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November 22, 2010, at 6:00 am If you're new to BFS, please subscribe to my RSS feed. It shows me a vote of support and keeps me motivated to keep your attention. If you have any questions or comments for me, please contact me and I'll get back to you asap. Thanks for visiting!
The following is a guest post from Tim, a personal finance writer at FaithandFinance.org - a Christian financial help blog that provides financial insights for individuals, businesses, and churches. Outside of finance, Tim enjoys spending time with his wife, playing the saxophone, reading economics books, and a good game of RISK.
College can be a great way to advance in your career and to become more valuable, especially if you have a graduate degree like an MBA. Unfortunately, these programs can cost anywhere from $20,000 – $75,000 + for a two year program.
Making the decision to pursue a graduate degree should involve planning that considers your current school debt, your current income, and your projected income after the degree is completed.
Here are some tips to budget in graduate school so that you can keep your school loans as low as possible.
1. Get an emergency fund. You should try to save enough for six months of expenses before you pursue a graduate degree. The last thing you want is for your school loans to come due while you’re still looking for a job. Having an emergency fund is an important first step in budgeting for graduate school.
2. If you’re married, practice living off of one income. You should try living off of your spouse’s income for six months before you start school. This will help you to cut your expenses and allow you to adjust to a lowered income. Bonus tip * Use this time to save all your income so that you can reach or exceed your emergency fund.
3. Apply for graduate assistantships or fellowships. Many schools offer assistantships that reduce the cost of attendance and even pay a stipend while you’re studying. You might have to work in the department office or grade papers, but having a few hundred dollars extra a month can offset some of your monthly expenses.
4. Get a part time job. Yes, graduate school is tough, but you can work here and there. Try to use the extra money to support monthly expenses like your rent, food, or car. Living on the income from a part time job is MUCH better than relying on school loans for food. The difference in total amount borrowed can be huge!
5. Calculate loan payments before you borrow. Understanding how much your school loans will cost you each month is crucial when budgeting for graduate school. If you borrow $50,000 you should be prepared to make payments of at least $500 per month for ten years. See why it’s important to budget before you even borrow?
Remember, you can live like a student now OR you can live like a student later. Living like a student now and doing your best to borrow as little as possible will allow you to live like you want to later. I hope you find these tips to be helpful if you’re considering graduate school (or undergraduate school for that matter).
Crystal’s Comments: Mr. BFS was lucky enough to find a mainly-online masters program for school librarians that he was able to participate in while still teaching. He only had to make the hour and a half drive to the campus every 2 months or so. He also took at least 2-3 classes every semester, so he was able to complete it in 15 months instead of 2 years. We built up an emergency fund before he started and used that amount that we were setting aside every month to pay for grad school as he went – no grants, no scholarships, just $15,000-ish in cash…oof…
What are some ways that you planned to budget for college? Do you have any suggestions we missed?
November 21, 2010, at 6:00 am
During the Yakezie Alexa Ranking Challenge, you helped BFS soar from an Alexa ranking of more than 8 million in March 2010 to 49,852 on October 31, 2010. Thank you!!!
After posting my first ever Blog Statistics and Income Update, it was obvious that we needed some new goals, lol. It’s also obvious that everyone else is as nosey as me and enjoys a peek into another person’s stats, hahaha.
Goals for New Year’s Day
Here is what we are shooting for by New Year’s Day – January 1st, 2011:
Alexa – Maintain a Ranking at or around 50,000
Visits – 35,000
Feedburner Subscribers – 300
Twitter Followers – 200
Update
Here is where we are at today:
Alexa – 50,200 (On Target-ish)
Visits – 25,277 (9723 To Go)
Feedburner Subscribers - 208 (92 To Go)
Twitter Followers – 177 (23 To Go)
We are well on our way! I’ll be posting these updates every week and hopefully we’ll blow the targets out of the water just like we did with every other goal we have set since March!
I will also continue posting monthly and yearly blog statistics and income updates from here on out, so stay tuned to BFS, Crystal Clear Thoughts, and Dog’s Life For Me at the beginning of every month to get a complete breakdown including what income each site brought in!
Feel free to ask any questions below. Thank you all for helping me reach my own personal goal of blogging full time by 2012!
Additonal Info
In case you didn’t know, Alexa traffic rankings are determined by the numbers of hits a site gets by people with the Alexa toolbar. If you want to be part of this ranking community, you can download the Alexa toolbar here.
If you don’t already, you can follow me via RSS or Twitter by following those links.
If you are a Yakezie member and don’t see yourself on my member list, please send me an email or leave a comment here to be added. I copied the list originally in early March and updated it in mid-June. Please let me know if you are still missing. Thanks!
If you are interested in seeing how I went from an 8 million plus Alexa rank to about 50,000 in less than 8 months, you can see My Blogging Schedule, which breaks down everything I do related to blogging.
THANK YOU ALL FOR BEING THE BEST READERS EVER!!!
November 20, 2010, at 6:00 am
To check out new content, please also check out my other blogs,
Crystal Clear Thoughts and Dog’s Life For Me!
