Experts Recommend Creating a Financial Plan Before Returning to School
Returning to school can be a valuable way to advance your career, whether through pursuing a master’s degree or acquiring additional skills through a certificate program.
However, it is also a significant financial commitment, as education can be expensive, especially when it means taking time away from work.
For this reason, some individuals opt to continue working while attending school part-time.
One such example is Omar Jamal, who chose to keep his job at Scotiabank while pursuing an MBA part-time to enhance his career prospects at the bank and broaden his opportunities in the future.
By spreading out the program’s cost over a longer period and maintaining his income, Mr. Jamal found this to be a worthwhile investment in himself.
On the other hand, some individuals like Paige Kezima choose to leave their jobs and pursue full-time studies. Ms. Kezima had long desired to obtain a master’s degree but had been held back by financial constraints, only to realize she could prioritize this goal after inheriting funds following her father’s passing. Despite the difficulty of leaving her job and forgoing a salary, she sees this decision as an investment in her future.
Prior to embarking on this educational journey, experts advise taking time to reflect on the reasons for returning to school. It is recommended to save for a year to conduct thorough research and even speak with individuals who have completed the program.
Consider starting part-time or taking a single course initially to determine if it aligns with your goals. Additionally, exploring online programs and seeking financial assistance from employers or government grants can help make education more affordable.
Ultimately, creating a financial plan that accounts for tuition, living expenses, and a buffer for unexpected costs is essential. By evaluating the sustainability of this plan and considering available resources, individuals can make informed decisions about furthering their education.
