I have been doing a lot of thinking about saving money recently. It has never really bothered me that I have not been saving money for the future. I think now I am beginning to wise up a bit. With immature budgeting on my part and tuition costs, I have to take out loans to pay for school. I could have so much money right now in the bank, but I do not. I started working when I was 16 and the difference between the amount I could have had by now, versus the actual amount I have now, is huge.
I recently got the bill for my Fall tuition. I am taking fifteen credit hours this Fall and, most likely, in the Spring as well. I doubled the amount they billed me for the Fall to get the amount I need for my whole Sophomore year. If I saved every penny I made here at the hospital for a whole year, I could pay that school year’s tuition. I would be able to pay for both semesters and still have money left over. I took the amount I had left over after tuition costs and divided that by 52 to see how much I would have for spending each week. That number came to $35. Since I live at home with my parents, I think this would definitely be doable.
All I am required to pay for right now is gasoline and car insurance. There are times when I pay for things like food, clothes, random things I could live without, race entry fees, Starbucks, events I want to attend and other non-essentials that add up over time. Hopefully the unexpected expenses will not happen often.
Could I really stand only $35 every week? It is really not that bad. Especially during school when I am busy all of the time. My plan is to limit myself to $35 every week for a whole year. Of course I would want to do something special once in a while that would cost more money. I would save whatever I had left at the end of the week and put all of that money aside. Also, my birthday, Christmas, and tax returns would help with my “Vacation Account”, I guess I would call it. I could also pick up odd jobs here and there for some extra spending money. I have a bicycle that I could ride often to save money on gas. The hospital is seven miles away and IPFW is around four or five from my house, both in the same direction. Maybe I might be lucky to discover a new position that pays more and that will mean a little more spending money each week. I am looking to be hired as a security officer in the hospital when my 6 month probationary period as a housekeeper is up.
I plan to start this saving money adventure the first full week of August. Payday is on the previous Thursday, so this will make a good starting point. I will go to the bank on a certain day of the week, such as Saturday, to withdraw exactly $35. To keep track of what I am spending/saving each week, I think I will create a spreadsheet of all the amounts. I’m not sure how I will lay it out yet, but I will figure it out.
That is my tuition plan. I am trying to be smart with the money I am making. I do not want to be overwhelmed with expenses when I graduate. I thought I might as well start now rather than later. Think about it: Graduating college with only one or two loans of “small” loan amounts and a Bachelor’s degree technically listed from Indiana University. I have a couple of school loans that I will not get to until I am out of college simply because I did not save. I will assure you that another plan for those loans will come about when the time arrives! Wish me luck. I will probably need it!