics requirement? Buy generic/in bulk/discounted

Ha, I honestly don't know how I got there. Here's a couple mo's worth:

March
-multivitamins (iron, MVI, lactaid, b vits) = $26.21
-detergent, deo, dryer sheets = $24.47
-25gb SD card for phone (old one failed) = $25
-laptop charger (old one stopped being recognized by laptop) = $8.99
Total : $84.67

April
-Toothpaste - $1.54
-Aftershave - $14.50
-laptop battery (old one died) - $39
-printer ink - $17
-cell battery (old one wouldn't hold charge) - $2.98
Total: $75.02

May:
-Water bottle for work/gym - $7.53
-combination lock, so I can lock helmet to bike...district manager said no personal belongings in the pharmacy/won't fit in lockers in break room/not allowed to leave belongings outside of lockers in break room - $5.66
Total so far: $13.19, and I'm due for detergent

it's not like I use a lot of different items for home/toiletry, but every month it's something different...this stuff adds up.

- Family internet plan (helping out my parents) is $185/month, and only my sister has data --- I use Virgin Mobile $25/month (unlimited data, text, 300 mins), could've gotten myself prepaid card <$10/month I really want to save

I always assumed my parents plan was the cheapest one...I'll consider getting my own line

I average $1200/month in expenses (no student loan). A penny saved is a penny earned mentality. Budgeting will save you ~$800 easy if you keep expenses down

this is the key, thanks for your feedback!

 

[Farmercyst]

This is not a good example because the credit card probably has the highest interest rate, as well as the smallest balance.

Going back to Pharmacceptance's example, with some added info:
Just one $5,000 @ 5% x 10 yrs, minimum $53.03/mo
$20,000 @ 8% x 10 yrs, minimum $242.66/mo

I did up a spreadsheet to calculate what happens if you have a total of $1,000/mo to pay the loans. Remember, you still have to make at least the minimum payment on both loans every month.

Paying the smaller $5,000 loan first paid that off in 7 months, then using the full $1,000 on the other loan paid that off in 28 months. Total interest was $2,382.74.

Paying the higher 8% interest loan first took 23 months to complete, then the $5,000 loan was paid off in the 28th month. Total interest was $2,116.02.

So paying off the highest interest rate loan first is the best for saving interest. These examples were so close that they ended in the same month, but the final payment was lower when paying the higher interest loan first, so in a not so close scenario, this method is also faster.

Like I said before, the snowball method (smallest loan first) does not make sense mathematically. It is mostly psychological. In our example, you are done with the first loan in 7 months, but with the other method both loans stick around for 23 months.

This was my thinking. When You consider I have 9 loans (3 unsub stafford @ ~ 28000, 3 sub stafford @ ~8750 and 3 grad plus @ ~ 30000 each, the duration to pay off and the $ amounts considered, I should sav e a few thousand in interest at the very least.

 

[pezdispenser]

This was my thinking. When You consider I have 9 loans (3 unsub stafford @ ~ 28000, 3 sub stafford @ ~8750 and 3 grad plus @ ~ 30000 each, the duration to pay off and the $ amounts considered, I should sav e a few thousand in interest at the very least.

There is a calculator at Bankrate.com that can show you a debt pay down plan (highest interest first method) for multiple loans:
http://www.bankrate.com/calculators/managing-debt/debt-pay-down-calculator.aspx

 

[hao01-]

one of my mis-step: signed up for the sprint data plan (all because of siri.....;( which costs me 80 bucks per month.... totally not worth it ;( should I cancel it and take a hit for one time cancellation fee???

 

[pezdispenser]

one of my mis-step: signed up for the sprint data plan (all because of siri.....;( which costs me 80 bucks per month.... totally not worth it ;( should I cancel it and take a hit for one time cancellation fee???

Check if you can get a discount through your university or work. That's a lot of money to spend on just a phone: $1,000/yr, especially if you're a student.

There are much cheaper data plans out there like Virgin Mobile and MetroPCS in the $35-45/mo range, but you generally need to buy the phone upfront for $100 or so. See if it works out even with your cancellation fee.

 

[mustang sally]

good deal, thanks for the feedback...



what sort of coverage did you get and how did you get it that low? I have collision and comprehensive since it's on a loan...and I'm not sure how I could bring that down to $60/month even with the lowest limits, and I called 5-6 insurance companies, and got the company with the lowest quote

one piece on that though: since I was pre-approved for a higher amount than my car cost, I took the extra $$ @2.74% and put it towards my student loans that were 6.8%



this is a tough one...I float, so I'm always traveling to different places often and rack up a lot of miles. I could do better mileage with the car..it averages ~25mpg, but even when I had a toyota corolla it averaged 28mpg, so I try to ride a motorcycle more often @ 46mpg, but it's dangerous, and the miles just add up regardless



this, honestly, I haven't figured out...I'll try to work on that

Ha, I honestly don't know how I got there. Here's a couple mo's worth:

March
-multivitamins (iron, MVI, lactaid, b vits) = $26.21
-detergent, deo, dryer sheets = $24.47
-25gb SD card for phone (old one failed) = $25
-laptop charger (old one stopped being recognized by laptop) = $8.99
Total : $84.67

April
-Toothpaste - $1.54
-Aftershave - $14.50
-laptop battery (old one died) - $39
-printer ink - $17
-cell battery (old one wouldn't hold charge) - $2.98
Total: $75.02

May:
-Water bottle for work/gym - $7.53
-combination lock, so I can lock helmet to bike...district manager said no personal belongings in the pharmacy/won't fit in lockers in break room/not allowed to leave belongings outside of lockers in break room - $5.66
Total so far: $13.19, and I'm due for detergent

it's not like I use a lot of different items for home/toiletry, but every month it's something different...this stuff adds up.