If you would like to join an exercise-oriented group with weekly goals, consider joining the Crystal Light Challenge!
My Favorite Posts this Week
Guest Posts from BFS
Thanks so much for having me over for the day!
Other Info and Giveaways
Top 5 Referring Sites to BFS
The top 25 of each month will be listed on the first Saturday of every month.
- Free Money Finance
- Len Penzo
- Grumpy Rumblings of the Untenured
- Punch Debt in the Face
- Frugal Dad
Feel free to email me if you have any suggestions. I’d love to add a few more blogs to my regular reading list or at least give a shout-out for great posts or contests.
If you would like to guest post on BFS, please send me an email with your idea or post and I’d love to have you over for the day! If you are a business, please email me for more details. Thanks!
As always, thanks to all the bloggers that teach me something new every day. Thanks to all my commenters for making this blog the community I want it to be. Thanks to all my “lurkers” too. I hope everybody is enjoying this as much as me!
Also, please check out the nicest review of Budgeting in the Fun Stuff that I’ve ever read at Thrift Culture Now,
Legitimately Budgeting in the Fun Stuff

November 19, 2010, at 6:00 am
Feel free to also check out my guest post at Wealth Informatics, Top 5 Ways to Make Money for the Holidays.
Enemy of Debt also posted my debt free story as Debt Free News #18 today.
Have you ever played bingo? If not, you can see how it’s played here, but it boils down to one of the simplest games ever.
You buy a card or cards for a set price that has 5 columns of 5 numbers. A person draws a ball randomly from a bunch of balls and reads off the number. If you have that number on your bingo card, you mark it off. Once you’ve marked off all the balls of the specific pattern that game calls for, you jump up and down screaming bingo. If you really didn’t have a brain fart and truly have a bingo, you win money or prizes depending on where you are playing.
It sounds boring and may be to some people, but I really enjoy it. First off, I go with friends and we have fun chatting (softly) during the boring parts. Secondly, gambling is fun to me. Especially when there isn’t much money on the line.
I spend between $12-$44 for 3-4 hours of bingo every month or so. Each game I play gives me a chance to win between $300-$700, so the payout is still exciting. I’ve only won one $500 pot in 2 years but that also means that I’m still ahead since I don’t usually spend more than $20, lol. At least it’s cheaper than a New York Wedding, hahaha.
If you haven’t tried it, it could be a fun night out for you and yours. Kids over 6 are allowed in the bingo halls around Houston. I only go to the halls that are either completely non-smoking or have a separate non-smoking section, so I don’t keel over halfway through with an asthma attack.
Have you ever played bingo? Would it be something you enjoy?
November 18, 2010, at 6:00 am
The following is a guest post by Andreas on behalf of Money Super Market.
What is Hypermiling?
If you don’t know of the term “hypermiling”, then you’re in a similar boat to where I was a few weeks ago. I was having a discussion with a friend of mine about the rise in fuel costs when they mentioned the act of hypermiling, so I set about doing some research to find out what it actually is, and here’s what I found out.
The term ‘hypermiler’ originated from hybrid vehicle driving clubs and noted hypermiler Wayne Gerdes, and the method of hypermiling can be loosely described as; the act of maximising fuel economy be using certain driving techniques and altering your driving habits.
The group of people that consider themselves to be ‘hypermilers’ try to squeeze every last drop of gas out of their vehicle and they take extreme measures to do so. In 2008, the word hypermiling was selected as the best new word of the year by the New Oxford American Dictionary.
What Are Some Hypermiling Methods?
Once I found out what hypermiling actually was, there were two things I wanted to know, does hypermiling actually work? And what are these extreme measures that people will do to maximize gas mileage?
To combat the rising cost of motoring hypermilers have adopted many different techniques, and some more extreme than others. Some basic methods they have adopted include:
- Always keeping their windows closed to maximise drag
- Removing any excess weight from their vehicle
- Wearing lighter shoes to allow more sensitivity while operating the driving pedals
- Using cruise control in their vehicle to cut down on unnecessary speed changes
- Keeping your tires properly inflated
These are the simpler methods; here are some that are a little more extreme:
- Coasting – Coasting is the act of taking your foot off the accelerator whenever you are approaching a turn or junction where you will have to slow down instead of braking. The reason behind this method is to minimise the amount you apply the brake, therefore also eradicating ‘over braking’ so that you can make use of the vehicles forward momentum.
- Sun Parking – Hypermilers adopt the method of parking facing direct sunlight. The reason being that you try to avoid your windscreen frosting over so that you don’t have to turn on the engine and wait for it to defrost.
- Parking – Hypermilers try to get rid of unnecessary reverse manoeuvres by parking in a driving space where they can make a forward entry and a forward exit.
- Engine cut offs – Hypermilers adopt the approach of switching off their engines whenever they are in a stationary position to avoid wasting fuel.
- Drafting – This method is surely one of the craziest, it’s basically the act of driving in the slipstream of the vehicle in front of you to avoid wind resistance. The result is a more efficient method of driving but you should always remember to stay a safe distance from the vehicle in front of you.
