Graduate school is VERY expensive and since my funding for this PhD program is not guaranteed I do have to save money to be able to pay for school at some point in the future.

I have started a new mini savings goal in ING and it is called my Phd Fund. I have a very tiny income now as full time student so I have only been able to budget $50 a month to go into my savings fund for school. I know this seems like a small amount but as I have mentioned in the past you always have to start somewhere.

I will be saving $50 a month now in my new sub account in ING and if I can save more then I will go ahead and do that. If something happens and I have less income then I will go ahead and put less in until I get to a better financial situation.

The key is to constantly save and not withdraw the money so that it can continue to earn interest. I am starting my small savings this month and we will see where it ends up by the time I need to actually use the money.