Going back to school isn’t just for kids; it can be stressful for adults too. It’s not just the coursework that can be daunting. If you’ve noticed how competitive the job market is, with many candidates holding bachelor’s degrees, you might be thinking about getting a graduate degree to stand out. But managing family expenses is tough enough without adding the cost of tuition and books. Plus, you’ll need to invest a lot of time into studying and working on projects.
You might think that it’s nearly impossible to afford a graduate degree while supporting your family. But you’re not alone; many adults have returned to school while juggling work and parenting. Here are some helpful tips for going back to school on a budget and managing family expenses.
First, take a close look at your family’s expenses and come up with a simple financial plan. For instance, a 2011 Nielsen report showed that nearly 90 percent of American households paid for TV, and by summer 2014, almost 50 million households had Netflix subscriptions. These are comforts you might cut out temporarily to save money. It might be a bit rough, but you can resubscribe after you finish your degree.
Have your family save receipts for every purchase over four weeks. Then, go through them to see where most of the money is going. You can cut back on Starbucks by using a to-go mug or reduce dining out to once a week or every other week. Set a budget for essential expenses like utilities, insurance, and groceries to know exactly how much you need each month.
There are countless blogs and websites offering tips on saving money while shopping, from couponing to finding the best local deals. Extreme couponing might be out of reach during grad school, but every bit of savings helps. Consider shopping at thrift stores instead of the mall for clothes and shoes. Many thrift shops offer high-quality, name-brand items at a fraction of the cost.
Before you turn to student loans, research other funding options like scholarships, fellowships, and grants. There are thousands available if you put in the time to search. Grants are generally easier to get than scholarships, but don’t rely on them alone. Check if your employer offers tuition reimbursement, as many companies will cover part or all of the cost of continuing education.
Even after trimming expenses and setting a budget, you might still need to work while attending graduate school. Night courses and online programs can make this possible, though it might take more than two years to complete your degree. Institutions like Ohio University offer online master’s programs in various fields, including nursing, business, and engineering.
Balancing family life while going back to school on a budget is challenging, but it’s achievable with these tips. Your family will benefit from your efforts in the long run.
