I wrote Money Hemorrhage back in 2010. This was a turbulent time, as the 2nd of my three daughters was starting University. I am proud of their achievement, but looking at the financial impact, it was significant.
There are many times when there are money explosions (i.e. when money is spent at a very high velocity and volume). Christmas is the obvious one for many people. August can be a much larger money-spending time, mainly due to the costs of Post Secondary education.
For those with younger kids who think that the money you spend on your kids’ new outfits, new books and maybe a new computer is a large amount, to quote B.T.O. You Ain’t Seen Nuthin’ Yet! I have talked about the high cost of University Educations many times previously. This is a reminder to folks who are just about to start this odyssey that if you watch closely, your Frugal inner voice may scream Holy Mother of Jesus on a Motorcycle. The amount of money spent is astounding.
I am about to enter a new phase of this magical financial journey, because now I will have a second daughter attending a post-secondary institution, and she has chosen to go to a school out of town (as well, her older sister is already out of town). Yes, before you comment about how this is my fault, I realize that it is hellaciously cheaper for kids to go to school in town (more than half the cost of University can be accommodations), but spending Double (or even more) than I previously really did wake me up in the middle of the night in a cold sweat.
Is it Even Possible?
Can I afford this? For now, yes I can, but it is causing a high degree of Stress and Anxiety in my life, even though I can afford it.
Any time you spend that much money at once, there is going to be a level of angst, and you will need to learn how to deal with it. I guess I need to start exercising to help alleviate the stress build-up.
Does anybody else have this psychological uproar when spending large amounts of money? How do you deal with it? I am open to suggestions.
Back To School
A few other quick views on back-to-school and RESPs
- RESP: Back to School Reminders for September.
- So that is what $50,000 looks like… It is important to know what is the final goal for an RESP.
- Back to School (Monetary Nightmare) the start of September can be expensive.
- Back To School and RESP Time is the time to think about this. When else if not the start of school?
- University, Who Pays ? It isn’t written in stone that you must pay for your kids’ education.
- Kids Allowances (redux) is this concept dead? Are allowances passe?
- Money Hemorrhage in August? (aka the Scream). September can be a very expensive month.