Impulse Spending Fixes and PSLF Choices When You’re in Grad School
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What is the main topic discussed in this episode?
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Sometimes your money habits just need a hard reboot.
You know what, Sean? I find that that reboot tends to happen towards the beginning of the year, after the holidays, after I've just done too much.
As in, like, right now? Yes, right now. Let's do it. Welcome to NerdWallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds. I'm Sean Piles.
And I'm Elizabeth Ayola. On this episode, we're going to answer a listener's question about whether to keep making student loan payments while in grad school or put that cash towards a new house.
But first, Elizabeth and I are going to mix things up with our money habits, at least. February is a popular month for no spend challenges where you either don't spend on non-essentials or maybe just choose a specific category to not spend money on. And this year we're taking that idea, but we're taking it in a slightly different direction. And friend of the pod, personal finance nerd Amanda Barroso is here for the conversation. Hey, Amanda.
Hi there.
So Amanda, Elizabeth, are you guys big no spend people? What's your thoughts here?
I am in a way subconsciously. So I don't do it as a challenge. Like I know there's lots of challenges on social media, but I think I know when I'm spending too much and I go, Hey girl, we got to cut back the spending.
So it's maybe not structured around a single month. Like we're talking about.
No, no, no. It's just whenever I need to cut my spending down.
Amanda, I know you do have some experience with this.
Yeah, I mean, this is a recent thing for me. I've been on the podcast a few times talking about my low spin challenges last year. And then I also tried thrifting my kids Christmas gifts for Christmas last year. But no spin challenges are a fairly new thing for me. I think the thing is, is like, maybe it's after having a second kid, owning a home, our budget just feels so tight. And it's like, while I can control some of the things that are spreading our money thin, I can't control some of the things that are spreading our money thin. So I can't control grocery prices. I can't control insurance premiums. I can't control the dang property taxes that are driving up my mortgage every year, but. Oh my God.
There are some things that I can control choices that I can be more conscious about making like my spending. So that's where I think these financial challenges are helpful because you can kind of set the rules. You can, tailor them to the goals of you or your family. You can make them as long or as short as you want. And on my corner of the internet, which I'm sure is highly curated, but it does seem like a lot of folks are thinking about their consumption again, beginning of the year stuff. But, you know, I think there's a real sort of momentum going about people trying to make changes that reflect their values and their goals.
Yeah, I've been seeing a lot of people say that they're generally striking how much money they're going to be spending on non-essentials. And that's a smart idea. I like a no spend challenge, but I do think their utility can be limited. You know, I like that they can help you reset your spending and help you reevaluate your relationship with how you are disposing of your money and maybe non-essential ways.
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Chapters
7 chapters
1
What is the main topic discussed in this episode?
0:00–4:09
2
How can a month-long spending challenge reset your money habits?
4:09–8:48
3
What strategies can help you avoid impulse spending?
8:48–15:31
4
How does student loan deferment affect Public Service Loan Forgiveness (PSLF)?
15:31–17:27
5
What should you consider when deciding between paying student loans and saving for a home?
17:27–32:35
6
What are the implications of the One Big Beautiful Bill Act on student loans?
32:35–42:50
7
How can you track your progress towards PSLF eligibility?
42:50–47:48
Speakers
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