Last post I said I would give you a little bit more info about my finances, so here goes. For the past year I’ve been working full time and saving all the money I possibly could for grad school. Since I was insanely lucky and managed to get an assistantship that comes with a tuition waiver and a monthly stipend, I won’t need that money for living expenses while at school and can now use it for other things. This is how I plan to split up the money:
1) Emergency Fund of $2,000- Right now I’m close to halfway there! I plan to use this money if something unexpected comes up during grad school, since my budget will be über tight.
2) Car Repair Fund of $2,000- My car is a ’96 and seems to be breaking a lot lately (I paid just under $3,000 in repairs last summer alone!), so this account will be for various repairs that I’m sure will be coming up in the future. And if I don’t need it after all, then I will have a little stashed for a new car sometime down the road!
3) Travel Fund of $5,000- I already have accomplished this goal, and have the money in an ING savings account. Travel is very important to me, and I have some big travel plans in the future, which is why the number is so big.
As far as these goals go, I hope to have them all accomplished by the end of August of this year ('08). Wish me luck!
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Warning: Living out the glamorous life on a grad student's budget can endanger your financial well-being.
3 comments:
I'm also going back to graduate school in the fall. I'm a little worried about my less than plentiful stipdend.
Sounds like a worthy experiment. I wish my financial goals had been as concrete as yours when I was 23.
Sounds like you don't have any credit card debt to your name...is that right? If so, congrats. That kind of debt seems to be the biggest problem for recent grads these days.
Good luck with your goals! All seem very attainable!
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