I always assumed my parents plan was the cheapest one...I'll consider getting my own line



this is the key, thanks for your feedback!

Just fyi - I started cutting my dryer sheets into thirds and found that using a scrap works just as well as using a whole sheet.

Also it's probably not for everyone but pay-as-you-go phones can be pretty cheap if you don't use your cell phone too much. Guess it's not as trendy but we had a family plan for $17.99/month.

I love penny pinching ideas!

 

[Cootie]

Congratulations to the OP. But I just want to know what company would allow you to work that much overtime? Unless they were overnight shifts that couldn't be filled and they had no choice but to let you take the shift. The company I work for requires at least 8 hours be between shifts (ie no doubles allowed), and anything over 40 has to be approved.
Also: y'all calculating all this mess is totally insane. You guys make a very high 5 figures after taxes. You do not need to live like you make $40,000 a year and try to pay off your loans in 5 years or some such unrealistic timeframe. You sound miserable, counting up how many deodorant bars you pay for per year! Maybe it's just because the ONLY debt I have is student loans; I have several CCs but they are all zero balance and I have no children. My big obstacle will be likely having to pay my mom's mortgage because she lost her job the same day I got mine.

 

[Cootie]

Just fyi - I started cutting my dryer sheets into thirds and found that using a scrap works just as well as using a whole sheet.

There is so much more to life than this. This is sad. What do you need dryer sheets for anyway? Did you use detergent? Then your clothes are clean. What else do you need?

 

[pezdispenser]

Also: y'all calculating all this mess is totally insane. You guys make a very high 5 figures after taxes. You do not need to live like you make $40,000 a year and try to pay off your loans in 5 years or some such unrealistic timeframe. You sound miserable, counting up how many deodorant bars you pay for per year! Maybe it's just because the ONLY debt I have is student loans; I have several CCs but they are all zero balance and I have no children. My big obstacle will be likely having to pay my mom's mortgage because she lost her job the same day I got mine.

You could lose your job at any time too. Then, who will pay your student loans and your mom's mortgage?

 

[Muse600]

Congratulations to the OP. But I just want to know what company would allow you to work that much overtime? Unless they were overnight shifts that couldn't be filled and they had no choice but to let you take the shift. The company I work for requires at least 8 hours be between shifts (ie no doubles allowed), and anything over 40 has to be approved.
Also: y'all calculating all this mess is totally insane. You guys make a very high 5 figures after taxes. You do not need to live like you make $40,000 a year and try to pay off your loans in 5 years or some such unrealistic timeframe. You sound miserable, counting up how many deodorant bars you pay for per year! Maybe it's just because the ONLY debt I have is student loans; I have several CCs but they are all zero balance and I have no children. My big obstacle will be likely having to pay my mom's mortgage because she lost her job the same day I got mine.

honestly, just try it.

charge everything you buy, then check your bank statement for one month and put your expenses on paper. You'll feel worse about it when you see what you make and how much you spend...

and honestly, after I started tracking it, and I watched other people's lifestyles that don't care, it blew my mind how much they waste.

if it's not for you, then don't worry about it.

 

[mustang sally]

Congratulations to the OP. But I just want to know what company would allow you to work that much overtime? Unless they were overnight shifts that couldn't be filled and they had no choice but to let you take the shift. The company I work for requires at least 8 hours be between shifts (ie no doubles allowed), and anything over 40 has to be approved.
Also: y'all calculating all this mess is totally insane. You guys make a very high 5 figures after taxes. You do not need to live like you make $40,000 a year and try to pay off your loans in 5 years or some such unrealistic timeframe. You sound miserable, counting up how many deodorant bars you pay for per year! Maybe it's just because the ONLY debt I have is student loans; I have several CCs but they are all zero balance and I have no children. My big obstacle will be likely having to pay my mom's mortgage because she lost her job the same day I got mine.

Dryer sheets are for static, not for cleaning.

Anyway, I think having some financial prudence can go a long way no matter what your income level is. A job can easily be lost these days. If you don't want to penny pinch with deodorant and dryer sheets that's one thing, but I don't see how you can think it's insane to calculate the best way to pay off student loans.

 

[All4MyDaughter]

What do you need dryer sheets for anyway? Did you use detergent? Then your clothes are clean. What else do you need?

Dryer sheets are for static, not for cleaning.

I think that this person must live with his mother and she does his laundry. Because he clearly doesn't know how to do it. And I automatically pay less attention to financial advice/lectures from people who have never lived on their own.

