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What The Frugal Law Student is doing now to mitigate his debt

Written by The Frugal Law Student

My goal is to leave law school with as little debt as possible. My dream would be to leave law school with a positive net worth, but that’s not likely to happen. Here follows a list of the preemptive measures I’m taking to keep my debt in check.

  1. Mrs. Frugal Law Student and I have moved in with her parents. We don’t pay rent nor do we pay utilities. (I’ll be posting later on what it’s like living with the in-laws).
  2. Mrs. FLS has a job teaching community college. It doesn’t pay that much. She had another job, but got laid off because of reorganization. Boo. We’re using that money to pay off student loans
  3. I almost have a full scholarship at the law school I’m attending. It’s private school, so tuition is expensive. About $24,000 a year. However, $20,000 is covered my scholarship.
  4. Mrs. FLS have set a monthly budget for ourselves.
  5. I brown bag it for lunch every day.
  6. We set aside 10% of our income to savings and investments. Honestly, I haven’t been doing a very good job on doing this consistently. I need to improve this.

The thing that’s helping us the most is living with the in-laws and my scholarship. I think the Mrs. and I doing a good job saving money, thus keeping our debt in check. What we need to do is think of more ways to increase our income, so we can start paying more debt off. I will take any suggestions from the collective mind of the blogsphere.

The Frugal Law Student’s Net Worth

Written by The Frugal Law Student

Today, for the first time, I determined my net worth…. wow.
Right now, Mrs. Frugal Law Student and I’s net worth is $-37,420.53. Damn. We’re in the hole and I have two more years of law school to finish.

Let’s break this number down into assets and liabilities.

Cash Savings: $5,583.90
Checking: $1,210.79
IRA: $1,815.49
Mutual Funds: $6,141.37

Total: $14,751.55

Frugal Law Student’s Student Loans: $21,464.59
Mrs. FLS Student Loans: $30,685.49

Total: $52,150.08

Net Worth: $-37,420.53

We’ve got a lot of work on our hands. Ideally, we would like to pay a lot of our debt off while I’m in school. Mrs. FLS is an adjunct teacher at the community college here in town, but it doesn’t pay that much. We need to look for ways to make some side cash while I’m still in school. I’m depressed. Time to work on my memo.