Certifications and advanced degrees remain among the best ways to expand the personal and professional opportunities that come your way. Earning certifications and degrees can dramatically accelerate your career prospects and put you a step above your peers because of the high level of specialization and hands-on experiences these bring.
That said, balancing your current financial responsibilities while planning for future study goals may be one of the hardest things you do at this juncture in your life.
Fortunately, the right strategies will certainly make it easier to save money for your educational aspirations. If you’re serious about your academic pursuits, following these tips should make the process less of an ordeal:
1) Set Clear Financial Goals for Your Future Studies
Defining your future study goals makes it a lot easier to work toward them. Regardless of whether you’re gunning for a postgraduate degree locally or abroad, professional certification, or a specialized course, defining what you want and what you need to do will keep you from wasting time and allow you to focus your efforts on the most essential activities and expenses.
2) Open a Dedicated Savings Account
Once your goal is set, you may want to open savings account products specifically designed to boost your savings. In the Philippines, Maya Savings has emerged as the best choice for this, thanks to its market-leading 15% annual interest rate and its Personal Goals & Time Deposit Plus features. In any case, having a separate account that’s designated for your education will help you avoid spending the money impulsively, allowing your fund to grow unimpeded.
3) Automate Your Savings
If you do decide to open a separate savings account, consider setting up automatic transfers to it from your payroll or checking account. This will keep the deposits regular and guarantee month-over-month growth of your funds. More importantly, it will remove your savings contributions from your headspace, which means you will be able to grow your education funding by without thinking about it.
4) Review Your Education Budget
While you probably already have a working budget for your degree or certification, you will want to review it to accommodate the regular transfers to your education fund. Also try to identify areas in your life where you can cut back and see if you can allocate more funds towards your savings. Do another review whenever your regular income or expenses change.
5) Reduce Unnecessary Expenses
To start, consider eating out less, canceling unused subscriptions, or finding more affordable entertainment options while you’re still saving up for your future education. You don’t have to let go of everything you enjoy all at once, but isee if there are things that you are willing to forgo so that you can put more cash into your education savings.
6) Take Advantage of Employer Education Benefits
Today’s competitive labor market has many companies offering tuition reimbursements to draw in employees. If your employer already offers those and you want to stay in your company in the long term, see if you can leverage this perk to offset the cost of your studies. If not, consider moving to a new position that does offer this benefit.
7) Apply for Scholarships
You might already be qualified for a scholarship in the very field you’re interested in. Research and apply for as many as you can, as this essentially free money can significantly reduce your future financial burden.
8) Use Cashback and Rewards Programs
When possible, utilize credit card cash back programs and other reward systems to save money on everyday purchases. Redirect whatever savings you get from these rewards into your education savings fund.
9) Earn Extra Income
Look into weekend side gigs or freelance work to boost your income. Platforms like Fiverr, Upwork, or even local part-time jobs can provide additional funds for your education savings.
10) Live Below Your Means
For many young people, adopting a frugal lifestyle for a long-term goal like higher education or certification is one of the toughest challenges they need to face. Though you need to enjoy being young, sacrificing a little can free up more money for your education savings. Focus on your needs and try to find joy in low-cost leisure activities.
11) Invest Wisely
Once you have a healthy amount of cash in your savings, consider investing a portion in low-risk options like bonds or other high-yield investments. While there will always be some risk, prioritizing a collection of safe options should, over time, positively contribute to your education fund.
12) Sell Unused Items
You probably have a higher net worth than you initially realized. However, if the value of your net worth is tied up in your possessions, it can’t help you move toward your goals. Taking a cue from Marie Kondo, make it a point to regularly revisit your belongings and sell the items you no longer need. Online community marketplaces like Facebook Marketplace and Carousell can give you a wide reach that lets you easily convert your possessions to cash.
13) Keep Learning About Finance
The more you know about growing your money, the more opportunities you’ll find to speed up your education savings journey. Finance can be a complicated topic, but it’s manageable if you take things methodically and prioritize knowledge areas that directly help your goals.
14) Stay Motivated
The great thing about being young is that, if you start saving and investing now, you will be well ahead of many of your peers when it comes to financial know-how and future stability as well as in the specialization you’re aiming towards. However, it can be difficult to appreciate this at the moment because of all the challenges you must go through. This means that saving up for your future education can be a matter of willpower.
Knowing that, you must do what it takes to sustain your motivation to save. No matter where you are in life, always take some time to remind yourself of the benefits that waiting and education will bring. Make it a point to celebrate financial milestones and other small wins so that you remember your reasons for saving.
A Smarter Way to Save Up
With these tips, saving up for your education fund will become much simpler over time. What’s more, you can apply the lessons you’ve learned to strategically grow your wealth for other purposes. Whether you want to save up to start a business or just want to have a healthy retirement nest egg after upskilling yourself, applying these tried-and-true concepts will help your educational and financial journey move along without a hitch