When I started university, I wanted to pay for school by myself. I always assumed that if I could pay for school, then that would free up money for my dad to retire as soon as possible--something I want him to do for his own health and happiness. So that's goal #1: pay for school by myself. So far, so good. (If you can call paying for school by using a substantial chunk of borrowed money actually "paying for school by myself," lol).
When I thought about paying for school by myself, I asked the admissions officer how much tuition would cost. I worked out tuition and rent to be at a base of $40 000, in addition to living expenses, transportation costs home, and textbooks. I figured I'd be able to pay for school by myself, but the idea of graduating with $40 000 in debt?! No thanks! So that led to goal #2: graduate with no student loan debt.
Luckily, I might just be able to accomplish that goal. I have $21 033 in student loan debt that I don't plan on increasing--so $21 033 has become the magic total student loan debt number I need to pay off. I was lucky enough to get $20 000 USD in scholarship money, of which I've used $9000 USD to pay for school. I'll also be able to make more than $21 000 CDN from working while in school. Things are going to be pretty tight, but my desire to go on exchange means goal #3: save as much as possible from now until April 2008 to pay down my loans AND go on exchange! Unfortunately, I'm not saving as much as I could, but I'm not going to kick myself over every $5.
These goals have taught me to become more and more financially responsible for myself. I've gotten credit cards that I pay in full every month, used budgets, shopped around for the best bank accounts, and keep my money in high interest accounts. I'm so glad I'm learning so much that I can apply to my future financial goals--like saving up for graduate studies or a downpayment on property. I think it'll be amazing to look back on these posts in a year or two and think about how far I've come along.
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wow I have the exact same goals as you do..I plan on going to Germany for an exchange next year as well. I have $16 000 in student loans and wish to have those paid off by April of next year as well as have savings to pay for the exchange. I wish you luck and I enjoy your blog, I just recently stumbled upon it.
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