How Switching Your Student Loan Forgiveness Plan Can Save You Thousands of Dollars!

This post may contain affiliate links. Please see my disclosure to learn more.

How would you like to save thousands of dollars a year, simply by switching the loan forgiveness program you are on? We know we did! A recent conversation with Travis Hornsby of Student Loan Planner informed us that we could speed up our loan repayment simply by switching from IBR to REPAYE! The information that Travis shared with us was so valuable, because it could in fact save us thousands of dollars on our student loans! That’s equivalent to refinancing to a lower rate, thus cutting down our repayment timeline, while still allowing us the safety net of being in a loan forgiveness program. After conversing with Travis for an hour, I would highly recommend Student Loan Planner as the starting point for any student or new grad looking for student debt advice.

So how do we save $$$ this year? It’s simple. All we need to do is to switch from IBR to REPAYE. Today, I will outline why.

Related Posts

A Case Study: IBR VS REPAYE

We were under the IBR program since we embarked on this journey to repay our student debt of $574,000. Before you consider which loan forgiveness program you want to choose, you should probably read Finance: Student Loan Forgiveness Options: IBR VS PAYE VS REPAYE. We had initially chosen IBR despite the fact that the monthly payments would be 15% of discretionary income vs REPAYE’s 10% of discretionary income because of this one factor: IBR allows you to file taxes separately as a married couple and it will only consider the loan holder’s income, versus REPAYE which will consider the income of your spouse as well. Since Mr. Debtist also makes a six figure number, we figure that we would have the better deal using solely my income.

Here is an example of how to calculate that:

Let’s use estimates from our personal story to calculate the difference.

Assume that our loan is an even $550,000, my income (the debt holder) is $125,000 and Mr. Debtist’s income is $120,000.

Under IBR, they would calculate our yearly loan payment by multiplying my income by 15%.

125,000 * 0.15 = 18,750

Now we divide that by 12 months to find the monthly payment.

18,750 / 12 = 1,562.50

Therefore our monthly payment would be $1,562.50 under IBR.

Under REPAYE, we need to use the total household income of $245,000 to calculate the yearly payment, however we will only be paying 10% of our household income.

(245,000 – 1.5 * 16,460) * 0.10 = 22,030.85

To find the monthly payment, divide by 12 months.

22,030.85 / 12 = 1,835.90

Therefore our monthly payment would be $1,835 under REPAYE.

As you can see from this example, IBR would be the better payment plan because you would be paying the cheapest amount per month and allowing the program to forgive as much as possible.

HOWEVER, there is a rule with REPAYE that IBR does not have. REPAYE will subsidize 100% of the interest accrued for the first three years for subsidized loans, and 50% of the interest accrued after the first three years, which changes the game. Note, if you have unsubsidized loans or GRAD PLUS loans, they will only pay 50% of the interest accrued, period. Let’s see how.

Under REPAYE, the government will subsidize the interest that does not get covered by your minimum payment. In my case, I took out GRAD PLUS loans, so that would be 50% of the interest that accrues. We have already calculated the monthly payment to be $1,835.90. Let’s convert that to yearly payments.

$1,835.90 * 12 months =  $22,030.85 owed this year under REPAYE

This year, based on last year’s income, we owe $22,030.85 in total payments under REPAYE. We also know that interest on $550,000 at 7% is $38,500. Therefore, our payments under REPAYE are not even enough to cover interest, as is usually the case with a loan this large.

So the difference is calculated as follows:

$38,500 – $22,030.85= $16,469.15 * 0.5 = $8,234.58

Which means that for our case, the government will subsidize over $8k per year! You would be missing out on thousands of dollars just by being on the wrong program! We certainly did.

Why We Stuck with IBR in the past

We decided to be under IBR right when I got out of dental school, BEFORE we decided to pay back our loans aggressively. The reason being in my first year, I only worked for the last three months of the year, having waited for my license to be approved after graduating in June. In my first year’s taxes, I made $25,000. So taking 15% of $25,000 would be cheaper than 10% of $145,000. Now in the second year, the numbers completely changed since I started working full time for the entire twelve months. My salary jumped from $25,000 to $125,000. The ultimate question: Why didn’t we make the switch?

In April of my first full year of work, we had decided to pay back the loans aggressively. Meaning, our monthly payments were MORE THAN the minimum amount required. In order for there to be excess interest accrued on the loan, our monthly payments should not exceed the interest gained, which was about $3,000. But since we were paying our debt like CRAZY, we were actually paying $6,500 towards the loans, so no interest was accruing and it did not matter if we stayed in IBR or went to REPAYE.

