My Real Numbers: Starting with Negative Net Worth as a College Mom
- Sara Hudson
- Jan 28
- 7 min read
Updated: Jan 29
I'm tired of seeing finance bloggers who started their debt-free journey with $50,000 in savings and a six-figure salary. That's not me. I'm a 35-year-old college student...
I'm tired of seeing finance bloggers who started their "debt-free journey" with $50,000 in savings and a six-figure salary.
That's not me.
I'm a 35-year-old college student with $47,328 in negative net worth. I have student loans I can't pay yet, a two-year old daughter, a pet, and I've never had a salary or a retirement fund. I live paycheck to paycheck - or more accurately, scattered-gig-work to scattered-gig-work.
And you know what? I'm finally okay talking about it.
This is Penny Forward, Dollar Back - my blog about building wealth from actual ground zero. No trust fund. No corporate job to fall back on. No $10,000 emergency fund already saved. Just real numbers, real struggles, and real progress (even when it's messy).
If you're tired of financial advice written by people who've never had to choose between gas money and groceries, you're in the right place.
My Current Financial Situation: The Real Numbers
Let me lay it all out. These are my actual numbers as of January 2026.
My Net Worth Breakdown
Category | Amount |
ASSETS | |
Checking Account | $247 |
Savings Account | $50 |
Car | $13,200 |
Personal Belongings | $500 |
TOTAL ASSETS | $13,997 |
LIABILITIES | |
Federal Student Loans | $38,450 |
Private Student Loan | $8,975 |
Credit Card Debt | $2,100 |
Medical Bills | $800 |
TOTAL LIABILITIES | $51,325 |
NET WORTH | -$47,328 |
Yeah. That's a lot of red.
But here's what I'm learning: negative net worth doesn't mean you're failing. It means you're starting.
Most people in their early twenties have negative net worth because of student loans. According to the Federal Reserve's Survey of Consumer Finances, the median net worth for Americans under 35 is actually around $14,000 - and that INCLUDES people with no debt. If you have student loans, negative net worth is pretty much the norm.
The difference is, I'm tracking mine, I'm making a plan, and I'm building from here.
How I Got Here: Student Loans + Mom Life
I'm 35 years old. I got pregnant and decided to go back to college full-time, had my daughter, and I'm still working toward my degree.
My student loan situation:
Federal loans: $38,450 (currently deferred while I'm in school)
Private loan: $8,975 (I have to make minimum payments even as a student - $85/month)
Interest piling up: About $140/month on my federal loans even though I'm not paying yet
My credit card debt:
Started when I needed textbooks and couldn't wait for financial aid
Snowballed when my car needed repairs I couldn't afford
Current balance: $2,100 at 24.99% APR (ouch)
Minimum payment: $63/month
Medical bills:
From my daughter's emergency room visit last year
Insurance covered most of it, but $800 is still sitting there
Paying $25/month on a payment plan
My Monthly Income Breakdown
This is where it gets complicated. I don't have a steady salary - my income varies month to month, which makes budgeting as a college student especially challenging.
Average monthly income: $1,840
Income Source | Monthly Amount |
Internship | $500 |
Freelance gigs (varies) | $200-$400 |
Support from my daughter's dad | $300 |
Side gigs (DoorDash, babysitting) | $400-$600 |
AVERAGE TOTAL | $1,400-$1,800 |
Some months I make $2,000. Some months I barely hit $1,200. Budgeting with irregular income is its own special challenge that most financial advice completely ignores.
I don't get financial help from family. My daughter's dad supports when he can, but it's not reliable. Everything else is on me.
My Monthly Expenses
Here's where every dollar goes. These are my actual numbers from last month.
Fixed Expenses (Can't Change These)
Expense | Amount |
Mortgage | $1,100 |
Car insurance | $118 |
Phone bill | $80 |
Wi-Fi | $40 |
Student loan payment (private) | $85 |
Credit card minimum | $63 |
Medical bill payment | $25 |
TOTAL FIXED | $1,511 |
Variable Expenses (Where I Cut When Money's Tight)
Expense | Amount |
Groceries (for 3 people + pet) | $200-$250 |
Gas | $80 |
Diapers/wipes/baby essentials | $60 |
Pet food/supplies | $40 |
Household items/toiletries | $30 |
TOTAL VARIABLE | $430-$480 |
What About Childcare?
I'm incredibly lucky that I am able to go to school and work on my internship remotely. My mom helps sometimes when I'm in class and at work. If I had to pay for childcare, I literally couldn't afford to work or go to school. The average cost of daycare in my area is $1,200/month - more than my mortgage payment.
This is the invisible support that makes my life possible, and I know not everyone has it.
The Math
Monthly income: $1,800
Monthly expenses: $1,466-$1,516
Left over: $324-$374
The leftover money goes to:
Textbooks (I try to buy used or rent when possible)
Anything unexpected (car repairs, kid getting sick, etc.)
Occasionally, $20-$50 into savings
Sometimes, nothing - because something always comes up and I have to use a credit card... again. Literally penny forward, dollar back.
My Debt: The Full Picture
Let me break down my debt situation more clearly, because it's the biggest factor in my negative net worth.
