What happens when your dream career does not line up with your dream salary? Let’s talk about budgeting tips and how you can still have it all!
Learning how to create a sustainable budget on a forensic scientist’s salary is a necessary life skill that isn’t taught in school! Actually, it’s a topic that is not really talked about at all.
Oftentimes when students make the decision to major in forensic science or a hard science with hopes of becoming a forensic scientist, they only have their mind on the prize…getting out into the real world. What they don’t think about is the potential debt they will accrue while in school, the cost of living where they land a job, and ultimately, the salary of a forensic scientist.
Fun fact about my first job…I was working and living outside Washington, D.C. making $24,000 as a Forensic Technician. Was it the best job I have ever had, no doubt about it! Was I struggling financially the entire time…sure was!
How the heck I was able to scrape by living in one of the most expensive cities with one of the lowest paying salaries?!? Honestly, I don’t even know HAH! I’m pretty sure my parents thought I was crazy at the time!
In all seriousness, what really helped me then, and still helps me now was creating and maintaining A VERY STRICT BUDGET!
Below I will share with you my favorite budgeting tips so that you can have your dream job as a forensic scientist and feel a little less stressed financially!
Create a Monthly Spreadsheet
As far as budgeting tips go, this is by far the most helpful (for me anyways!). I live by my monthly calendar and spreadsheet that lays out all of my monthly expenses!
The first step to creating a successful spreadsheet is writing down and totaling every single one of your expenses. Next, have a come to Jesus meeting with yourself and cut out any “luxuries” you don’t really need. This is a difficult step but in order for you to avoid living paycheck to paycheck, it’s necessary!
For example, within the past year I eliminated treating myself to eyelash extensions, my gym membership, and extra fitness subscriptions I wasn’t loving. That alone saved me $150 monthly.
From your list of expenses, determine which expenses are fixed expenses(rent/mortgage, student loans, internet, car insurance, car payment, etc.), variable expenses (gas/electric, groceries, gas for vehicle, etc.), and what I like to call “fluff” expenses (aka your shopping habit, birthday or anniversary presents you need to buy, travel expenses, etc).
Next, based on your pay cycle, figure out how much money you are bringing in monthly.
Take your monthly expenses and subtract that total from your expected monthly income to see if there is money leftover or if you find yourself in the hole. If there is money left over, I suggest either putting it into your savings account, investing it wisely, or see if you can make an extra payment towards any of your debt (student loans, credit cards, car payments, etc). If you are in the hole, it’s time to do some soul searching. Are there any expenses you can cut out? Maybe skip that Starbucks trip every day, eat out less, or eliminate a TV subscription.
As months go on, look for trends where you see yourself spending extra money. For me, that is usually my many unnecessary trips to Target for things I really don’t need! Create small monthly goals to help curb poor spending habits!
Look Into Strategies to Help Pay Off Debt
There are many different methods to help you pay off your debts efficiently and responsibly. What has worked really well for me is following the “debt snowball” or “debt pyramid.”
With the “snowball” method, you basically stack your expenses from smallest to largest and aggressively focus on one debt at a time while making the minimum monthly payments for your other debts.
Once you finish paying off, say your car for example, you take that monthly payment and apply it to the minimum payment of your next largest debt. Using this method, I paid off my car a year early and I’m about to finish paying off my private student loan by the end of the year!
These financial strategies really help with ensuring all your money has a productive place to go in order to keep you living within your means.
Consolidate your Student Loans
Consolidating your student loans means combining all of your federal student loans into one big loan resulting in a single monthly payment instead of multiple payments.
By considering consolidating your student loans, you open yourself up to additional repayment plans that work better with your income. You may also want to look into refinancing your student loans in order to get smaller interest rates.
Did you know that as a forensic scientist, you are eligible to apply for the Public Service Loan Forgiveness program? What is this you ask?!? Basically in simple terms, if approved, the PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan. All you need to do is complete frequent employment verification forms.
Pretty sweet dealio! Definitely worth looking into!
Find a Roommate
This may not seem like a desirable option, but having a roommate is a way to offset living expenses and keep your budget on track.
The only way I could afford to live in Virginia on my $24,000 a year salary was because I had a roommate. I was able to split my rent, bills, groceries, etc. By splitting our $1,550 a month rent, I was able to put that $775 towards my student loans and other bills.
Know that this option is temporary until your finances seem to even out.
Get a Side Hustle
My last budgeting tip for you is to get a side hustle! Nowadays, there are a million and a half ways to earn a little extra side cash.
I know that working more than your sometimes 40+ hours a week sounds awful, but I’m all about working hard now, and relaxing later. Because I do not have the responsibilities of children yet, I have the time and flexibility to work a side hustle aka this blog.
The sky’s the limit when it comes to making extra cash. Babysit on weekends, take online surveys, drive for Door Dash or Uber, start a blog, work a part-time retail or bartending job, become a pet sitter…the list can go on.
Those are my top budgeting tips for maintaining a healthy financial lifestyle on a forensic scientist’s salary.
I want to tell you that as you move along through your career, the salary aspect does become easier. With more experience comes more money. I won’t lie to you, it’s tough right from the jump out of school.
Do you have any budgeting tips you swear by? Comment below! For more forensic science-related content, visit the career page for more great resources!