Or so we thought…

We were VERY wrong!

A Common Misconception

According to Travis Hornsby of Student Loan Planner, REPAYE calculates the difference between the interest accrued and the amount paid back on the loan at the beginning of the year. REPAYE assumes that you will only make your minimal payment each month, which means that they lock in the assumption that $11,500 would be accruing in interest (for our particular example). Every month, they will subsidize a portion of your loan to make up for the interest that will supposedly accrue, REGARDLESS OF THE MONTHLY PAYMENT YOU ACTUALLY PAY. It doesn’t matter if we pay $6,500 towards the loans or if we pay the minimum amount. Either way, REPAYE will subsidize the difference between the minimum payment and the interest that’s being charged. So we have actually missed out on an opportunity here! What’s passed is past, but we are definitely jumping from IBR to REPAYE ASAP!

What Switching from IBR to REPAYE will save us.

We need to make this jump because of the following:

  • It will save us tens of thousands of dollars in the long run.
  • Making the change will be the equivalent of refinancing to a lower rate without actually having to refinance! Which then gives us the safety net of staying in a loan forgiveness program. If ever life throws us a curveball (such as an accident, layoff, disability, sickness, or our worlds fall into chaos and we cannot work), then the loan forgiveness program will give us the flexibility to not HAVE to pay $6,500 per month.
  • After all the money we save, we can cut our repayment timeline down to 7.5 years!

Off course, not everyone under IBR should automatically jump to REPAYE! You have to pick the financial path that is right for you, considering your personality, your goals, your lifestyle, and more. If you are looking for sound advice on how to create a student loan repayment plan customized for your situation, don’t hesitate to contact Travis Hornsby, founder of Student Loan Planner, using my affiliate link. It will be a very rewarding hour! And check out my second podcast episode with Travis, to be released in 2019! Stay tuned.

Frugal Challenge: No-Dining-Out November

We started our journey to getting our finances in order by reeling in on the spending. There was no other way we would have paid $84,000 in our first year without YNAB! To this day, budgeting continues to be a top priority and really keeps our finances in check. To help with that, we have made being frugal a bit more fun, by creating challenges for ourselves once in a while. In this way, we’ve made saving money into a bit of a game. I am excited to announce this month’s frugal challenge: No-Dining-Out November.

Related Posts:

If you are already on an extreme path to FI, you may already be doing this. Unfortunately, we aren’t as strict about the dining out thing as some. Reason being, we still want to enjoy our younger years, and not sacrifice our freedom now for freedom later. But this month, we will save a couple extra dollars by trying our best not to go out for food.

Typically, we cook about 90% of our meals for the week at home. We will go out about once a week, and most times, it is in celebration of someone’s birthday, or to meet up with families or friends to reconnect over a meal. Before you go running for the hills after my suggestion of giving up dining out completely, let me explain why November is the perfect month to do so.

The explanation goes as follows: Thanksgiving occurs in November. That’s it. Our one saving grace. If you’re like us, this time of year involves gatherings with friends and family aplenty. For example, we have a Friendsgiving event with our closest friends every year hosted at our house. I typically cook and serve a home-made 5 course meal (stay-tuned for what we’ve got up our sleeves this year), and everyone chips in monetarily by paying a small fee ($10-15 per person). On top of that, we have separate Thanksgiving celebrations with my parents, Mr. Debtist’s dad’s side, and Mr. Debtist’s mom’s side. Additionally, I have a Thanksgiving potluck at work. As you can see, November is the perfect opportunity for us to skip on the dining-out while still feasting on amazing food! It gives us opportunities to still meet up with family and friends, and it also has opportunities where we can eat without having to cook the meal ourselves. Plus, Thanksgiving isn’t as hectic as the Christmas season, so with enough planning, it is completely doable to balance work, life, and food.

Helpful Tips:

In moments of true weakness, here are some tips on how to go completely without dining out for a month.

