Getting a degree can be a costly business, particularly if your chosen profession requires advanced qualifications. If you want to join an industry that requires years of study, such as law or medicine, you may be worried about funding your education.
While the cost of qualifying can seem overwhelming, there are ways to minimize the amount of debt you’ll incur.
To help you plan for your financial future, take a look at these top ways to keep your debt burden low when training as a nurse.
1. Live with Family
When you’re studying at undergraduate level, you may live on campus or with roommates in an off-campus apartment. However, this isn’t a necessity. Even freshmen can choose to live with family or existing friends, so this could be one way to reduce your expenses.
Of course, it isn’t just the cost of the undergraduate degree that you need to consider. If you want to progress your career, you may be eager to enroll in master’s level study. By this time, you may be renting your own place or have purchased your own home.
Although it can be tricky to give up your independence, it’s a viable short-term option. If living with family is a possibility, it could significantly reduce your living costs. As well as minimizing the amount of debt you get into it, this type of living arrangement could also help you to pay off your student loans more quickly and reduce the amount of interest you end up paying.
2. Generate Passive Income
If you’re studying for an advanced qualification, you may already be working in a full-time role. Many people choose to continue working while studying as it enables them to keep funding their essential living costs. If your existing work schedule doesn’t allow you to pick up another part-time job, you could explore the possibility of generating passive income.
Defined as income which requires little to no effort to maintain, passive income is a great way for anyone to increase their revenue. While the following examples may require a little input at the start, you can earn on-going income with minimal effort once you’re up and running:
- Affiliate marketing
- Start a blog
- Launch a YouTube channel
- Upload images and graphics to photography websites
- Peer to peer lending
- Rent out a room
- Use cashback sites
- Rent out your vehicle
- Produce a podcast
- Create an eBook
If you have money to invest, you could also generate passive income from stocks and shares, although this can be risky. Fortunately, you don’t have to invest any money upfront to build your own source of revenue from passive income.
3. Take an Accelerated Course
Advanced qualifications may take some time to complete if you follow a standard course program. You could spend years studying full-time to get the qualifications you need to progress in your career, for example. While some programs offer part-time alternatives, this generally means it will take longer to obtain the qualifications you need to move forward.
With an accelerated course, however, you can obtain your qualification in a shorter amount of time. When you enroll in accelerated BSN nursing programs, for example, you benefit from studying online and in the field, as well as from a short on-campus training period. This mix of interactive learning enables you to develop the skills you need to begin working as a nurse more quickly than via other programs.
Accelerated learning can also be a great way to use your existing qualifications to advance your position. If you’re changing careers, for example, an accelerated course may accept some or all of your existing qualifications as pre-requisites, which will minimize the number of modules or courses you need to take.
Ultimately, an accelerated program enables you to qualify in your chosen role more quickly. This means you can begin working in your chosen field sooner than expected which increases your remuneration accordingly. With less time spent studying, you’ll incur fewer debts and be able to start repaying your student loans more quickly.
4. Learn to Budget
This may sound simple and straightforward, but it can be trickier than you think. When you don’t have a good grasp of your budget, it’s easy for debt to build up. Similarly, if you set yourself an unrealistic budget, you’ll be doomed to failure before the week’s out.
Fortunately, there are plenty of free apps and online resources that can help you to get your finances sorted once and for all. As well as calculating your exact income, you can analyze your expenditure and calculate how much it’s going to rise by. If you have credit card debt, for example, you may find that your interest rate increases, which heightens your minimum monthly repayments. These costs often catch people off guard, which means they incur additional debt.
By seeking financial advice, you can learn how to minimize the debt you already have without incurring even more. In addition to this, you can identify which debts you should be prioritizing in order to minimize your expenditure more quickly. If you want to start getting your finances in order, focus on these tasks first:
- Gather together documentation relating to your bills, rent, credit cards, and expenditure
- Collate your payslips and identify all sources of income
- Calculate your pre- and post-tax income
- Write a list of your essential bills, such as rent or mortgage, food, utilities, etc.
Once you have this information, you’ll have a good starting point to budget for everything else. From there, you can create a realistic and sustainable budget which will help you to reduce the amount of debt you incur while you’re studying.
Qualifying as a Nurse without Money Worries
Financial worries can be a major source of stress at any time of your life. When you’re studying, however, coping with debt can affect your concentration, memory, and motivation. If you’re concerned that financial issues are going to affect your studies, seek advice now. Universities and colleges are always on hand to provide information and support, and there is a range of independent organizations that can help you to minimize your debt and reduce your expenditure.
While living on a budget may not seem like much fun, you’ll soon be rewarded when you’re qualified in your new role and enjoying a fulfilling and satisfying career.