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Interest, Tuition Funding & More

February 1st, 2017 at 01:51 pm

We earned $79.08 in interest during the month of January. I hope to see that bump up a little now that more ($15K) of our money is invested at 2%.

I withdrew $4,750 from our daughter's Educational Savings account. That money will be used to cover most of her housing costs for the semester. She has $4839 left in her account. This is in a interest bearing account, so she is earning a little money on it each month.

Since it is officially payday today, I can say that I initially allocated $814 towards tuition. But I also didn't fund all of our usual everyday spending categories in YNAB specifically clothing and entertainment. That means I have another $100 to add to the tuition pot, and finally I decided that the electric bill (that really big one of $315) can actually be paid on our next paycheck on February 15. With those funds, funds saved from last few paychecks, the money from the ESA, and our tax refund, I am now only short $205.31!!

But as I'm writing this I'm also realizing that the books I bought my daughter for school have been allocated to that tuition category in YNAB. They were charged to my American Express card which I currently have 0% interest offer on. Therefore, I don't need to pay that off this pay period. That gives us another $153. Now I'm only short $48!!

I did realize that with my husband's travel reimbursement we might make a little money. It depends on how much he spends on food over what the per diem is. I think he will submit his request for reimbursement on Friday, and it should get paid within a week, maybe in time to pay the tuition bill! This would be a little less out of our savings that we would need to pay back.

I'm feeling much better about this huge tuition bill! I think I can likely shave $48 off our spending with some careful planning over the next 10 days.

I took our younger daughter back to Walmart yesterday to get more school supplies. ANOTHER binder, a 3 subject notebook, and dividers were required. We also bought a 4 pack of AAA batteries and a package of glue sticks to donate to two teachers. That was another $22. Why are office supplies so expensive? The 3 subject notebook was $4.24! The teacher did say they could use three regular notebooks, but my daughter did prefer the combined version for the easy of carrying around. I'm not going to make her sacrifice for a couple dollars.

Posted in Spending, Saving, Family, Taxes, Budget, Low Spend Month | 6 Comments »

6 Responses to “Interest, Tuition Funding & More”

  1. NJDebbie Says:
    February 1st, 2017 at 04:32 pm 1485966762
    1485966762

    Thank you for donating to your daughter's teachers! You are so good at managing your daughter's tuition as well.

  2. creditcardfree Says:
    February 1st, 2017 at 04:38 pm 1485967089
    1485967089

    @NJDebbie, I told my daughter yesterday that any time I see a teacher ask for something I always buy one or two things from the list. So many teachers don't even ask!! As a parent, I just need to be told what they could use. We have the money and I'm glad to help knowing that teachers spend a lot out of their own pockets (my sister is a Kindergarten teacher) and I know not all parents can help.

  3. My English Castle Says:
    February 1st, 2017 at 08:22 pm 1485980525
    1485980525

    I think school supplies are super cheap in the fall--then expensive. Good job on rounding up that tuition money.

  4. snafu Says:
    February 2nd, 2017 at 04:30 am 1486009824
    1486009824

    I notice GW often has a huge supply of binders, 3 ring lined paper, copy paper, foolscap and misc. office supplies that look new, packaging in place, obviously from professional offices. I wonder if that would help teachers who, as you say, pay out of pocket for supplies.

  5. FrugalTexan75 Says:
    February 3rd, 2017 at 02:18 am 1486088298
    1486088298

    Teachers greatly appreciate parents like you.

  6. rob62521 Says:
    February 3rd, 2017 at 09:03 pm 1486155821
    1486155821

    As a former teacher, you don't know what a blessing you are when you donate things!

    Yay on your interest for January!

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