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Embarking on a higher degree can be a great way to improve your career prospects, but it comes at a price. The cost of studying is on the rise, pricing many people out of higher education. While talk of student loans and post-university debt is still a concern, it shouldn’t put you off furthering your education.
Whether you’re splitting your studies with your job or you’re taking time off to achieve your degree, here are some of the ways you can juggle further study and your finances to help you get your degree and improve your future.
See what help is available to you
Before you start feeling concerned about money, it’s worth checking what financial assistance is available for postgraduates – you might be surprised at what you’re entitled to so that you can further your education. Try not to be concerned about student loans, many people rely on them to attend university, and the debt you accumulate doesn’t count against in you in the same way that credit card debt or a mortgage would.
Try flexible studying
Furthering your education with a postgraduate degree doesn’t have to involve taking the year off to do so. There are many options available to you to make studying easier, such as part-time courses or online courses. Studying for an MSc business online degree is something that you can do in your own time, allowing you to work at the same time. If you speak to your current employer about your ambitions, you might find that they’re able to help you with funding or give you the leave to be able to study for your degree alongside work.
Start a side hustle
If working alongside your degree isn’t something that’s possible, then you might want to consider starting a side hustle instead. There are plenty of ways you can make money online by either offering services such as writing or proofreading to help bring in some extra income to pay the bills. There are many ways you can make an extra £1000 a month to help give yourself a boost while studying.
Adjust your budget
Just as when you were an undergrad, you’re going to need to learn to budget with what you’ve got. Budgeting for your postgraduate degree can be difficult but if you’ve got some savings behind you and are willing to cut back on some things, you can do it. While you might be used to having more disposable income from your job, for the sake of a year’s worth of study you can make do without some of the luxuries you’ve taken for granted. Try asking relatives for some help if you find yourself struggling, rather than ending up in debt post-degree. Your additional salary won’t be worth it if you’re spending the first few years of it paying it back with interest.
Whatever your ambitions for your future, some further study can help you achieve them – particularly if you’re changing direction or need some additional skills for your career. While it might be a difficult time financially, finding the balance to help you enjoy study and living is important, and will help make things much less stressful. Get your finances in order to help keep your focus on your studies to improve your future career.