  • First off, decide what constitutes as eating out. For us, even getting coffee or ice cream counts!
  • Get a really devoted, reliable friend to join you on this venture. If you ever feel like dining out, let them know so that they can keep you in line. Maybe take turns cooking for each other. I thankfully have Mr. Debtist for that.
  • Pre-cook some meals and freeze them early on in the month, while your motivations still run high.
  • Every time you feel like dining out and resist, write down the amount of money you saved. When you need a little inspiration, take a look at that piece of paper and count your savings!
  • Avoid the social pressures of dining out. Maybe avoid scrolling through Instagram or swiping through Instastories, to prevent yourself from being tempted by photos that your friends post. It may be that your super expensive dining out habit has more social motives rather than gastronomical.
  • Pack your lunch, but still “go out” with friends. Mr Debtist always packs lunch for work. But that doesn’t mean he sits at his desk by his lonesome when his co-workers go out to eat. He goes with them, packed lunch included! Now, he’s got our roommate doing the same thing! Don’t feel intimidated or embarrassed if you want to eat a packed lunch. You go out with your co-workers to mingle and to relate, not to outperform each other in food spending.
  • Make cooking at home fun! Instead of cooking the same meals that you usually cycle through, take time to try a new recipe together once a week. Leave room for experimentation. Cooking does not always have to be buy the book. Or better yet, simply swing by the farmer’s market and pick up a few items. Challenge each other to make a new recipe using your most recent market finds. Whatever it is that will motivate you to cook at home is good by me.
  • Lastly, just eat! The hungrier you get, the more tempting it will be to get food in the easiest way possible (aka buying it already made for you!). Eating little snacks throughout the day keeps me satiated enough that my tummy isn’t always asking for more. Some voice in your head may be saying that the left-over no longer looks as appetizing as it once did, but once it’s in your stomach, that voice goes away. Remember that we eat to give us energy, to sustain us for what we need to do. We don’t always need to eat to please our egos. Some people eat just to make themselves “feel good”. That kind of thinking won’t get you through this frugal challenge. And I can guarantee you that making yourself your own meal can feel great, too!

A Frugal Approach to Halloween to Make the Holiday A Bit Less Scary

Halloween marks the start of the holidays for us. That’s about the only celebratory sentiment I have towards this holiday. I don’t typically celebrate Halloween at all, except to rejoice that Thanksgiving, Christmas and New Years are just around the corner. Anyone who knows me can tell you that I avoid anything that could even remotely resembles scary. I go so far as to avoid YouTube in October, just in case I see one of those ads for an upcoming horror movies. To be honest, I was not introduced to the concept of Halloween until I moved to the United States at 8 years old, an age nearing when it was time to outgrow playing dress up. Additionally, I’m a DENTIST. So I have never passed out candy in my life, and likely never will. It has helped that we live in a live/work loft, since no children walk along the streets of downtown knocking on the doors of businesses already closed for the evening.

Despite my Grinch-like approach to All Hallows Eve, I understand that there are others who choose to celebrate the holiday. And I’d hate to send the wrong message here, because frugal living does NOT equate to deprivation. There IS a way to enjoy your favorite holiday, whatever it may be, without excess consumption. Hence, a brief guide to a more frugal approach.

Costumes

Create Your Costume

Remember in college, there were Halloween parties to go to, but most of us were broke? I think being poor really does require one to tap into our most creative selves. If my memory serves me, almost every costume at a college Halloween party was home-made. Why not have some fun and re-create those days? I remember one year, I had a witch’s hat and a name tag sticker that said “Hi! My name is Sam!” and I went as a Sam-witch. Another favorite was a classmate carrying around a cereal box and a knife, calling himself a “serial killer“. Cheesy?  Yes. Punny? Absolutely! A conversation starter, at the very least. If you’re interested, here is a list of clever, last minute Halloween costumes.

Borrow A Costume

IMG_1179

As a zero waste advocate, I am all for borrowing! Not only costumes, but everything else, too,  from vacuum cleaners to clothes steamers. Since this is a Halloween post though, let’s talk about borrowing a costume. I may not like Halloween, but there are people who live for this holiday! I have a dental assistant who loves it so much that she goes to multiple parties and wears different costumes to each one. I happened to mention to this particular assistant that I did not have a costume to wear to work, since we were required to dress up for the kids. I inquired if there was a costume I could borrow. She immediately listed off a number of costumes that she had on hand, and we decided that I would go as a pizza slice this year, because I like pizza. It’s that easy. Another assistant of mine mentioned that they were doing the same as I, borrowing their sister’s costume from a previous year. Props for those friend circles who create a chain of borrowed costumes. Gather a group of people and trade amongst each other, to have “new” costumers for multiple years without spending a dime!

Wear a Hand-Me-Down

In line with the previous thought, there are many people who refuse to wear the same costume twice. Offer to take their hand-me-down costume for the following year. If you create a loop with such a friend, you may get a “new” costume from her every Halloween, and she has a way to de-clutter her costumes without throwing them directly to the trash. I would consider that a win-win.

