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|
|-498||5464.2||trip to see mom/dad|
|-90.28||5373.92||flowers for references|
|-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!