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Education

Studying While You Work – Is It Worth It?

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Education is an essential tool that helps society function and grows.

 

Not everyone chooses to continue with their education after high school, and instead decide to start their career journey as soon as possible. While this path is right for many people, others might not have been able to go to college for various reasons, even though they wanted to. Alternatively, some people might find themselves stuck in jobs they don’t like, and wonder if they made the right choice. 

So, what do you do in those circumstances? You can stay put and feel dissatisfied, or you can dedicate some of your spare time to gaining a college education. Whether you enroll in a part-time or night class with your local community college or opt for an online degree program, it is possible to return to education. The big question is – is studying while you work worth it? Yes, and here’s why.

Career Progression

If you are stuck in a job you don’t like but aren’t sure how to make a change in career, an education can help you make this jump easier. Many employers like to see candidates with a college degree on their resume, as well as some work experience. If you know what you want to do for your career, but aren’t currently in the right role for that dream, you should look into studying a relevant subject that will help you get an entry-level job in the industry of your choice. 

You might already be in a job you like, but your lack of education has limited your progression to higher roles in the company. Even if you already have a degree, studying to gets a master’s or Ph.D. would certainly make you stand out from other candidates. If you’re worried about having to take time off work to study, consider enrolling in an online degree program like this MBA UK, for example. This will mean you can fit your studies around your work schedule easier. 

Self-Discovery and a Sense of Achievement

While future career prospects might be the main reason people choose to continue with their studies, there are many more personal benefits to consider. It’s an opportunity for self-discovery, and realize some of your hidden talents or find interests in new things that before you might never have given a second thought. A chance to test yourself and see how far you can be pushed to achieve your goals and to be proud of your efforts. Not only will you feel this way about yourself, but your friends and relatives will also be proud to see you work hard to achieve your goals, and you could become a role model for your kids or other members of your family, inspiring them to follow their dreams.

 

 

Studying While You Work – Is It Worth It?
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Exploring Your Interests

Yes, education can give you the chance to learn a lot about yourself, including what your interests are. You don’t have to return to study simply for the sake of your career, but perhaps you have discovered a new passion for learning and want to explore a subject in more depth, like economics or literature. Learning can be fun if approached in the right way, so this is another reason to think about studying while you work. It could help you feel more confident talking to your other colleagues and share your knowledge, or inspire you to start a new initiative at work based on what you have learned.

Maintain Your Lifestyle

A lot of people are worried that returning to education while they work will disrupt their lifestyle, but that doesn’t have to be the case. Yes, you might not have as much free time to socialize or watch your favorite TV shows because you’ll have to study, but at least you won’t have to worry about losing out on money each month. This is what is great about online learning, in particular, as you can fit it around your schedule and study at a time that suits you. This is why many people choose to study in this way rather than attend college full-time, as they can save on additional expenses such as accommodation and transport when studying from home. 

Networking Opportunities

Another perk of studying while you work is the potential for networking opportunities. You might find this easier if you’re attending physical classes, but that doesn’t mean you still can’t make connections from online learning programs as well. This is a big benefit to studying, as it’s a chance to make new friends, but you can also get a good reference from your tutors and discover work experience/job opportunities through them, too. 

It will require you to dedicate time to your studies, and it might be a challenging experience, but studying while you work has so many benefits that it will be worth your efforts in the end. 

 

Categories
Finance

4 Tips on Spending Money on a Budget

4 Tips on Spending Money on a Budget

Most people who survive on monthly wages run out of it by the end of the month and have no clue as to what they spent it on. They are unable to set aside money to make big purchases or save for college fees. They often find themselves low on cash and tread over it when it all goes away. 

Although budgeting can seem like a challenging task to do, it is a process that helps you plan out your expenses of the entire month and take out money for saving.

If you’re from the norm that receives a monthly wage, then the following tips will prove you beneficial for planning out an efficient strategy for your money.

Make a Follow-able Budget

Using ready-made budgets or trying out steps listed online won’t help you in the least as they can seem hard to follow. Plan a budget for yourself that isn’t unrealistic. Creating too many limits in spending can leave you in a trance. Goals that are too far-fetched can get you depressed and want to leave the idea altogether. For formulating an easy-to-follow budget you can look through your previous spending habits to come up with a plan for you to spend less.

You can do it using technology and software like spreadsheets or apps that make budgeting easier. Or you can craft a list on a piece of paper to hang it in a place where you can see it often.

Include Every Expense

For knowing how much you’re going to spend, you should be aware of the expenses you make every month. There are several basic things that you spend money on each month including food, rent, transport, clothing, school/college fee and so on.

Each family has its spending habits and saving needs. Note your every need and don’t leave anything behind. Keep your monthly salary in mind and list expenses down to zero. This way you’ll know where all your money goes without overspending a penny.

