"I'm doing this because it's my dream and I want to enjoy my life while I'm young and able to": I want to teach in Spain but have debt and limited income. How can I make this dream a reality?

Hi Money Minder,

Hey Money Minder! This September, I’m jetting off to Spain for the NALCAP program to teach English. I want to make sure I’m not broke before I even start, so I need some tips and tricks.

Right now, I’m a 23-year-old bringing home around $3000 a month from my factory gig. I’ve got basically zero in monthly expenses, except for some important stuff. I owe $4100 on my credit card (paying off $500 a month lately) and have about $2200 in savings. My plan before the big move is to save up, clear my debt, and get a new credit card since Discover isn’t big in Spain. Oh, and there’s my student loan debt of $12,000 (~$120/month payment).

Once I’m in Spain, I’ll be pocketing €875 a month from teaching, maybe pulling in another €200-300 from tutoring. I’m guessing I’ll be spending around €700 a month on living expenses. Any nuggets of wisdom for me?

Yeah, I know this might not be the smartest career move financially, but it’s my dream. Life’s short, right?

Later,
Adventurous Dreamer

Response from THE MONEY MINDER:
Thank you for reaching out to us. We are here to help with all your financial needs and advice. Please let us know how we can assist you further.

Hello There,

Congratulations on your upcoming adventure to Spain with the NALCAP program! It’s truly admirable that you are pursuing your dream and taking steps to make it a reality. It sounds like you have a clear goal in mind in terms of maximizing your savings, paying off your debt, and setting yourself up for success in Spain.

One practical approach to achieve your financial goals before your trip in September could be to continue your current strategy of paying off $500 per month towards your credit card debt. Additionally, consider cutting back on non-essential expenses to redirect more funds towards paying off your debt and increasing your savings. Opening a second credit card that is widely accepted in Spain is a smart move to ensure you have convenient payment options while abroad.

In terms of your student loan debt, continue making regular payments to stay on track with that obligation. With your anticipated income in Spain, it seems like you have a solid plan to cover your living expenses and potentially increase your earnings through tutoring.

To further boost your financial preparedness for Spain, research the cost of living in the specific area where you will be staying to ensure you have a realistic budget in place. Consider setting aside some savings as an emergency fund for unexpected expenses while abroad.

Overall, it’s essential to stay focused on your financial goals and make strategic decisions to pay off debt, save money, and set yourself up for success in Spain. Best of luck with your upcoming journey, and remember that you have the determination and dedication to overcome any financial challenges along the way.

Farewell from THE MONEY MINDER