To save or invest? Making the right financial choice for my CRNA journey
I'm planning to enroll in a CRNA program, but I don't yet have ICU experience. This feels like the perfect time to focus on saving for my education. Next month, I’ll transfer to an ICU role and plan to work there for three years to strengthen my application.
Now, I'm torn between two options: Should I continue maxing out my retirement and savings accounts like my Roth IRA ($7,500), HSA ($8,750 for family), 6% 401(k) match, and 529 plan or should I pause contributions and just put all my extra money into a high-yield savings account? If I go the savings route, I estimate I’ll have between $200k and $250k by 2030, but that money would just sit there until I start school.
A bit of context: I don’t have any debts, I rent a 3-bedroom apartment for $2,100 (utilities and parking included), and I have an $18,000 emergency fund in my HYSA. My hospital will cover 100% of my tuition, but I’ll still need to pay for living expenses and insurance during the three-year program.
I could really use some advice should I keep investing, or focus on saving?