How I Paid My $40,000 Degree Off In 4 Years
Post crafted by Sarah Liddle
Four years ago I decided to go back to University to complete a Bachelor of Laws. The Degree was going to cost around $40,000. I didn’t really think about the money at the time, I was blinded by my passion.
Each year I paid $8000 for my Degree and another $2000 for tutoring and books. In the end, I had paid off my entire course.
Here’s how I did it:
- Increase your income. Within my business, I created new courses and coaching. While I know not everyone is in business, you can start your own business for relatively cheap. If you are in business, think about ways you can expand.
- Pay yourself first. I paid myself first, and a large chunk of that went into a weekly savings account for my Uni bills.
- Create an emergency fund. This is relatively new to me, my partner and I did this in my last year of Uni. If I had of known sooner I would have done it sooner. An emergency fund is a set amount of money that you put aside for a rainy day. You only use it for emergencies, like if your car breaks down, your children get sick and you’ve got hospital bills,
- Eat out less. My partner and I use to eat out all of the time. He is a chef, and he enjoys eating out a lot. We sat down and did the math, and realized eating out was costing us thousands of dollars each year.
- Don’t impulse buy. This may have been one of the hardest things for me to learn. I love(d) internet shopping!
- Don’t buy with your emotions. This is similar to not impulse buying. You’ve really got to think things through before you make a major purchase. And if the purchase is over $200 sit down and speak with your spouse about it.
- Manage money with your partner. Both your partner and you need to learn how to manage money. If just one person learns and the other doesn’t care then you won’t get ahead because the person that doesn’t understand or comply with your money management will just stick with their old ways.
- Think about your money goal daily. I would constantly think about the $10,000 that I needed every year. I would always look at my bank account and watch as it grew.
- Don’t be a complete tight arse. If you are super tight with your money, the chances are you won’t stick with your budget.
There you have it. Not only did my partner and me manage to pay for my Bachelor of Laws we also paid off $30,000 worth of credit card debt.
The important thing when paying off debt is to keep going.
If you slip up from time to time, it’s okay.
Just keep going.
In the end, it’s totally worth it.