5.6.10

PM Finance: taking care of prepaid costs

My father's military status takes care of my tuition fees. Very lucky in times like these.
Now, embarking on a year-long trip abroad is a serious financial haul. I am a big fan of funny personal finance, much like Punch Debt in the Face. Now only 2 short months away from my flight to Germany, the costs are really getting to me--especially since I have been primarily self-sufficient in my college education thus far. My prepaid costs for Germany are a total of $4530.00, which I have already put in a $500 deposit for. So, with $4030.00 left to pay, I have until November 2010 to finish paying these, with a check sent on the 15th of every month. I am going to try and pay it all before departure though.

After that I have even more costs for the my expenses when I actually get to the Tubingen University, but we'll get to that in September.

For now, I have about $1700 saved up in checking, and $643 in an interest earning savings account. I wish I could have saved more, but working 26 hours a week at SF minimum and paying almost $700/month in rent, it was hard to save. That really influenced my decision to move into my dad's house for the summer to save money. I will commute to summer school two days a week, but it is worth it to save $700+ a month. I recommend those who live near a parent to consider this option. I have not experienced living with my dad very often because I grew up with my mother in Missouri/North Carolina, but I think it's a safe option and it allows me to take summer courses toward my major.

Allow yourself to explore the different ways of making money before your trip, Look into different savings accounts, I can recommend Way2Save from Wachovia as a nice way to make a little interest. The Bank of America savings is also appealing, but I haven't actually tried it out yet (I have a savings account). Right now I am using ads and promotions like Swagbucks to make a few little incentives here and there. I think I'll use every bit of actual cash to add to my prepaid costs.

Let me know how your study abroad program works and how you are taking care of your prepaid costs!

2 comments:

  1. That's AWESOME that you have your tuition paid for. Does that work for all universities? Or just certain ones?

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  2. Well my dad applied for the military in California. SO he will always be a CAVET, but the waiver applies to all public universities in CA. Berkeley and UCLA included! It is really awesome, I wish Berkeley had a journalism undergrad so I could have gone there!

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