The moment you have all been waiting for… how much was I able to save this month? At least, I tell myself you all are waiting on pins and needles to see if I was able to throw a big chunk of change into my savings accounts. No?
Oh well. However, I am actually starting to really look forward to finalizing all the numbers each month to see how much the balances climb.
My savings have always fluctuated wildly, based on the month. I knew I was good at savings, but always felt as though I didn’t end up with much to show for my efforts. So this year, I decided to track all my savings to see exactly how much I am able to save and where the money goes, as a means to motivate myself.
August was a month where the savings took a nose dive with another tuition payment out the door. I am trying to change my perspective on saying good bye to several thousand dollars all at once, that this money towards my husband’s education has two purposes.
Tuition payments is seed money; an investment which will have a great return upon graduation and employment.
The second purpose is to avoid school debt.
Have I told you just how much I despise debt? Especially school debt which traps so many people for years upon years with a huge, looming mountain which crushes the life out of you in a slow, painful process. And school debt is a ‘good debt’?
While my ‘non-school’ savings continues to grow at a snail’s pace, another semester is behind us.
I am also happy to report that I made a mistake on calculating how much money is needed to save for the remainder of my hubby’s school and it is a lot less than I had thought! Now, the amount is a more manageable number and I am going to aim for having the remaining total saved up by April.
Skimmed money from budget
Trimmed monthly expenses
Money saved for annual bills
Where the money is going
The numbers are off (which drives me nuts), but there is an explanation.
First, I actually earned $2,794.92 in August from my second job, woot! However, because my primary source of income was very slow (typical for August), $920.50 had to be deducted from my second job earnings to count as part of my normal income amount and is not counted in the Extra Money Saved total.
Secondly, due to the fact that the tuition payment was due on August 12th and the majority of my checks were coming in afterwards, I juggled money from savings to cover tuition. As of August 31st, everything except $1,464 had been paid back to my savings accounts. You will see this $1,464 again since it will show up on the September report.
Of course, I did take the money which had already been saved for school and applied it to the payment, which accounts for the running balance now at zero.
Confused? Yea, me too.
This semester only cost $4,864 plus a $205.24 book, because my husband had received a $1,175 grant. It’s totally worth it to apply for the FAFSA and see if there is any free money to be had (but not loans!!!!).
I was super excited to receive a Customer Service bonus at my second job after being there such a short time. The bonuses aren’t entirely based on what I do, so anytime they will show up in my account it will be a surprise.
Sell more clothing online. I have a huge stack of clothes which I think will sell well on Ebay, but need to take the time to post online.
Finish paying back the money I juggled from savings, which will probably happen this week.
Start adding money to the school fund for January. Speaking of January, I have this goal of saving up $5,000 for the spring tuition and an additional $1,500 towards future semesters.
Buy a new washer. We’ve been without a washer for several months and now the apartment complex is raising prices on the laundrymat. While the amount needed is not large, all the extra funds have been designated towards paying another semester of college tuition with cash.
Here are the rest of my monthly savings reports for your viewing pleasure.
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Hi! I’m Charissa. I’m on a mission to help hardworking women overcome money struggles and gain financial peace with a Biblical perspective so they can have the freedom to impact their families and communities. Ready to make some changes that will impact your finances in 2020? Click here to get a free worksheet to help you make it happen!