Going back to school for career training is a wise investment of time and money. Through financial aid programs and budgeting, you can make your path towards a new career an affordable one. No matter where you are in life or how successful you are financially, budgeting is always your friend. Finding a way to live and go to school on a budget is a necessary challenge most students must undertake.
Tip 1: Create a Personal Budget and Stick to It
In order to save successfully, set a weekly or monthly budget for yourself and commit to it. Start paying more attention to your day-to-day purchases. Factor in uncommon expenses, such as car repairs or doctor’s appointments, into your personal spending projection. Start to slim down on small expenses, such as daily coffee, that add up over time. Once you successfully budget yourself, you will then determine how much money to set aside in savings. By disciplining yourself to add extra money in savings, opportunities for education, housing and retirement can become reality.
Tip 2: Open a Savings Account and Start Setting Aside Money
For some students, setting aside $100 or less every month can often be a challenge. Students that live paycheck-to-paycheck or double as parents will find this especially difficult, but it’s important to remember that every little bit will help. The best thing you can do is establish a savings account and, at the end of each month, evaluate how much money you can afford to slide to your new account. Getting in the habit of shifting funds to a savings account will give you the routine you need to not only pay for your career college more quickly, but plan for retirement and your potential children’s college fund.
Tip 3: Use Alternative Methods of Transportation Whenever Possible
Gas is expensive — as are car repairs and oil changes. If you live in Texas, driving everywhere can seem like a near necessity. If you’re really bent on saving, take advantage of public transportation (buses, metros, buses again) at every avenue possible. If you’re close enough, biking to work or school is your best bet for immediate cost savings. If your career school of choice has public transportation options, you’re in luck. If you absolutely must drive, arranging for car pools with fellow students can help you collectively save.
Tip 4: Be Cautious of Credit Cards
While credit cards can be convenient and can help you build your credit score if you pay your bill on time, they are an easy way to spend well past your ideal budget. Your credit score will be important if you intend to eventually invest in an apartment, condo or house. If you’re budgeting extremely tight, it might be best to forego a credit card until you’re in a better place financially. Not paying your bills on time can also result in massive interest payments that could put you under water in a hurry. While you shouldn’t rule out credit cards as an option if you intend to build credit, waiting for the best time to do so isn’t a bad option, either.
Tip 5: Take Advantage of Technology
If you have a smartphone, there are several free or inexpensive apps available to help you with your budgeting. Wally, Level Money and Spendee are all examples of free budgeting apps that let you quickly overlook your expenses and evaluate how much you’re allowed to spend in a given day or week. You can sync up these apps with your bank and credit cards to get accurate up-to-date information without doing it yourself manually.
Career Training and Budget Training Go Hand in Hand
Whether you plan to launch a career in IT (Information Technology), healthcare or a different field entirely, how you budget can affect your financial well being. If you’re looking for career training with the hope of improving your financial outlook, budgeting when possible will help you reap the benefits even more.
