Using Planned Savings

I have written a lot about my big tuition planned savings goal. I have written (and thought) much less about how I’m actually going to use this money I had saved up.

Obviously on tuition, but I hadn’t thought about all the little things that have to be taken care of before school even starts. ($6000 will not cover even one semester of tuition anyways.)

My plan is to track my spending as I withdrawal money from my planned savings account.

This is what I have so far:

Tuition for 2014 Date Activity Balance Reason
  2014-05-13 6619.7 6000  
  2014-05-16 -507.5 6112.2 deposit
  2014-05-19 -65 6047.2 first aid
  2014-05-20 -85 5962.2 immunizations
    -498 5464.2 trip to see mom/dad
    -90.28 5373.92 flowers for references
    -40.5 5333.42 agenda/file folder
    -144 5189.42 purse
    -85 5104.42 flats, two shirts

 

And yes, I’ve been a bad (but honest) personal finance blogger by tracking even the not-so-essential school expenses I’ve ‘expensed’ from this tuition account so far.

My theory is by carrying over this explicit spending tracking into the planned spending account I will be more honest about

a) Where the money is going and b) How much I actually have.

I have spent a good chunk so far.

Yes, I didn’t need a number of these things, but they do directly relate to school and I did not use a credit card or any credit to buy them, so I do not feel guilty at all!

I’m unsure about whether or not to use this money for living expenses in the weeks leading up to school or not, but perhaps I’ll write about that later.

Regardless, expect regularly spending tracking reports from this planned savings account in the future! I encourage you to do the same!

You counted every dollar saving it, you should also make sure you track where it goes!

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One thought on “Using Planned Savings

  1. ok, seriously, i love how honest and real this finance blog is. i love that you tackle money issues in a sensible way but also how you own up where you’re spending your money. i love reading about your progress and how you balance your budgets and how prepared you are for real life and things that don’t always fit into your plan. you rock and thank you for sharing all this with the world!

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