Re-Use the Same Costume Every Year

This is the one advice that I get the most push back on, but I think it’s worth considering. For four years, I wore the same teddy bear costume. For three years prior to that, you could rely on me showing up as Sally from Nightmare Before Christmas. Part of the reason definitely had to do with the fact that I did not put much thought into Halloween and ended up having to make do with what I already had whenever I would get <s> invitied </s> dragged to a Halloween party. The other part? It saves money!

Decorations

I cringe whenever I walk by houses decorated with all sorts of fake cobwebs and plastic spiders and inflatable black cats and flying witches. Cringe because, firstly, they DO give me the creeps, and secondly, because I think of all that plastic waste. I can guarantee that very few people re-use cobwebs that have been sitting in their bushes for a month. In fact, those fake cobwebs may be intermingled with entirely real cobwebs. Here are a few thoughts I have on decorations.

DSC00305

Pumpkin on the Porch

I’d like to pose one simple question. Will lack of decoration stop children from trick or treating at your house? I don’t know about you guys, but as a child, even if no decorations were up, I still walked right up to the door with my siblings and tried my best to solicit candy. Call it hopefulness, or ignorance, but children will still want to TRY. So a lack of decoration will not deter a child, unless mom or dad is with them and is telling them to respect the privacy of that one particular home owner. Therefore, the simplest way to decorate your home and signal to little beings that you’ve got candy in store is a single pumpkin on the porch. Okay, or maybe a few pumpkins on the porch, and some in the windowsill. Carved pumpkins optional, the use of its insides non-optional. (Who doesn’t love pumpkin cake?) In fact, when I was young, this was how most houses were decorated. There was no excess consumption of plastic skeletons, and scary moving ghouls. No myriad of plastic webs on the front yard. Plus, kids who trick or treat are only thinking about one thing: The treat! They aren’t judging who’s got the best house on the block. I’m just saying.

YouTube Videos

If a pumpkin on the porch just doesn’t cut it, or if you are looking to be a bit cooler than that, try adding effects using a projector. We happen to have a projector at home, in lieu of a TV, so we could easily point the projector towards the front of our house and play music or an image that we film on repeat. Try projecting Singing Pumpkins or a Zombie Invasion.

Use Yourself as Decoration

Is projected imagery still not enough? Want your house to be really scary? How about using yourself as decoration? This isn’t to comment on your physical appearance, but rather, at your ability to disguise yourself. I remember the days of walking by a porch with a lone monster or ghoulish figure sitting on a wooden stool or chair. Those were the houses that I knew were the scariest, because you never know when the monster would come to life and get you. The bowl of candy is by his feet, or worse, in his lap, and the sugary sweets are calling to your sweet tooth. But is it worth the venture onto that porch? If you are looking to scare little kids with decoration, why not use yourself, dressed up in the scariest possible way? Or get a group of friends and create a themed look.

Au Natural

Lastly, have you noticed that fall decor consists mostly of dead things? How appropriate for Halloween! In addition to pumpkins on the porch, why not gather organic elements and create a house worth visiting? Grab some fallen pine cones on your nightly walking path. We’ve got tons at the park, so you may too. Display them amongst the pumpkins. Gather a bunch of broken twigs and sticks, and tie them together with twine to make witches brooms. Collect some “poisonous” apples and throw into a cauldron or basket. Or better yet, bend the thinner twigs into a wreath, and collect autumn colored leaves to make a fiery statement on your front door. Got paper? Cut out spider webs and bats to hang from the ceiling and walls. A combination of all these natural, bio-degradable, and sustainable elements is enough to make any person want to swing by! Hey, if you have a black cat, maybe he’d like to perch on the window sill all night, too. Who knows?

Tackling Student Debt: Exploring Refinance Options

This post may contain affiliate links. Please see my disclosure to learn more.

As you all know, we’re in the midst of refinancing my gigantic student loan! We started at $575,000 and in one year, reduced the total to under $500,000. I have shared why we decided to refinance, and what the hold-up has been since then. Now it’s actually time to bite the bullet. There are many companies to choose from, and what is necessarily best one person isn’t the best for another. Therefore, there is no one formula or equation that would allow me to tell you the refinancing agency you should go with. My advice is to do what we did — shop around!

Figuring out which refinancing company is best for you is easy. You can visit a number of them online and get a quote. Here are some decisions you’ll have to make.