 

[rxlea]

I think that this person must live with his mother and she does his laundry. Because he clearly doesn't know how to do it. And I automatically pay less attention to financial advice/lectures from people who have never lived on their own.

That brought the lulz

 

[joetrisman]

I think that this person must live with his mother and she does his laundry. Because he clearly doesn't know how to do it. And I automatically pay less attention to financial advice/lectures from people who have never lived on their own.

Or they could be walking around like...

 

[All4MyDaughter]

Or they could be walking around like...

Probably! But the person in question said, "what do you need dryer sheets for? If you use detergent, your clothes are clean" [paraphrase]. To me this screams, "My mother does my laundry!"

 

[mustang sally]

Ha ha, that's what I was thinking when I read that.

 

[Albo]

I feel disgusted and put off by cheap people. Every one to each one but when you have a Pharmacist who works 60+ hours a week and makes >$150 000 a year and orders items from the dollar menu when we order fast food or tells tech will pay them later after bringing coffie/food makes me very angry. I choose Pharmacy because i want to live comfortably and not after i am 40 years old.

Cheers

 

[Farmercyst]

I feel disgusted and put off by cheap people. Every one to each one but when you have a Pharmacist who works 60+ hours a week and makes >$150 000 a year and orders items from the dollar menu when we order fast food or tells tech will pay them later after bringing coffie/food makes me very angry. I choose Pharmacy because i want to live comfortably and not after i am 40 years old.

Cheers

Sometimes people make career choices for the wrong reasons.

 

[Albo]

Sometimes people make career choices for the wrong reasons.

I meant to say that was one of the reasons, i really doubt anyone would say money does not make a big impact on the decision making process in their lives. Saying it doesn't would be pure hypocrisy.

 

[Dr Wario]

I feel disgusted and put off by cheap people. Every one to each one but when you have a Pharmacist who works 60+ hours a week and makes >$150 000 a year and orders items from the dollar menu when we order fast food or tells tech will pay them later after bringing coffie/food makes me very angry. I choose Pharmacy because i want to live comfortably and not after i am 40 years old.

Cheers

Do you get "disgusted and put off" by millionaires as well, because they are the ones those "cheap" people turn into. I honestly don't care what you do, but I'm sure those who have similar attitudes and spend 100%+ of what they make with no speakable savings will be the first ones to have their hands out when **** hits the fan.

Please also remember that "cheap" does not necessarily = poor quality of life. For my situation I live in a brand new 3000sqft house, drive a nice car and do enjoy a multitude of fun and interesting activities. I will also be a millionaire by the time I am 32. I work hard, but I also understand how to buy assets that do not deprecate in value and avoid consumables that have zero value. You may want to expand your horizons and perhaps see how it is possible to be "cheap" and have a comfortable/fulfilling life.

 

[schamj01]

Just fyi - I started cutting my dryer sheets into thirds and found that using a scrap works just as well as using a whole sheet.

If you want to save even more money on laundry...make your own detergent. Boil 4-6 cups of water on the stovetop and add 6 tablespoons of Borax and Washing Soda. Let it dissolve, take off heat and add 4 tablespoons of Dawn (slowly, so it doesn't boil up). After it cools a bit, pour it into the gallon jug of your choice and qs with water (again, add slowly). Use about 1/4 of a cup for a normal size load...about 1/3 cup for a large load. I seriously can't tell the difference between this and normal laundry detergent.

Also, if you really don't like having to buy dryer sheets, I've heard using vinegar in the washer works well as fabric softener. Apparently the heat in the dryer gets rid of the smell. Anybody tried this?

 

[rxlea]

If you want to save even more money on laundry...make your own detergent. Boil 4-6 cups of water on the stovetop and add 6 tablespoons of Borax and Washing Soda. Let it dissolve, take off heat and add 4 tablespoons of Dawn (slowly, so it doesn't boil up). After it cools a bit, pour it into the gallon jug of your choice and qs with water (again, add slowly). Use about 1/4 of a cup for a normal size load...about 1/3 cup for a large load. I seriously can't tell the difference between this and normal laundry detergent.

Also, if you really don't like having to buy dryer sheets, I've heard using vinegar in the washer works well as fabric softener. Apparently the heat in the dryer gets rid of the smell. Anybody tried this?

You know they sell detergent and dryer sheets at the dollar store, right?

There are all kinds of cleaning products.

 

[All4MyDaughter]

You know they sell detergent and dryer sheets at the dollar store, right?

There are all kinds of cleaning products.

The "make your own" thing is too granola/too much work for me. I like the dollar store for cleaning products, and I use coupons and watch sales a bit. I have also gotten some great deals at Sam's Club/Cosco, although not everything in the big warehouse stories is priced competitively.

 

[rxlea]

The "make your own" thing is too granola/too much work for me. I like the dollar store for cleaning products, and I use coupons and watch sales a bit. I have also gotten some great deals at Sam's Club/Cosco, although not everything in the big warehouse stories is priced competitively.

Exactly!!! I don't have countless hours of time to make eco friendly ****.

For cleaning products, we go to costco with a friend and we get stocked up for months...paper products too.