Stay Financially Secure When it’s Time to Further Your Education

Stay Financially Secure When it’s Time to Further Your Education

Many people get a certain way along in their career and then discover that to achieve all of the key lifestyle and financial goals they have in mind for the future, they must obtain additional credentials and go back to school.

Across most industries, to become financially secure it is necessary to have that essential piece of paper that shows you have an advanced qualification in a certain area. However, at the same time, having to go and get another degree, such as a master’s or Ph.D., can also be an expensive and time-consuming undertaking. It is possible to achieve all your dreams – if you follow a few key steps.

Research and Plan

Investigate the different universities offering the degree type you’re after. Learn which ones are the most affordable yet still accredited and easy enough for you to attend, location-wise. While famous universities are certainly appealing, the additional expenses that come from studying at them, with their dramatically higher fees, often don’t translate into related higher income in your career.

When weighing up costs, also keep in mind additional factors such as travel expenses, parking fees and even, potentially, accommodation if you will need to travel longer distances on occasion. It may end up being more affordable if you choose online study rather than an on-campus degree. By studying online, you can continue to work in your current job and fit your studies around your work commitments. This means you’ll still have income as you study, which has a positive financial impact. Online study also negates travel expenses.

Make sure you have determined which qualification you need before you commit to a university program. You don’t want to get part-way through a course only to find that another specialty would have been a better option for your desired career direction. By getting this right the first time around, you’ll save yourself considerable money.

Financially, it’s also wise to plan out how you will afford your studies. You may need to save up for a year or two before you go back to school, so you have the necessary funds in place first. Create a budget for your time at university too. You’ll have additional expenses to cover, including class fees as well as books and equipment, so find a way to cut back your budget in some areas to give you more breathing room.

Condense Your Studies Where Possible

Another good way to stay financially secure when getting an advanced degree is to condense your studies. After all, the sooner you complete your program, the sooner you’ll stop paying for uni fees and the sooner you can start earning more money in your career.

For example, you might wonder, how long does it take to get an MBA typically? This ranges, but is usually at least two years full-time or four years part time. Many other master’s programs and other post-graduate degrees take at least this long as well, if not longer.

You can reduce the amount of time you’re back at school if you look for ways to accelerate your education. You might be able to shave six months or more off your studies if you apply to receive credit for prior learning or experience. In addition, you might be able to take more subjects per semester or there could be a way to take classes over the summer or other breaks. If you’re after more than one qualification, investigate whether or not you can combine degrees to complete studies more quickly.

Utilize Financial Support

Keep in mind that there is often a variety of financial support available to you. This can cover not just your university credits but also things such as books, travel expenses and even international studies.

For instance, you might be able to get a scholarship from a university or gain access to a grant or other financial support from state or federal governments or through private organizations that run programs each year to foster education. You might find too, your employer is willing to invest in your studies if this means you bring your additional knowledge and experience to your job.

This guest post was written by Tiffany Rowe, a leader in marketing authority, she prides herself in her ability to create and provide high quality content that audiences find valuable. She also enjoys connecting with other bloggers and collaborating for exclusive content in various niches. With many years of experience, Tiffany has found herself more passionate than ever to continue developing content and relationship across multiple platforms and audiences.

 

By |2018-08-24T08:33:24+00:00August 24th, 2018|Career Wisdom, Featured|

About the Author:

With over a decade of career and professional development coaching experience, Caroline Dowd-Higgins has a desire to empower and energize people to achieve their personal goals. Her training style is engaging, high energy, and positive with a focus on unlocking the self-advocate within each of us.

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