Goal Update: Cash For School

Jen

Cash for school

It’s nearing the end of October, and I am in the last two weeks of my current class session. My master’s program is divided into seven ten-week sessions, with two classes per session. By the beginning of November, I will have 60 more weeks of classes left.

Next up, I will have Biostatistics/Epidemiology and Advanced Practice Nursing Theory. Sounds delightful, I know! We just paid $3400 for these classes in cash, so I am motivated to do well. During my bachelor’s program, we used our credit card to pay securely online, and get the cash back through our card rewards program.

This year, my school has changed their policy, and will charge an extra 2.5% for using a credit card. I saved us $85 by paying through electronic check, and that is how we plan to continue.

My next group of classes, Research and Nursing Ethics, has an increased number of credit hours, so we will have to pay more. At $546/credit hour, my cost will be $3276 plus the cost of books (still unknown). My program does not allow us to buy books elsewhere, but automatically charges to the account, with the cost due at time of tuition. Because of this, I can’t find alternative, cheaper ways of getting books (and yes, I hate this aspect of the program). This will be due in early January.

The good news is we are doing great, and were able to put 50% of my husband’s pay into savings this past month. The bad news is we won’t be doing that next month. We found out this week about a medical expense for one child that will cost $300-450, and the first of my multiple dental procedures starts next week.

That is OK, though. Emergency fund is 100%, our Roth funds (we want to max one for each of us, for a total of $11,000 by March) is 73% of total, and we are this close to January’s tuition. Next month, our surplus will go to medical expenses, and we will pick back up saving in December. Christmas shopping is done already, so no worries there.

Because this is the end of a class session, grades come out soon. So far, I have an A and an A-. (97-100 is an A, and 94-96 is A-). Anything can happen before then, but with decent grades, I can start trying to apply for scholarship money. The first week of November is a one-week break from school, and that is how I plan to spend my break.

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2 thoughts on “Goal Update: Cash For School

  • If your credit card rewards program is greater than 2.5% (most good ones are 5%) you’re still up 2.5% even if you have to spend half of that 5% on fees, right?

    • True. Our Discover is only 5% cash back for select purchases every quarter however. If someone did have a really good cashback like that, it would make sense to use the card, even with the fee.

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