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Fess Up Friday: take my money NOW!

My fall semester tuition ($20,000) isn’t due until classes start in August. But I have this urge to just send over my money to the school RIGHT NOW. Just so I wouldn’t have all this money sitting in my savings account and make me feel richer than I actually am.

I want to adjust my mindset to a new state of, er, reduced circumstances. Maybe then I will stop buying so. much. stuff.

Do you ever want to pay a big bill early?

  • DontDebt - Only if there is a discount for early payment. If your money is in an account that has any interest at all on it, you're better off to keep it as long as possible. There may not be a huge amount of interest between now and then, but every penny counts, right? The only way it'll be better for you to hold onto it is if it really is too big of a temptation and you're likely to spend more than you should between now and then. ReplyCancel

  • Leah - I totally feel this way about my wedding right now! I've saved up, I've got my savings overflowing, and I have the sudden urge to just write checks to all of our vendors to get it out of the way. The only thing is that I like holding onto this feeling of rich-ness just a liiiiiittle bit longer! ReplyCancel

  • Michelle - Yes, I always feel like this! MY sister decided yesterday that she is going to start paying her car bill after EVERY paycheck she gets and will start paying $1,000 a month so that she can pay it off quicker and not feel as rich. ReplyCancel

  • Christina - Yes. Most definitely.

    I'll need to pay a $5000 bill in a few months in order to ship my pets overseas. I'd much rather get it taken care of now than deal with it in a few months when I'm dealing with booking flights, shipping my car, scheduling movers, trying to find a house in the UK while in the US and dealing with passports and visa.

    But alas, I have to wait until I get firm dates and medical clearances and all of that before I can get it scheduled. It will be one of my biggest out of pocket expenses and just don't even want to stress about it any more ReplyCancel

  • Emily @ evolvingPF - Yes, I feel that way sometimes. I just sequester the money in savings accounts and try to forget about it. I hope you're getting a tiny bit of interest on the money, though – maybe just reward yourself by spending the interest earned? ReplyCancel

  • moneyaftergrad - ahhhh I understand that feeling all to well! I like to just pay for things so I don't have to worry about them. I don't even care if the money will earn money in my savings account or anything, I just like to not have any obligations! ReplyCancel

  • Jessica - I'm torn. On one hand, I like getting interest on the money sitting in the bank. On the other hand, I really just want to fork the money over to my husband's dental school so that my checking account doesn't look so inflated. ReplyCancel

  • vanessasmoney - I feel like paying my last semester of tuition now so that I can jump up and down and tell everyone that I've made my last tuition payment EVER! :D ReplyCancel

  • Daisy - I feel that way all the time! I think it feels misleading to have a large chunk sitting there if you know it will be gone soon. It's all psychological, I know, but isn't that mostly what money is about? :) ReplyCancel

    • Well Heeled Blog - I hear ya. Big balances in my checking account makes me feel very antsy – every dollar needs to have a job and it's better if they can just GET TO their job sooner than later. ;-) ReplyCancel

  • lkrant - Ask for a cash discount, if you are going to pay early. ReplyCancel

  • BlueCollarWorkman - Yes! Absolutely, I feel like if it's in my wife and my's account, it's making us feel richer than we are. And in fact, we pay bills and some things earlier than when it's due just so we don't have it sitting around! I say pay that sucker early! Get it out of the way. Oh, and if you decide not to pay early, well, at least you have that money gettin ga little interest in a savings account. ReplyCancel

  • nicoleandmaggie - YES. Would very much like to pay private school tuition now. ReplyCancel

  • Lance@MoneyLife&More - While it isn't the most financially savvy move sometimes emotion and mental health can win over making a few extra $$$. In this case I think it is great you paid early. I have paid a few big bills early and am fighting whether or not I want to pay my 0.9% APR car loan off early. Money is in the bank but I like having the cash should I need it. ReplyCancel

  • Gwynne - Keep it and get the interest on it, either in the savings account or a short term CD. Why should the school make the interest? ReplyCancel

  • belowhermeans - Do it! ReplyCancel

  • Little House - Yes! Actually, since I only get paid once a month, it's really how I pay my bills. I get paid, I start scheduling auto-debits through the entire month. That way I can realistically figure out what's left. ReplyCancel

  • Frugalportland.com - I'm the same way — hide it in savings! ReplyCancel

  • merchant account - I've learned to tune my mind in such a way that my savings account just doesn't exist.

    I never factor it in to determine my level of wealth. I always advise young savers to do the same, because it is a healthy habit.

    It would be great if bills could be paid earlier (provided one can afford them, of course!) but you must learn to develop a sense of due diligence.

    Regards,

    Bob ReplyCancel

  • Goodbye ,000: The Biggest Check I’ve Ever Written | Well Heeled Blog - [...] when I said I want my graduate school to just take my money NOW? Hmmm.. maybe I shouldn’t have wished for that day to come so quickly! The financial [...]ReplyCancel

  • Chris Friday - Already paid my tuition fee`s, I took out a low paid summer job, which I have been saving the money to support myself through next semester. ReplyCancel

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