I am starting graduate school in Minnesota this June to earn my teaching license. The goal is to become a high school social studies teacher. I would like to get some tips/advice on how to manage my finances in the meantime, between now and the time I graduate/start working (Sept 2016?), where to put my money where it's most effective, whether I should take out loans/how much, etc.
The program is 13 months, and because of tuition reciprocity I pay, basically, in-state tuition.
Tuition: 3 terms @ ~$8,000 = ~$24,000
Apt Rental cost come June (estimate): $400-600 per month (cheap pls)
I probably won't have time to keep a job while I'm in school, although I'm open to the idea.
Me:
Age: 26
Income: $42,500 (before tax)
Occupation: Corporate Office Phone Drone
Commute: 70 mi/day (ugh I know)
Debt: 11,000 student loans
Car: ~5,000 for a shitty Jeep Compass I was duped into buying from my parents.
This piece of trash has constant problems with the suspension, and I'd like to get rid of it and get something more "Mustachian," but I'm not sure it's smart to make that kind of drastic change right before starting grad school.
**Advice about the car situation would be nice too.**
Rent/Util: ~400 per/mo
I probably spend 250-400 per month on social activities, and groceries, misc.
I do mystery shopping just as a side thing. That probably earns me $70-100 per month in freebies/payment.
Savings: 18,000 in bank (By time I start school in June I could probably increase this to 21,000, if I change nothing)
3,000 in SPY shares
3,500 in stocks
401k: (irrelevant in this case)
It's just me I have to look out for-- no wifey, no mini-crustache spawns.
Why don't I do this in my home state? Because I'd pay more money to earn a second bachelor's degree to even be eligible for licensure in this state, in addition to the classes necessary to become licensed. Furthermore the current political environment in this state is not in favor of the teaching profession.
I'm a pretty stingey guy, trying to be more Mustachian, instead of just being cheap. This website has augmented my perspective on money; not changed it per se, but given me some guidelines.
I previously had the idea to take out a loan to go to school, while investing my current funds with the goal of earning ROI at a higher rate than the interest on my loans; but this seems risky and dicey.
Merci, en avance
--The Crustache