Monthly income after health/dental and taxes are withheld:
$1040 Mortgage & Insurance
$290 Car (we looked into either trading in or selling, but we'd still be $3000 short on the $9000 that we owe)
$250 Credit Card (we owe $9500 total)
$175 Husband's Student Loans ($38,000 total, but husband did not complete degree)
$70 Satelite (getting rid of this once we're free of contract in March)
$300 Gas (we both have commutes)
$50 (Cricket phone for my commute)
We spend quite a bit eating out and on groceries, but we have vowed to eat out only twice a month, and are moving to a mostly bean-centric diet for our whole family. Our entertainment is the library, Netflix, and the zoo (we received a year's membership as a gift).
I am in grad school, and will owe $35,000 after completing the program (03/2012 estimated graduation). The degree is required to maintain my current position. It took over a year to find my job -- I had only received one other offer by that point, and it offered no health benefits. I will have been in my position one year at the end of March. The position also requires that we relocate to be in a certain distance from work by 2012. So we would need to sell our house, but we had already considered renting anyhow, which would likely reduce our bills by $100-200/mo.
My husband is considering finishing out his undergraduate degree. The program that he is looking at would be 17 months and roughly $25,000.
Should we both follow through with our degrees? Should I look for another job? I made a total career switch after 10 years in the same field because I could find no work otherwise.
What do you think?