EXISTING ECONOMICALLY

Remember how each month I wanted to put whats remaining of the $400.00 into my savings account to build it up?

Well I've decided that it is much easier to save money when you have a purpose for doing so. Today I have decided that my purpose is grad school

How to Save Money for a Purpose:
Step 1: Set a short term goal.
It costs $60.00 to take the GRE and another $160.00 to apply to UNCW's graduate school for English. This $220.00 will be my short term goal, and the first step in getting into grad school.

Step 2: Set a long term goal.
On UNCW's website they list that graduate school for in-state students costs about $18,800 (including: Tuition, Room & Board, Books & Supplies, Transportation, Loan Fee, Misc., & Health Insurance). In about 1 1/2 years, this will probably increase, so I estimate my long term goal to be approximately $20,000.

Step 3: Decide how you will save.
I plan on putting away the rest of my money from my $400.00/month, into my graduate school account. Lets say I put away $100.00/month, by the fall of 2011 I will have saved $1,600. That still leaves $18,400.
Clearly I will have to start working to pay for school too. If I get a job that pays $8.00/hour and work from August to May, I would have to work 2,300 hours to have enough to pay for school, thats 23 hours a month, and about 6 hours a week. However, this does not include taxes, so lets say I will have to work atleast 10 hours a week for 10 months.
As long as I save that money and don't spend it on anything else, I can atleast make a dent in my graduate school payments
The next step would be to get a student loan. (My VERY last resort!)

Step 4: Start saving.
I need to get a job.

Step 5: Constantly remind yourself what you are working towards.
Make a savings calendar to document your progress. This will motivate you while informing you exactly what you have left to do.



Please feel free to leave any comments about grad school. Let me know if you've been, how it was, recommendations, what I should know etc.!