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Tweaking my savings goals

October 1st, 2014 at 11:32 am

Since I will be starting full-time practicum hours soon I need to tweak my savings goals and decide how to divide the full-time paycheck. My part-time paycheck is already taken care of. It will only be about 6 hours or so a week, so I figured all of it could go to savings. It is set up to be directly deposited into my online savings account.

The household bills, groceries and gas are currently being covered through our joint account. Kid expenses are also covered through this account, plus child support.

Additional expenses that will be coming out of my full-time paycheck:

-I will start before school care again for my youngest, that will be $300 a month.
-Tuition expenses will be approximately $12,000 this year (spring and summer). I'd also want to set aside the money for my final fall and spring semesters, that will be an additional $8,000 to save this school year. so that's a total of $20,000. I am waiting to see what financial aid I qualify for, but for now I am assuming that I will cash flow this.
-I plan on contributing to one of my employer-sponsored retirement plans such as a 457(b).

So there probably won't be a whole lot left over from the paycheck once I take care of these expenses. But it will pay for my education, which will get me a much higher paying job, and allow me to earn the mandatory supervision hours, and keep me contributing to retirement. And a little bit left over for some fun for the family!

2 Responses to “Tweaking my savings goals”

  1. creditcardfree Says:
    1412172854

    Cash flowing tuition is a great thing! You have a good plan. If you get the tuition assistance, will you be able to save more?

  2. alice4now Says:
    1412243485

    Whatever I don't have to spend out of my own pocket will stay in my savings Smile So any little bit of help or discounts I receive from tuition will be beneficial.

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