  • Fixed interest rate vs variable interest rate: I like the stability of a fixed interest rate, even though variable interest rates give you a lower rate initially. Unfortunately, you may find that low rate changing as time goes on, a surprise I am not willing to chance.
  • Number of years for repayment: You can also choose the number of years you want to take paying down the loan. They may offer you anywhere from 5 to 20 years. If you are refinancing out of IBR like I am, the smartest choice will be to choose the least number of years as you can comfortably pay… except for one exception. If they offer you a lower rate at 10 years instead of 5 years, then I would take the 10 year option at the lower rate, and simply pay it down more aggressively, so that you still finish in five years. It’s a way to take advantage of a lower interest rate!
  • The amount of your loan you will refinance: I put this here because sometimes you simply can not refinance your loans in its entirety. For example, some of the companies that we looked into max out at $300,000. Some are even career-dependent or level-of-education-dependent, and cap at lower numbers such as $150,000. This caveat specifically applies to us, because my loan is so huge! In fact, I have not found any lenders to date that would refinance more than $500,000 of student debt, which is why it was so important for us to pay down my debt until it was under $500,000.

Now that you’ve made some decisions, it’s time to make the big decision: Which lender? I would recommend going to each of the following websites below to see what they can do for your specific case. A pre-application will at least give you a rough ballpark estimate of what they can do for you. Below, you will find some affiliate links to each of the companies we explored.

Things to note:

  • Once you refinance out of IBR, you cannot re-enter IBR again. I’ve spoken of this before, but please make sure that you are able to pay the required monthly payments under the newly refinanced loan. I would like for you to consider any possible complications that may occur over the repayment timeline. If you or your spouse experience disability, will you still be able to pay? If you have a lifestyle change, such as an addition to your family, or move to a different city because of your job, would it still be doable? The last thing you want to do is refinance and get yourself stuck with a payment that you won’t be able to make. Off course, no one ever knows what the future holds, but try to ensure you have a fallback plan in place.
  • Pre-application rates have expiration dates. You can fill out a pre-application form, but do know that they have an expiration date. The quoted interest rates may change if you wait too long to go through with the refinancing process. Rates are always changing. Do not be surprised if you re-apply after your first application has expired, only to find a higher rate than before. If there is a rate you really like because it is very low, I would say move quickly, or risk losing it. Of the same token, don’t start gathering rates until you are absolutely sure you are ready to re-finance.
  • Soft credit pulls do not affect your credit score. Some pre-applications may request making a soft pull on your credit report. These will not affect your credit score, however, if they request making a hard pull, then that will have some effect. Therefore, you want to avoid hard credit pulls unless you are 100% sure that you will be going with a particular company. I have discussed how credit scores work once before.
  • Do not add your spouse as a cosigner unless you are willing to tie them down to your debt for life. Consider this gruesome inquiry: What happens to your student loans in case you pass away? A conversation I implore everyone to have. If your spouse co-signs with you on that refinanced loan, if you happen to pass, then your spouse is still on the hook to continue paying back that debt. If, perchance your spouse does not co-sign, should you pass away, that debt is erased. Off course, you must read the fine print of the contract they send you to confirm this, but that is something to consider. You may receive a lower rate with a co-signer, but is that worth it? Maybe for some whose loans don’t approach half a million dollars, but for us, I don’t think so.

Feature: Discussing Hyperdebt with ChooseFI

Today, my interview with Brad and Jonathan from Choose FI was released. In it, we discuss the topic of hyperdebt among recent grads. The podcast can be found at their website, so please have a listen!

If you enjoyed the content, here are other related topics that you may also find useful!

My Financial Story:

For New Grads:

On Saving Money:

Also, since the podcast’s recording, we have successfully been able to purchase a home! On top of paying down student debt at a rapidly fast rate! Here are a few samples of the new set of posts regarding property ownership.

Property Ownership:

Feel free to contact me with any questions, or simply to share your own stories. Like I mentioned in the podcast, I do not know of anyone else tackling a debt this large, but it’d be nice to create a community of said people.

Frugal Challenge: Don’t Buy Snacks

I am going to be the first to say that I am the least opposed to having a mid-afternoon treat. A firm believer that chocolate fixes all things, you won’t see me denying a cupcake when it’s sitting on the kitchen counter for the taking. My family knows that once you set out the dessert at a holiday gathering, I’m going to be first in line holding an empty plate.

That’s just the problem. It’s difficult to say no to something when it’s taunting you from right underneath your nose. However, it is very easy to pass up on something that you never knew was there. So here is my next, and long-awaited, frugal challenge for the month of October. Stop buying snacks!

