First Person Perspective: Balancing the Budget Between College and School

When I decided to attend college in July of last year, I knew that I didn't want my pursuit of higher education to restrict my current cash flow as a self-employed person. I am obtaining a Bachelor of Science degree in Business Administration to further my career as a freelance writer and to allow myself the wriggle room to enter a formal workplace should I choose to in my early 30s. Hampering my income now would prove counter-productive. Here are a few ways I am making sure I stay ahead in both school and personal finance.

Choosing an Online School

For me, online school was a bit of a necessity. Minus a brief stint as a Postmaster Replacement at my local post office I have been entirely self-employed since I graduated high school. The idea of adding expenses such as fuel, additional car maintenance, and the need for a second vehicle for my husband just for me to attend school was out of the question, so I chose a solid online college.

Online classes also allow me the flexibility to actively manage my freelance writing career without too much interference. Instead of letting school interrupt my private business endeavors, I decided to cut back on time spent indulging in my favorite hobby, reading for joy, and now focus on reading for school. I catch up on novels in the downtime between semesters.

Tuition Costs

My tuition costs are actually easily managed because I qualified for federal grants. When I graduated high school in 2003, I had a university scholarship and qualified for full-tuition through Louisiana's TOPS honor's program but decided not to attend school since I wasn't sure what I wanted to major in and didn't want to waste time or money finding out in college. Because of this, I still had the opportunity to claim Pell grant funds. These cover almost all of my tuition. Only a small part of the cost of my classes and my school books comes out-of-pocket.

Paying My Bills

Paying my bills on time isn't negotiable. I always pay. Sometimes this requires late hours at the keyboard and much wailing and gnashing of teeth, but the will always finds a way. I'm continually investing my time and effort into work that will pay residuals for several years down the road and hope to finance my Master's degree, which would be paid for out-of-pocket, with the nails I'm hammering in now.

Since I already live quite frugally on a small budget, grants have helped me pursue higher education I couldn't otherwise afford without undertaking substantial debt. By working hard now, I will stay ahead of my personal finances throughout college and, hopefully, pay for a Master's degree without student loans.