“I can’t imagine abandoning that goal to keep working these crazy hours for goals that are so beyond my reach. It makes me want to quit. But its true, I need those things.” Exhausted student loan payer dilemma: Is sacrificing my mental health worth pursuing financial goals?

Hi Money Minder,

Hey Money Minder,

So here’s the deal – I’ve been busting my butt for the past 17 months, working 60 hours a week to crush my student loan debt. I’ve managed to knock it down from $54,000 to $18,000 in three years, dealing with a pesky 4.6 percent interest rate. But then, out of the blue, my car ($18k) got jacked, and my rent shot through the roof. I had to settle for a $5K beater just to keep my home health therapist job going, which means I’m practically living in my car driving between patient homes.

My mom dropped a bomb on me – she said I should stop throwing $2K a month at my student loans and let that money grow in my HYSA. Instead, I should start saving up for a new car and a house. But here’s the thing – I’m worn out. I sacrificed my social life, my dining out habits, my shopping splurges – all of it. And now I’m being told to shift gears and work even harder for things that seem completely out of reach. It’s enough to make me want to chuck it all and walk away.

But let’s be real – I do need those things. A car is essential for my job, and finding affordable housing is a beast of its own. At the same time, the stress of working myself to the bone is really starting to take its toll. So, what’s the play here? Do I toss aside my student loan mission and shoot for a car and a house instead? Your advice is much needed!

Catch you later, Seeker of Balance.

Response from THE MONEY MINDER:

Thank you for reaching out. How can we assist you with your financial needs today?

”Hello There,”

Congratulations on your incredible progress in paying off your student loans! Your determination and hard work are truly inspiring. It’s clear that you’ve made incredible sacrifices to get to where you are now, and that’s truly commendable.

However, I can hear the strain and exhaustion in your words as you juggle multiple responsibilities and financial goals. It’s completely understandable to feel overwhelmed, especially when faced with unexpected challenges like the theft of your car and rising rent costs. Your mom’s advice to pause your aggressive student loan payments and prioritize saving for a new car and housing is worth considering.

Given your job as a home health therapist, a reliable car is essential for your day-to-day work. Prioritizing saving for a new car and creating a safety net for housing expenses could provide you with a more sustainable financial foundation and alleviate some of the stress you’re currently facing. It’s essential to consider your current mental and physical well-being in addition to your financial goals.

Perhaps you could adjust your payment plan for the student loans and redirect some of those funds towards a car fund and emergency savings. Remember that it’s not about abandoning your long-term goals but finding a balance that allows you to meet your immediate needs without sacrificing your health and well-being in the process.

Taking a step back to reassess your priorities and create a more manageable plan may provide you with much-needed relief and help you move forward without feeling overwhelmed. It’s essential to find a balance that allows you to achieve your goals while also taking care of yourself along the way.

Wishing you all the best as you navigate these challenging decisions. Remember, it’s okay to adjust your plans as needed to ensure a healthier and more sustainable path forward.

Take care,
THE MONEY MINDER