Thursday, October 21, 2010

Responsibilities.

So, for various reasons that I won't go into on this blog (personal family history), I am a freak about money. Constant fretter would better describe me. I'm pretty sure I fretted less when I made no money as an intern than now when I make way more than I ever dreamed I would. Dealing with finances always makes me feel stressed, worried, and overwhelmed.

Back when I started at my current job, I went to the see the financial planner that administers our office's Simple IRA. My question to him was fairly straightforward - tell me how to take charge of my money and what to do with it. He gave me some advice that I found extremely useful: first - start a savings fund with 6 months' worth of expenses. Second: get life insurance and private disability insurance (none offered through my job). Lastly: start paying off debt, starting with unsecured (my student loans) and moving to secured (the house).

A year later, I can say happily that we have a) established an emergency fund (only 3 months worth of expenses yet...but still growing), b) purchased private disability insurance, and c) bought life insurance for both myself and my husband. On top of that, I am contributing a small chunk every 2 weeks to my IRA. Both of our cars are paid off (well, the Mercedes was free), and we don't have any credit card debt.

Today, we met with our financial advisor to sign papers, and he said that we are in a great position for our age and education level - and it will only improve as my husband finishes his PhD and starts working.

I cannot reiterate to my readers that are vet students or other students or just anyone how important it is to take control of your money. I know it's probably easier for me to say that, because I am making a lot of money. But as my grandparents and aunt always said, "if you can't handle a little money, you can't handle a lot of money." Take control NOW.

I'm feeling un-frettery today for the first time in a long time. I'm also pleased to say that I can now spontaneously combust if I so choose - we are covered for that eventuality.

Ah, adult life. So dull and yet so exciting.

4 comments:

Holly said...

I was feeling pretty good till today when I discovered a $5500 bill that is looming on my horizon.

le sigh

HP said...

Holly - me too! i decided to crush my middle finger in July which required a metal plate and four screws... but this week is when they decided to send out the $6300 bill. and that is what ISN'T covered my my lovely vet school insurance... ugh.

but good for you on the money situation :) i am constantly thinking about finances and worried about not being able to pay off everything after we graduate... you are an inspiration! thank you for the advise!

Holly said...

Oh man, crushed finger???? Ouch.

Pamela said...

I wanna spontaneously combust....