Whether it’s trade school, college, or an advanced degree, continuing education can be an excellent way to further your career or make a career change. It can also be profitable: the most recent data from the National Center for Education Statistics shows that, on average, employees with a four-year college degree can earn $20,000 to $25,000 more than employees with a high school-only education. However, tuition and other expenses can quickly add up, so budgeting for continuing education is essential.
Continuing your education can be done: check out these stories from nontraditional students who pursued schooling with success. With the right planning, you can further your education and invest in your future. Here’s where to start.
The first step for budgeting is estimating your expenses. This goes beyond tuition: you’ll also need to pay for fees and materials, books, and other expenses to manage work and life outside of your education. For example, if you’re one of the 3.8 million students continuing your education while raising a child, you may want to consider childcare while you attend classes. Add that to your budget.
If your continuing education is related to your current job, your employer may provide some amount of financial support. Some jobs will offer specific financial aid programs if the education would advance your career. Other jobs may offer forms of reimbursement. If your job doesn’t offer these, try discussing your education goals with your HR department and your manager. You may have the opportunity to negotiate some assistance.
We also suggest checking out Best Colleges’ page on financial planning. They offer a wealth of resources that can help you apply for scholarships, assist with budgeting while in school, and navigate the student loan process.
Once you’ve explored your options for financial assistance, create your budget for your education. Review your budget regularly to make sure you’re staying on track. We also recommend setting aside a “safety net” for unexpected expenses.
There are multiple scholarship options available to adults continuing their education, with some offering scholarships specifically for working adults. For example, the Imagine America Adult Skills Education Program provides scholarships for adults age 19 or older and enrolled in an eligible job training program. Parents can apply for the Working Parent Scholarship if they’re enrolled in college or trade school. You can complete the Free Application for Federal Student Aid (FAFSA) for federal financial aid, regardless of your age.
Check out this Forbes article for additional scholarships and grants, as well as their recommended scholarship websites.
If your plan is to go to school farther in the future, you’ll want to make sure you’re effectively saving so you’ll have the funds when you’re ready. If you’re pursuing your schooling sooner, your current budget will need to cover your continuing education. You will need to include a comprehensive financial plan that includes expenses for work, schooling, and daily living. This is why creating a budget for schooling will be an important step: it will help you manage your expenses so you can continue supporting yourself and your family while furthering your education.
Working with an experienced financial advisor can help you build a wealth management plan, where you can effectively save for your education while managing your finances and earning income. You can work with our experts to create a tailored plan for your financial needs that includes investing in your future.
Schedule a free consultation with one of our financial advisors.