Related Posts:

This challenge is not a practice that just recently came about in our household. In fact, it is a habit that we are quite accustomed to. The origin story goes way back to the moment I was diagnosed at age 22 as pre-diabetic, despite the fact that I weighed 100 pounds. You’ve oft heard the saying, “Never judge a book by its cover”? Well, it’s true. A skinny, young girl can be diabetic. At 22, my body was doing a great job at metabolizing all the sugars that I was consuming, but it was also already starting to fail. Without getting too extremely technical, having a normal blood sugar level does not mean that your body is not suffering. Your body can be fighting to keep itself healthy by pumping out a TON of insulin to get rid of those sugars, but eventually, your handy dandy pancreas will not be able to keep up with the work load, and it will start to fail. By the time you notice a high blood sugar level, it is already too late. Your body has had enough.

So when I was diagnosed with pre-diabetes, I knew something had to change. Having been trained to eat ice cream for breakfast, lunch, and dinner (yes, I have done that all in the same day… quite frequently), and growing up in a household where snacks can be found in the pantry every single day, I knew that it was my diet that was causing my body to suffer. I was taught that soda was exchangeable with water, and that juice was “healthy”. Every day after school, my mom would require us to eat merienda, which translates to a snack in Tagalog. Unfortunately, the snack list included chips, cookies, cereal, ramen, mac-and-cheese, and more thoroughly processed goods.

I was in my first year of dental school when I cut out sugar from the grocery bill. In doing so, I nixed mostly every snack possible. I not only said goodbye to my beloved cartons of ice cream, but also the chocolate bars and the cookies and the juice. I even cut out most cereals, with the exception of Cheerios (and not the Honey Nut kind). It was here that I first learned that the most efficient way to cut down the grocery bill is to get rid of junk food. I was grocery shopping for Mike and I, swimming in student debt, and I proposed that we limit our combined grocery bill to $50 a week, a rule which we still stick to to this day. $50 covered at least six days worth of breakfast, lunch, AND dinner for two. That’s how I got through dental school. But that means our limitations couldn’t stop at sugar. We also cut out chips, frozen fries, pizza pockets … even cheese and crackers.

Once we did that, we realized that $50 a week was completely doable. And I am not talking about eating spam or peanut butter sandwiches every day. I am referring to decent, home-cooked meals that taste better than going out to eat! Off course, there are many more perks to cutting out snacks than simply hitting a grocery budget. Here are the top 5 reasons why you should cut out snacks, in general.

TOP 5 REASONS TO CUT OUT SNACKS

  1. Decrease spending. Have you noticed that snacks cost so much for what you get? A protein bar for a few dollars?! A box of fruit roll ups for $5?! You’re practically paying top dollar for useless carbs that will shorten your life span or increase the chances of you needing to pay for medical bills to treat underlying conditions because of unhealthy food choices during your hay day. When you put it that way, all of this pointless eating costs more than the food itself. You may want to cut out snacks to decrease overall spending, for now and for the future.
  2. Cut down on sugar. In case you haven’t heard, all processed foods contain tons of added sugar. It doesn’t matter if they sell it in the form of “agave sugar“, it is still processed sugar that is unnecessary. Cutting down sugar was my number one reason to cut down on snacks. But there may be other reasons as well..
  3. Cut down on cholesterol. My extended family has a history of high cholesterol. When I think about how much salt lies in my once most favorite snacks (ie: Cheetos, Ruffles, French Fries, Ramen, etc), I can feel my arteries clogging up. Decreasing snacks can really do a body good.
  4. Become more productive. Let’s face it. A majority of us use snacks as a means to distract us from work. I remember the days when I needed to study for a test, and suddenly, my mind focuses on food when it should be focusing on the textbooks in front of me. How often do people at work take “snack-breaks”? Work-at-home-bloggers, you know what I am talking about. When I cut out snacks, I find that I eat more regularly. Three meals a day at approximately the same time. I stop “craving” a lot of things, which allow me to focus on my work, whether that’s dentistry or blogging.
  5. Help planet Earth. A majority of snacks are packaged in plastic. When we cut out plastic from our grocery list, we were already primed for success, because we have been cutting out snacks for a few years. Think about it. Individually packaged candies, bags of chips and cookies, even popcorn is in a paper bag wrapped in a plastic bag! We cut out frozen foods completely, as well as jugs of orange juice and bottles of soda. We aren’t only helping our bodies, but we are also helping the planet too.

