Today is our official first day back at school. It is finance related because I just paid a TON in tuition and my bank account looks pretty dismal right now.
Luckily I don’t have to pay tuition again until summer so this big payment will be spread out over the next few months in the rolling budget in Mint. I also have a rolling amount of $95 that goes into the tuition fund every month out of the regular budget. This will accumulate during the months that I do not pay tuition and are treated as an expense.
By saving for tuition on a monthly basis I will be committed to putting money away and I can smooth out the actual tuition payments so that they do not come as such a shock to my monthly budget. This is similar to the car fund and it helps me to plan my monthly spending better.
Paying tuition now sucks but the payoff once I have my PhD and get a real job will be worth it!