Students have many decisions to make when they graduate with their bachelor’s degree and start debating whether they should attend grad school. On top of signing up for another few years of classes, many have to decide if the cost of the degree is worth it. Some fields require Master’s degrees to get an entry-level job. If you’re on the grad school path, follow these tips to prevent graduating with thousands of dollars of debt attached to your new degree.
Slowly Work Your Way Toward Your Degree
This is actually encouraged for some degrees. For example, let’s say you’re getting a Master’s degree in social work but are already in the field. You’re learning every day with each new case and client and are able to apply what you’re learning to your schoolwork. Taking grad school slowly – with a class or two each semester – prevents debt from piling up. You take the classes that you’re able to pay for at the time instead of learning now and paying later.
Work at the University as an Assistant
If you can’t slowly get a Master’s degree while you’re working in the field, consider working on campus as an assistant for a favorite professor or in a specific class. This way you’re getting paid and have an on-campus job that’s related to your field, instead of working in the campus cafeteria. Not only are you able to make money in a way that’s related to your industry, you’re also able to network and grow closer to many professors. When you need recommendations, they’ll know who you are and will be more specific with their praise and opinions.
Trade in Your Car for a Bike and Bus Pass
Some campuses are located in the city or in places with public transportation, while other places require cars to get around. Even if you’re in the latter section, it’s time to get a bike. On top of saving gas and not having to make car and insurance payments each month, relying on bikes and public transportation limits how often you go out and where you go. There’s no more driving to the bar after class or driving across town to the mall when you’re bored. Yes, it’s frustrating when you can’t go as far without asking for a ride from friends, but it’ll save you a few hundred dollars each month.
No More Fast Food Lunches and Coffee Shops
Well, maybe you can treat yourself to someplace once a week to celebrate the weekend or making it through a major project, but eating out is one of the easiest ways to lose money. If you brought a brown bag lunch from home once a week instead of eating out, you could save $500 a year. Naturally, swapping two fast food lunches can save you $1,000 a year.
The post A Master of Saving: 5 Tips for Getting Through Grad School Without Debt appeared first on The Color of The Money.
