First of all, you are right - thank you for writing in. A lot of financial advice is written from a position of privilege and I know that. But doing nothing is the most expensive option available to you. So here are the moves that actually work at $19 an hour.
The income problem is the real issue. $19 an hour in a big city with debt and a master's in progress is genuinely very, very hard and I get that. And I want to make it clear that it's not a personal failing on your part by any means. It's a structural and societal reality of working in a chronically underpaid field. So before we talk about saving, let's figure out if earning more is an option.
Couple questions - are there higher paying roles within animal welfare you could grow into? Something like shelter director, nonprofit leadership, veterinary administration? Do these require master's programs or more education? Look into what they pay and make a plan. Also worth looking into things like dog walking and pet sitting through Rover. I have friends clearing literally $3k to $4k PER MONTH doing this on weekends in NYC. And check whether your current employer offers tuition assistance and whether grants exist specifically for animal welfare peeps. This is offered a lot more than people think, but they just never ask.
Ok onto the debt: the goal right now is not aggressive payoff…it's just stabilization. You can get on an income driven repayment plan so your federal loan payments compare to what you actually earn. And look into Public Service Loan Forgiveness - if your shelter qualifies as a nonprofit or government entity you could have your loans forgiven after 10 years of payments!! A lot of people in your situation don't know they qualify and this could be genuinely life changing.
And now on the saving side of things: open a HYSA and automate $10 or $20 before your bills hit. Not what's left over, do it before you do anything else - this is important!! I'm not going to lie to you and say $10 a month is going to leave you with a great retirement but the habit will matter more than the amount when your income grows and you can start contributing more.
On the 401K: The good news is you have one and you're contributing - which is more than a lot of people can say! Good for you. Just make sure you're getting the full employer match if there is one. That's free money and the easiest win on this list.
I know that building wealth on a low income in an expensive city is really hard and I totally get that most financial advice doesn't account for this. But hear me first - hard is not the same as impossible. You are legitimately halfway through a master's degree, you're contributing to a 401K, and you're asking the right questions now. You are not Carrie Bradshaw with her entire net worth categorized by shoes in her closet - you are not starting from the bottom!!
The floor is further up than you think.
Good luck, and report back and lmk how it's going.
First of all, you are right - thank you for writing in. A lot of financial advice is written from a position of privilege and I know that. But doing nothing is the most expensive option available to you. So here are the moves that actually work at $19 an hour.
The income problem is the real issue. $19 an hour in a big city with debt and a master's in progress is genuinely very, very hard and I get that. And I want to make it clear that it's not a personal failing on your part by any means. It's a structural and societal reality of working in a chronically underpaid field. So before we talk about saving, let's figure out if earning more is an option.
Couple questions - are there higher paying roles within animal welfare you could grow into? Something like shelter director, nonprofit leadership, veterinary administration? Do these require master's programs or more education? Look into what they pay and make a plan. Also worth looking into things like dog walking and pet sitting through Rover. I have friends clearing literally $3k to $4k PER MONTH doing this on weekends in NYC. And check whether your current employer offers tuition assistance and whether grants exist specifically for animal welfare peeps. This is offered a lot more than people think, but they just never ask.
Ok onto the debt: the goal right now is not aggressive payoff…it's just stabilization. You can get on an income driven repayment plan so your federal loan payments compare to what you actually earn. And look into Public Service Loan Forgiveness - if your shelter qualifies as a nonprofit or government entity you could have your loans forgiven after 10 years of payments!! A lot of people in your situation don't know they qualify and this could be genuinely life changing.
And now on the saving side of things: open a HYSA and automate $10 or $20 before your bills hit. Not what's left over, do it before you do anything else - this is important!! I'm not going to lie to you and say $10 a month is going to leave you with a great retirement but the habit will matter more than the amount when your income grows and you can start contributing more.
On the 401K: The good news is you have one and you're contributing - which is more than a lot of people can say! Good for you. Just make sure you're getting the full employer match if there is one. That's free money and the easiest win on this list.
I know that building wealth on a low income in an expensive city is really hard and I totally get that most financial advice doesn't account for this. But hear me first - hard is not the same as impossible. You are legitimately halfway through a master's degree, you're contributing to a 401K, and you're asking the right questions now. You are not Carrie Bradshaw with her entire net worth categorized by shoes in her closet - you are not starting from the bottom!!
The floor is further up than you think.
Good luck, and report back and lmk how it's going.