School cost versus salary

My husband and I both work two jobs. Together we make about $53,000 a year, and we’re trying to get out of debt. We have $35,000 in debt, and most of that is on our truck. I’d like to go back to school and become an ultrasound technician, so we’ll have more money. Do you think this is a good idea?

by Dave Ramsey, Syndicated columnist | Columnist, External

Published Nov. 29, 2014, 5:00 a.m. ET

Dear Dave,

We have three daughters under the age of 5, so we may be spending quite a bit on things like weddings in the years to come. Is there a Baby Step for weddings? If not, during which Baby Step do you recommend setting aside money for this?

Carrie

Dear Carrie,

I don’t have a Baby Step for weddings, but in my mind it would come after Baby Step 5, which is putting aside a college fund for your children. Once you have education savings, retirement and extra house payments underway, then you could start putting aside a little extra for weddings.

This may not make me popular with some young ladies or their moms, but an education is more important than a wedding. Maybe this is the dad in me coming out, but if I had to choose between paying for college educations and paying for big weddings, I’m going to pay for school. In my mind, anyone who disagrees with that is kind of a twit.

Weddings are wonderful, and you should mark these kinds of milestones with celebration. But a wedding is only a one-day event. Plus, there’s absolutely no statistical correlation between the size and expense of the wedding and the success of the marriage!

My husband and I both work two jobs. Together we make about $53,000 a year, and we're trying to get out of debt. We have $35,000 in debt, and most of that is on our truck. I'd like to go back to school and become an ultrasound technician, so we'll have more money. Do you think this is a good idea?

Sarah

Dear Sarah,

Getting more education is always a good idea. For starters, I'd begin doing some research to find out what ultrasound technicians in your area are earning. Then, look into the cost of training at a nearby school.

But I would only recommend starting school after you guys have done some work and cleaned up your finances. You've got a bunch of debt hanging over your heads, and the truck you mentioned is a big part of the problem.

Sell the truck and move down to something very inexpensive to drive for a little while. Then tear into the remainder of the debt and get it paid off as fast as you can. After that, save up a bunch of money so you can go to school debt-free.

I know that may seem like a long time before you can start school, but chances are you can get this done in less than two years. And trust me, going to school debt-free will feel a whole lot better than having another bunch of payments buzzing around your heads for years to come!

Dave Ramsey is America's trusted voice on money and business. He's authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. His newest book, written with his daughter Rachel Cruze, is titled Smart Money Smart Kids and is out now. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.