Preparing for Murphy
We are all aware of Murphy and as the saying goes, if it could go wrong it will. He also has friends like broke, desperate, and stupid that follow in his footsteps. I started thinking about the possible situations that we’re currently looking at.
First major one is my wife will be done with her summer job this Friday. Temporary employment has a known end date unlike being a regular employee and receiving a pink slip or some other random job ending factor. Job loss can be a Murphy but we have known the end was coming and she is doing everything she can to find another source of income. I’m hoping someone, anyone, calls this week wanting her to come in for an interview. It would relieve a huge amount of stress that has been building on both of us.
My current place of employment is feeling the summer slump. I was curious the other day and looked around job sites online. One of the places I found is very close to my home and pays at least 10k more up to 50k more per year. Even being somewhere in the middle of the two could result in around 2k more per month. The downside is it is a dot com startup so I don’t know what kind of future a place like that has unlike where I am currently. Even with that said I might feel it out and see if it could work for me.
The private student loans my wife has breathing down her neck are only deferred on economic hardship until September and October. They expect payments on those because she has reached a time limit on how long a loan can be on deferment. This is where the first two things I mention can come into play. If she got a good regular job then she could pay these on her own. Otherwise I could get a hopefully higher paying job to handle them for her until her income picks up.
I guess it is better to have some sort of plan on how to deal with a situation rather than hiding from it. It was known before we got married that our student loans are primarily our own responsibility. At the same time being married I don’t want her credit to be trashed just because of not making payments to the student loans. Right now I don’t make enough money to handle household expenses as well as taking on the burden of her student loan payments. I already handle making her credit card payments for her otherwise they wouldn’t get paid on time. If only she realized back in college the problem excessive student loans cause.
I don’t know, never having been married, but it seems like you are more worried than your wife about her future. Let her figure it out - it will help her to focus on her own goals. And IMO don’t work for a start-up - my sister worked for one and it turned into a nightmare. Good luck!
I can’t imagine what it must feel like to have those student loans. It must feel like another house payment?
If you could make 10K - 50K at another job, I think it’s definitely worth looking into.
I hope your wife finds another job soon.
I’m not trying to stir up trouble (really, I’m not), but have you ever considered giving your wife a chance to post? Or has she ever chimed in here? I understand if this is your personal space where you can vent, but I was curious since your tag line says this is a blog of a married couple.
If something permanent doesn’t come along for her, would she consider doing something that doesn’t relate to her major, if only temporarily? At some point, with these student loans coming due, one can’t afford to be choosy. We all want our dream job, but sometimes, until that job (or something close to it) comes along, you gotta eat, pay bills, etc.
Sending her best wishes that she gets that all-important phone call. Take care!
Leaving a job you have had for a while is always a scary thing to do. My biggest worry is what if I am completely unhappy with my new job after being there for a month or so. I think that it is important to be happy with your job. Assuming you work 8 hours, you spend 33% of your time at work. Another 33% is spent sleeping.
Hopefully something comes through for your wife soon.
This issue with your wife’s employment is a difficult one, but I agree w/ the way you are looking at 100%. The reality is that her problems, financial or otherwise, are YOUR problems as well - you signed up for that the day you said “I Do”. Defaulting on the Student Loans will completely tank her credit and that will limit the options that both of you have as a couple. The key to speedy debt reduction is “financial flexibility” - the ability to spread debt out and move in around in away that benefits your repayment process (i.e. lower rates). If her credit gets destroyed then it will set your entire process back.
Should you be the only one concerned about it though? Absolutely not. If you are having to make sacrifices and potentially take on risky employment than she should be willing to do more as well - like maybe working two jobs until she finds the one job that she wants. Something is better than nothing.
veronica - I’m not sure what exactly you would want to hear from her point of view. She’s searching for jobs and has a bunch of student loan debt. It’s my blog, not a married couple’s blog where you get to hear both sides of everything. There’s going to be some bias but I try my best to give the situation as it is without holding back.
For others regarding my idea of getting another job, it’s not just to pay on this debt. I’m getting bored with where I am right now, so a switch might be a good thing. There isn’t a decision anyone can make that doesn’t have 2 sides to it. I find the idea of looking into a new job exciting and scary at the same time. I didn’t go spend 4 years getting a college degree to get stuck at the same place for 40 years. The bump in pay though would be a huge boost for us in many ways though. My wife also hasn’t spent 7 years in school to end up with nothing either.
Kev - Her credit is near maxed out having over 100k worth of student loan debt on there. She is not on our mortgage because the payments on her student loans are greater than that of the mortgage itself. There is very little ‘we’ can do together with our credit. My point is that her student loans only have her name on them; not paying them doesn’t damage my credit as well. I can’t make the payments on those for her with my current income, which requires her to take action to make sure they get paid. It wouldn’t make much sense to not pay other things in order to keep her student loans current. She is very concerned about getting a job and her student loans to the point it is making her sick. That’s why I brought up the idea of finding a higher paying job.
Oh. I see the dilemma a little more clearly now. And I didn’t mean to insinuate that your wife wasn’t concerned about her situation. I’m sure she is. I was just throwing out the idea of possibly working two jobs for awhile until she is able to find a higher paying position.
I never spit out suggestions that I wouldn’t follow myself. I took on a part time teaching position at a local community college awhile back when things got rough for me. It sucked - I admit it. Nobody wants to work all day and then turn around and go back to work. It did, however, help me put a massive dent in my debt and that was the point. It was well worth the sacrifice.
Good luck
Maybe her parents could help out? Didnt you mention that she they have helped her in the past?
Sorry — I obviously hit a sore spot. Like I said, I was just curious. It wasn’t that far-fetched a question: You say that this is a blog of a married couple, not of a married man. But I stand corrected.
Good luck to you, and good-bye.
Does your wife have any other job lined up? Even a small time hourly job at a local store would be helpful rather than having absolutely nothing coming in.
Knowing her situation makes me very wary of my own loans. Thankfully, I’ve managed to get away with only needing one private loan with a relatively low balance, and have enjoyed watching the interest rate plummet over the past few months. I’m hoping to tackle it soon and avoid any complications with it… (The rest of mine are government loans, both subsidized and unsubsidized.)
Hi Jim, I nominate you for an award!
Jim,
You have given us a ton of information. Your attitude is great and we can see your frustration. I have a cash flow idea for you. Please email me and let me see if I can help you.