You're excited about the prospect of heading back to school online, and it will certainly fit your busy lifestyle and make it easier to balance your other responsibilities; however, there’s always been one nagging concern in the back of your mind: money. How are you going to be able to afford this? It’s not like you’re independently wealthy. If you don’t have a great sense of how you spend your money now, it’s difficult to ascertain what you can afford.
- Track Your Spending. Keep track of every penny you spend for a month. You may be surprised at the areas where you can afford to cut back and put the money toward your education.
- Save Wisely. If you find that your budget does have some wiggle room, put any extra money you identify aside to use for your education or other expenses that may come up along the way.
- Set Priorities and Goals. Once you have identified money you can set aside, develop a plan for what you’d like to do with it. If it’s going toward your education, how much can you afford to contribute each month? If it’s a rainy day fund, will it go in your savings or somewhere else?
In this economy, saving money is more important than ever. If you put those savings toward your education, you can help to reduce the cost of student loans and other forms of aid. By being mindful of your spending and income, you can help set yourself up for a less stressful financial future.