Off course, there are many more reasons not to eat snacks. But these, for me, are my top five. So try it out for the month of October! Extend it past your grocery list and avoid buying snacks at all times. Do you need that mid-day coffee from Starbucks, or that extra bag of chips from the gas station to satisfy you during the commute home? If you do go out for dinner, is it necessary to get the appetizer and the dessert? Or a cup of soda, even though it’s unlimited re-fill? I know that at first, habits like these are hard to ditch. But try it for a month, and see how much you actually save. You may be extremely surprised, in a good way.

 

Property Ownership: Happiness Does Not Lie in Double Vanity Sinks

I never thought there would come a day where I would have to write about double vanity sinks. I guess that is just the space this blog is taking me to. Excuse my short interlude amongst my usual property ownership writing, but I am seeking respite from a thought that refuses to leave my mind. I turn to writing it all out, and (hopefully) letting it go. It has something to do with double vanity sinks, and everything to do with people’s concepts of what makes this life worth living.

We looked at two properties (this time around) before we decided on the one to buy. The first time we were looking at a live work loft, our agent was walking through the home with us, while the seller’s agent awkwardly stood downstairs. We were exploring the third floor where the bedroom and bathroom resided, a floor plan quite similar to the one we were renting. I walked into the newly renovated bathroom and commented, or rather, exclaimed, how nicely done it was. Our super rad real estate agent, who we love, flippantly added to the appraisal with what I presume she thought all prospective buyers wanted to hear.

She said, “The nice thing about the bathroom is that it has a double vanity.” She looked at us expectantly and then followed up with, “Do you have a double vanity in the bathroom you currently rent?” When we said we didn’t, she said, “That’ll be a nice upgrade then!”

I was quite confused by her comment, but smiled and continued asking questions about the home and moved on with the rest of the tour. It stuck with me as nothing but a funny comment, and it was pushed to the recesses of my mind.

Until our dear friend helped us move in to our new place (the one we actually picked) two Sundays ago. (How time flies! Was it already two Sundays ago??) After all the lifting, sweating, scuffling, and off course, gorging on food to replenish depleted energy stores, we were sitting on the couch catching up on each other’s lives. A thing that used to be an everyday occurrence in college but that you miss once everyone finds their place in the world. He excused himself to use the restroom and returned to the couch with a big smile on his face. “I like how you have double vanities. So nice!”

Mike and I kind of did this super obnoxious look that we give each other sometimes, at the risk of being borderline rude, and we smiled. We then proceeded to explain how we didn’t think it mattered how many sinks were in the bathroom, as long as there was a sink in the house. Our friend assured us that it’s because we have not experienced “double sink life” just yet, and that we would soon change our minds.

So I asked, “What is so special about double sinks?!” Quite in a similar intonation as the text implies.

He kindly informed me that it was nicer to have one’s own. He said that we each have our own stuff that we want around the sink, and it would be nice to have our own place to store them. He alluded to the stereotype that women want to keep a ton of products around their sinks, and men have shaving supplies to worry about. Plus, it would be such a convenience now that we don’t have to share a sink in order to brush our teeth.

After one week of living in this space, I still don’t get it.

First off, let me show you a picture of our sinks.

DSC08939.JPG

DSC08942.JPG

As you can see, the only thing on it is a pump for hand soap, and Mike’s toothbrush. There is absolutely no other thing on the sink.

Secondly, what’s wrong with sharing? We can take turns brushing our teeth. Or, as is more often case, brush at the same time, but take turns using the sink. We tend to roam around the home while brushing anyway, and old habits die hard. Usually, I’ll accumulate my drool much more quickly than Mr. Debtist does, and I am using the sink before him. If anything, it makes for good laughs, moving each other aside in order to expectorate. It’s even funnier when we don’t quite make it.

Ultimately, I think I know what bothers me most. It circles back to when our real estate agent assumed that double vanity sinks is what buying a home is about. Or the inclination that double vanity sinks lead to a happier life. It relates to the concept that “more is better”.  And it still implies that convenience is key to happiness. I kinda miss our single sink. I miss pushing each other out of the way, and trying to steal water from over each other’s hands. I talk a lot about “less is more” but in doing so, I am feeding into this idea that more is better. Less is definitely LESS, but that can be a good thing, too.

