My biggest goal this year is to save $6000 for potential tuition*.
I’m really motivated and excited about this, and have been progressing at a great pace. I’m learning that I’m much more motivated for savings goals that debt repayment goals, which is interesting considering they have similar effects on my net worth. (Debt repayment actually being a bit better through reducing interest payments.) But alas, I’ll play the cards I’m dealt.
Currently I’m at just over $2834, or 47.2% of this goal!
I’m very excited about this progress and to boost my motivation I did some research to double check the cost of doing a 2 years masters degree at the school I applied to.
First Year School Costs
Fees (health plan, UPASS, student levy’s, etc): $1327.11 * I could opt out of the health plan each year and save approx $500*
Books: (my own estimate): $500
Second Year Costs
Fees (health plan, UPASS, etc): $1327.11 * see above
Hopefully no books since I’ll be writing a thesis
Program Total: $10 348.64
Over two years, it works out to $5174.32 each year, which totally works given my $6000 savings goal.
BUT, as you can see this school as a unique fee structure that puts 75% of the cost in the first year. I do actually appreciate that, especially since thesis-writing folks don’t go to classes/use as much school-based resources, but it does mean that the first year will be over $7410. That would make me $1410 short in that year.
Yes, this doesn’t include any potential scholarships or bursaries, but I am much to superstitious to even consider that. Maybe I would get one or many, that range from $500-$30,000. This time around in school though I would much rather be over-prepared (and over-saved) than be short.
As a result I’m considering boosting my savings goal to $7000 at least.
I’m thinking that to do this I may take $100 from debt repayment (I know, I know) and put it towards my savings goal every month, so it would mean I would be putting $600/month towards tuition, $100/month for travel and $300/month for student loan repayment. Between now and August, not even counting a tax refund or any bonus money like GST cheques, that would put me at around $7063 for tuition.
I think I’m going to try to do this for the next three months just to see. These three months will also hopefully include my tax refund so knowing that amount will also help me plan better.
Or by then I might know more clearly about admissions/scholarships, but who knows!
What do you think of this plan? I’m always thinking up different scenarios to juggle my current student loan and future potential tuition (and as a result hopefully greater earning potential).
*I’m actually pretty superstitious about writing this post because what if I don’t get in at the end? I’m trying not to think about that, but the plan would be to divert at least half of this saved money towards paying my student loan, if not all of it. *