Leaving My Job to Go Into Debt Full Time

Upon learning that I got into medical school I read the email 4 times to be sure I wasn’t seeing things, jumped up and down, called my parents and tried to convince them that no I wasn’t lying and then realized that I’ll have to leave my very interesting and great job.

My last day at work is at actually today (sad face), so this is my last full month with a salary.

I wrote about my June budget here  and have planned to spend about $2400 of my $2700 coming in.Specifically, I plan to save at least $700 this month.

Between my last day of work and first day of school I have about 4 weeks to get through. I do have a line of credit, but in a more intelligent move, I have a plan for these ‘transition weeks’.

Although I haven’t finalized my July monthly budget, I do plan on starting on my first financial goal of limiting my living expenses to under $1450.

July Budget: 1450

700 from June savings

750 from planned tuition savings, in an effort to minimize usage of line of credit or loans

I do expect there to be huge school expenses this month, but this will come out of the planned tuition savings. School expenses will be over and above the living expenses, as I know the first month has tons of upfront expenses (unfortunately they haven’t given us any details).

What do you think? Should I save the planned savings to actually be put towards tuition or is it wise to spend as much as my money first before even touching any credit?

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