Add Purchases for Occasions

Once you’ve compiled a detailed list of every daily, weekly and monthly purchase you make, you can write potential expenses to be made in a month or year. Occasions like birthdays, anniversaries and Christmas require you to spend a significant amount of money. Not planning and saving for them beforehand can make you feel overwhelmed and can have you become low in cash for basic needs. Be sure to include these expenses in planning your budget as well to be able to spend sensibly on occasions and save as well.

 

Keep Track of Money Spent

When budgeting, it is crucial that you know exactly where you spent your money and how much. You can collect bills and receipts form different expenses. Carry a notebook or write them down on your mobile phone. You can check the history of your costs through your credit cards. Transactions made through a free money transfer app can also help in knowing exactly how much you spend and where. Through these approaches, you can see where you have spent the most money to help cut down to spend on useful areas and save.

 

 

Categories
Education Finance

Practical Saving Tips For Millennials

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Photo: Courtesy of Pexels.com

It is an unarguable fact that millennials have more on their plate than the previous generations but that, among other circumstances, has perhaps made them more frugal. However, most people don’t take into account that most of their income goes towards student loans and rent.

Regardless of the fact that most millennials are highly educated, with around a quarter of 18-34 years old holding a bachelor’s degree or degrees, they have reduced disposable income in proportion to their expenses and debts. A millennial having an average negative $3,472 net worth is probably struggling with many important life decisions. With all these given factors it’s almost impossible to apply the same saving and financial techniques.

For a majority of this generation, saving is not as easy and practically done, as often advised. Keeping this in mind, saving is still essential because you are never too young to manage a budget and save. Here are some close to reality and practical tips for the millennials to adopt.

1. Keeping Debt Aside:
If you are a millennial, your education likely came with a price, and, like it or not, you have to pay that back. You know this from day one, so rather than feeling the burn when you are drowning in debt and having nothing saved to pay the loans back, try planning for it earlier. You can opt for loan repayment programs, which can make the repayments less of a burden. You also get better credit when you pay your student loans, increasing your chances of getting low-interest rates on a mortgage or car loans. Start by paying the smallest loan first and do your research on repayment options. You may be eligible for a number of relief programs but might not be paying those because you want to get rid of the biggest loan first. Sometimes people go for consolidation without realizing they have far more options available to them. Before you go on boasting about your salary and start making huge lifestyle changes, keep the loan factor in mind; also look for automatic loan deducting accounts.

2. Split while you can:
If you have to rent a place to live, try finding a roommate as soon as possible and split the rents and utilities to save money. If that’s not working out for you, your best bet is to move back with your folks. This may sound like the worst option to consider but you can easily manage while you’re still trying to adjust to a more finance-focused lifestyle. In return, you can help your parents by paying for some utilities and bills.

3. Keep the credits low:
Yes, now that you’ve stepped into the real world, you might not able to survive without credit cards. They are somehow vital and a useful tool to build a sound credit history, which you’ll eventually need. Not to mention, the perks they offer in terms of reward points and money management skills. However, the more perks and rewards they offer, the higher the interest. Look for credits with low interest to make up for certain financial needs. If you have a high balance on a credit card, you can opt for a balance transfer card with a 0% annual percentage rate, even if it’s for an introductory or limited time. This will give you time to save on your credit debt and will most certainly serve as a progressive repayment plan.

4. Little by little:
We all know how the minutest savings can add up to something big when it comes to paying for something huge and important. Don’t think that being frugal over little things like, skipping Starbucks, using public transportation saving electricity and gas, or getting a fuel refill from a cheaper station doesn’t pay off. All of this may seem like nothing, but without you noticing your financial situation will improve.

5. Is there an App for that?
If you flinch at the first suggestion of keeping track of your expenses in a budget journal, there are more easier and tech-savvy ways to do so. Budgeting and money management apps exist that can keep you on track. Here a few apps to help you deal with all the numbers and budgeting:

Mint:
Mint is an app that tracks your basic finances and, based on your expenses, spending habit and income creates a budget for you. Apart from that, the app also provides a free credit score and gives valuable tips and suggestions on improving your credit score. The app is available both online and as an app for other devices.

Digit:
The best thing about this app is that it’s free and does most of the budgeting on its own. The app analyzes your spending habits and, based on that, transfers a small amount (between $5-$50) from your checking account to your digital savings account. The app is FDIC approved, so you don’t have to worry about overdrafts.

While saving may feel like you’re limiting your financial breathing space, even the wealthiest people save money to be financially secure. It is extremely important to start with baby steps and be extremely consistent. Budgeting is a means to achieve financial success while keeping you on track, so don’t ignore that, even if you believe you’re too young for it.

-by Zyana Morris