Does Hypermiling Work?
You may now be asking the question, can I adopt these driving techniques to improve my miles-per-gallon? Well according to an article released by CNN, you can! They tested out various hypermiling techniques and by adopting cruise control instead of cruising at driver-controlled speeds a Mustang got 4.5 percent better mileage, and a Land Rover got almost 14 percent.
CNN also found that accelerating more slowly away from green lights and stopping more gradually for red lights cut fuel consumption in their tests by 35.4 percent for the Land Rover and 27.1 percent for the Mustang. These are incredible figures.
If you want to try some of these methods out for yourself then you would need to work out your MPG or miles-per-gallon, you can do this by using some online tools as well as your vehicles mile counter. Once you have your figure you can adopt some methods to see if you see a difference.
It’s important to remember that you don’t have to adopt the extreme methods, and based on CNN’s report some of the simple methods should do the trick!
Crystal’s Comments: I hadn’t heard of the term “hypermiling” but I know people who use some of these methods. Amanda at Frugal Confessions mentioned she coasted the last mile home from work. I always keep my windows closed and try to keep my car as empty as possible. I’d seen drafting tested on Mythbusters and still cringe at the idea of being that close to a big vehicle in front of me while driving 55 miles per hour or more…I think that would lead me to buying a car, lol.
Do you practice any hypermiling methods? Did any of the ones mentioned make you cringe?
November 17, 2010, at 6:00 am
Last week, I complained about the sneaky pay cut at work and Rabbit blew me away with her own story. She and her husband live in the Northeast and her paycheck is brought from a biweekly $1500 to about $815 after taxes and health insurance. Since we both are paid about the same gross (she makes about $36,000 and I make about $35,000), I thought it would be interesting to compare our two pay stub breakdowns:
Rabbit’s Pay Stub Deductions
Fed: $47.58
OASDI: $65.65
Medicare: $15.35
State Tax: $41.50
401K: $75.00 (No Matching)
Pre-Tax Health Insurance Copay: $441.13
My Pay Stub Deductions
(My Health Insurance Premiums of a little more than $50 Start in January)
Fed: $125.83
OASDI: $83.64
Medicare: $19.56
State Tax: $0 (No State Taxes in Texas – 3.5% property taxes though)
401K: $80.94 (Matched with another $80.94)
Dining Room: $3.87
Supplemental Life ($60,000 on top of the $36,000 they supply): $1.11
Short-Term Disability (starting at 2 weeks): $4.73
Long-Term Disability: $5.41
She hit the nail on the head - I was VERY surprised that her health insurance cost more than her taxes! I’m also surprised that despite the fact that she technically makes more than me, I bring home about $200 more a month…that just seems wrong.
Why would health insurance for 2 people cost $900 a month?! Next year, my husband and I will be shelling out about $240 a month total and I was pretty unhappy about that. I don’t feel guilty for complaining (I’m still ticked about the pay cut) but my sympathy is with everyone paying gobs and gobs of money for insurance against illness!
Did Rabbit’s deductions surprise you too? Or are you in a similar boat?
November 16, 2010, at 6:00 am
When my husband and I got married, we came across the scheduling problem that some couples have around the holidays. What family do we visit on which day?
Since neither of our families wanted to “give up” Thanksgiving Day or Christmas Day every year, we flip-flop annually. One of our families gets Thanksgiving Day and the other gets the day after. Then we see one family on Christmas Eve and the other on Christmas Day. This has worked well so far, but it does mean we usually need to bring a dish to 4 big family meals around the holidays and the 2 potlucks we have with friends.
Here’s my cheap favorites:
1) Sweet Potatoes – I’ve posted our step-by-step recipe here before, and they are a huge hit around the holidays! You’ll need sweet potatoes, butter, brown sugar, and orange juice. Combine them as shown and you’ll be all set for less than $4! For every day use, you could also try them out with these chicken breast recipes.
2) Corn Bread Dressing - My husband made this recipe for the first time last year and we LOVED it! You’ll need 2 pans of cornbread (either from a box, your favorite recipe, or find one like this one if you’d like), 2 stalks of celery, 1 onion, 4 boiled eggs, 1 teaspoon of sage, and 3-4 cups of chicken broth. Chop the celery, onion, and eggs and mix them into a large bowl with your crumbled cornbread. Stir or fold in the sage and broth. Bake at 350 degrees for about 45 minutes and enjoy for about $4-$5!
3) Pineapple Stuffing – This is another recipe I’ve posted here with pictures that MikeS sent in. It has been a huge hit with my husband’s family so far and I’ll be bringing it to my parent’s house Thanksgiving Day! You’ll need sugar, butter, eggs, white bread, and crushed pineapple. Combine them as shown and you’ll be all set for less than $3.75!
What holiday recipes do you like bringing to gatherings? Any other frugal ideas for us?
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DISCLAIMER I am not a professional or a financial advisor. BFS posts are informational opinions only. Please make your own financial decisions based on personal research or see a financial advisor.
Also, there are paid links on this site. There is no obligation on your part to purchase any products advertised on this website.
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