About to sell my house

[AbuHossam]

The Question
WWDD? About to sell my house. After paying off my debts and ffef I will have about $15k. I am scheduled to attend college part time- covered by scholarship. Do I stop school to work a second job to make sure I am living in my means? Or do I continue school and use the $15k to cover my spending more than I make?

I am working on reducing expenses as well but it’s been kind a trial and error at this point. It will take me about 3 years to finish school and then I should be able to get a promotion and pay raise because of the degree.


ANSWER 1
I think Dave would tell you that you will get the biggest ROI from YOU so put the 15K away as an educational sinking fund and then budget to live within your means while going to school and working. Then the 15K is there if you need it for additional ed expenses so you aren't tempted to get a loan and if you don't need it, it's available during the transition from school to next job.


ANSWER 2
Why are you selling your house? Is it more than you can afford? Do you plan to buy another or rent? What are the rent prices in your area? Plus rent usually goes up every year and recently those are higher than in the past. It could easily be more than your current mortgage.

Do you have a written budget? One that accounts for monthly income and ALL expenses detailed?

I saw in one of your responses you are a single mom. Don't forget child related costs, clothing, one extracurricular activity within an affordable range and age appropriate etc. Add the child support payments into your monthly income if you receive any. Or better yet, set it aside and live off just your income if possible. Children are much more resilient than we give them credit for. Scour your local community postings for free or low cost weekends activities you can work around school and your job. Kids are way more intested in spend family time and creating memories than monetary programs. It's also what they'll remember as they grow. Not how much you spent.

Don't quit school or give up the scholarships.

Personality I'd continue my job, full-time if possible. You said you want to promote, but need the degree to do so. It's silly to think of giving up the job that has the potential to advance.

Read the details of the scholarships closely, take only the minimum number of credits each semester to maintain the scholarships. Also your employer may offer tuition reimbursement. It could open up some of the scholarship funds to cover living expenses depending on the scholarship.

It sounds like you have a city/ federal government job. The benefits and job security that provides is difficult to give up and/or replace.

ANSWER 3
Do not stop school, it will help you in the long term. Work as muchbas you can while going to school. Congratulations on having a scholarship! You are doing amazing. Keep going...



ANSWER 4
What are you going to school for? My daughter is graduating college tomorrow and has worked full time since she was 16. She went to college on a scholarship. Most degrees you can work at least part time and most of the time full time while going to school.