Deciding whether a home is the right home for you does not depend on double vanity sinks. Sinks do not even define “an upgrade”. What’s the point of “upgrading” to double vanity sinks if, say, the mortgage is too much for you to comfortably pay. Doesn’t that downgrade you to a more stressful life? Why do people use sinks as a measure of how nice a home is. Shouldn’t we comment on other things? Like, how kind the neighbors are, for example. Or how it cuts your commute to a mere three blocks (yes, that’s my commute to one of my offices now. It’s glorious). I do admit, I may be bent-out-of-shape and hung-up on some small, insignificant thing. But I have got to say that as long as people are measuring worth in terms of double vanity sinks, there’s going to be a lot of happiness-searching without actually any happiness-reaching in this world.

 

Property Ownership: Overcoming Buyer’s Remorse

I was lying in bed on a Sunday night, exhausted from a grueling week of spending every spare moment readying the house into a home. My heart won’t seem to slow down, my mind won’t seem to shut up. We’ve moved every big piece of furniture and a majority of our few belongings that morning with the help of a brother and a close friend, yet there’s still a million things to think of. My brain couldn’t help but tick through the to-do list on repeat, as I try to clear my mind and get some shut eye. Then, it started to turn onto a bleak subject.

I turned to Mr. Debtist and asked, “What have we done?

As the city street lamps glared into our upstairs window, and I heard the shuffling downstairs from an equally unsettled roommate, I started to miss the curtained windows at our previous place. I looked outside to the main street below, and I started to miss the buildings that I frequently stared at. I sat up in bed and set my feet down on the cold cement floors, and missed the tufts of carpet.

I’ve moved ten times before turning thirteen, and I’ve moved a total of sixteen times in my life. Each time, I go through this phase of longing for what once was. The first night is always the most difficult, and I knew that. However, this was different. As if settling into a new environment wasn’t emotionally draining enough, there is the added mental weight of knowing just how much we’ve put into this new home. Invested wouldn’t be the correct word. Gambled might be a better term. On the first night, I feel like the most appropriate way to describe the feeling is a feeling that you just lost it all.

Here’s something every new home-owner experiences. Buyer’s remorse. And it was coming over me like grey skies, gathering for a downpour. If it wasn’t for Mr. Debtist reaching out a hand and telling me “It’ll be okay”, who knows what kind of tumultuous storm might have been unleashed that night.

Related Topics:

When a deal closes on the home, the seller tends to feel like their house was taken away from them at a bargain rate, and the buyer may feel like they were jipped of their money’s worth. It is normal for both sides to feel this way. However, whereas seller’s remorse will likely dissipate in the upcoming month, buyer’s remorse will have the audacity to do its best to linger. Buyer’s remorse is way more complicated, since it is being compounded by other anxieties, most of which have nothing to do with the actual home. Anxieties that involve job stability and its correlation with the ability to pay a mortgage. Anxieties about someone’s health failing, and the complications of trying to balance a home loan with medical bills. Anxieties about the market crashing, or a natural disaster striking. Anxieties about the world collapsing.

While everyone may suffer from a momentary panic attack about their most recent home purchase, it will be unfortunate to have these same worries follow you forever. In the mildest of cases, the remorse is nothing a few aspirin tablets can’t handle. Or in my case, a good night’s sleep. But for others, the thought is so ravaging that they try to break the contract.

Amidst all of this, we center on one single fact: you’re buyer’s remorse at its core is nothing but raw, naked fearThis fear comes from your perception of the value of the home. How do you know if this is you? The symptoms are pretty common, and very easy to spot. Are you doing any of the following?

  • Reading real estate listings more intently than you did before signing the contract. You spend your days searching for similar or nicer homes with lower asking prices.
  • Continue to tour open homes. Don’t be surprised if you see remorseful sellers at these same open homes.
  • Endlessly discuss your purchase with your friends, neighbors, business associates, and any being with two ears. You want to probe other people for their opinions on your home-buying actions. You will likely take anyone who confirms your suspicions as telling you the truth, when in reality, they likely have no idea about anything regarding the current market.

Physically and emotionally drained yet? Because you will be, if you keep this up. It’s enough to make any human go bonkers. Hopefully, you discover soon enough that your fears are groundless. Here’s the real truth.

Facts defeat fear.

The faster you get to the facts, the less you’ll suffer. Overcoming buyer’s remorse relies heavily on your trust in the decisions you’ve made when purchasing your home.

As explained here, a home can have more than one correct price. Pricing and negotiating are arts, not sciences. Never mind the asking price. As long as the purchase price is in line with the sale prices of comparable homes, you’re in the clear! Read up on how to know a home’s market value.

To learn more about home buying, use the book we used.

When I woke up Monday morning, I turned to my side of the bed and stared outside the windows to a crazy skyline, and clear skies, thinking to myself how much I love our new home.

IMG_0998-1.jpg