Federal Student Loans: $38,450
Currently deferred (no payments required while I'm enrolled at least half-time)
Interest is accruing at about $140/month
When I graduate, my payment will be around $400/month on a standard 10-year plan
I'm planning to use an income-driven repayment plan to start
Private Student Loans: $8,975
No deferent option - I pay even as a student
$85/month minimum payment
8.5% interest rate
This one hurts because it takes money I could use for groceries
Credit Card: $2,100
24.99% APR (I know, it's terrible)
Minimum payment: $63
I'm paying the minimum right now, which means it'll take forever to pay off
Goal: Pay this off first once I graduate
Medical Bills: $800
No interest, thankfully
$25/month payment plan
This is my lowest priority debt
Total Debt = $50,325
When I look at that number, sometimes I feel sick. But then I remind myself: I'm building something. I'm getting an education that will change my earning potential. I'm raising a healthy, happy kid. The debt is temporary.
My Goals for Year One
I'm not going to tell you to be debt-free in 12 months, because that's not realistic for my situation. But here's what I am going to do:
Financial Goals:
Build a $500 emergency fund (currently at $50)
- Even $500 would change everything when my car breaks down
- Saving $40-$50/month = $500 in 10 months
Pay off the $800 medical bill
- Small win, but it's one less payment to track
- Should be done in about 8 months at my current payment rate
Track every single dollar
- I started using a budget planner
This Clever Fox Budget Planner has been perfect and it's helping me see where money goes
- Also testing budgeting apps to find what works for irregular income
Increase my income by $200/month
- More freelance clients
- Eventually monetize
Graduate on time (Spring 2027)
- This should be a gamechanger
- My projected starting salary in my field: $42,000-$48,000
- That's more than double what I make now
Personal Goals:
Share my real numbers every month on this blog
Help other people in similar situations feel less alone
Prove that you can build wealth from negative net worth
Why I'm Sharing This Journey
There are already a million personal finance blogs out there. So why am I adding another one?
Because I'm tired of advice written for people with money.
Most finance content assumes you:
Have a steady paycheck
Can "just" save 20% of your income
Have already maxed out your employer's 401(k) match
Can afford to "pay yourself first"
Have parents or family who can help in emergencies
That's not me. And if you're reading this, it's probably not you either.
I'm starting this blog to:
Document my real journey from negative net worth to financial stability
Share what actually works when you're broke
Build a community of people who are starting from scratch
Hold myself accountable by sharing my numbers publicly
Eventually help others through the lessons I learn
I'm not a financial expert. I don't have it all figured out. But I'm learning, and I'm willing to share the messy, real process.
How to Calculate Your Own Net Worth
If you've never calculated your net worth before, it's simpler than you think. And honestly? It's empowering to know where you stand, even if the number is negative.
Step 1: List Your Assets
Assets are things you own that have value:
Cash (checking, savings, cash on hand)
Investments (stocks, retirement accounts, etc.)
Property (home, care, etc.)
Valuable possessions (jewelry, electronics - be conservative)
Step 2: List Your Liabilities
Liabilities are debts you owe:
Student loans
Credit card debt
Car loans
Medical bills
Personal loans
Any other debt
Step 3: Do the Math
Net Worth = Total Assets - Total Liabilities
Example (my numbers):
Assets: $3,997
Liabilities: $51,325
Net Worth: $3,997 - $51,325 = -$47,328
I created a simple calculator to track this. It does the math automatically and you can update it monthly to watch your progress. Try it here ⬇️
Learn more about Real Budgets. Real Struggles. Real Progress.
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What Comes Next
This is just the beginning. Every month, I'll share:
My updated net worth
What worked and what didn't
Small wins (even if it's just $20 saved)
Real talk about setbacks
Some months will be "penny forward" months - progress, wins, growth.
Some months will be "dollar back" months - unexpected expenses, mistakes, life happening.
But the direction is forward. Always forward.
If you're starting from negative net worth, or if you're just tired of financial advice that doesn't apply to your life, I'm glad you're here.
Recommended Reading:
Tools & Resources I'm Actually Using
Here are some things helping me manage money on a tight budget:
For Tracking & Planning:
The Clever Fox Budget Planner is a physical planner that helps me see the big picture. It has monthly and weekly layouts, and honestly, writing things down helps me remember better than apps.
Alternative: Legend Planner has a similar style, and some people prefer this one. I've gone through two myself!
For Net Worth Tracking:
My Net Worth Calculator
For Learning:
The Total Money Makeover by Dave Ramsey I don't agree with everything he says, but the baby steps approach makes sense when you're starting from zero.
I check out my local library a lot. Sometimes they have free books, audiobooks, even financial counseling workshops.
For Organizing Finances:
Cash Envelopes I tried the envelope system for variable expenses. It helps, but not realistic for everything when you're a student. I like to use these for my daughter's savings fund and hope to teach her money management and balancing a budget. We tend to get a lot of cash gifts for her from family and these envelopes are a great place for me to store it all.
For Saving Money:
I've gotten $47 back this year just by clicking through before shopping online. Every little bit helps. Plus, you get $50 when you sign up!
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