Going back to school as an adult is more common than you might think. In fact, 30% of college students started their program when they were in their 20s or older. And returning to school doesn’t even have to involve a degree program. The most popular nondegree programs include industry certification, individual coaching, online courses, and more.

No matter what type of continuing education you’re considering, it’s smart to create a budget to keep the process affordable. Here’s a step-by-step guide on how to make back-to-school finances manageable so you can complete your program with confidence. 

Assess Your Financial Situation

The first step to budget for going back to school is to check in on your current financial situation. It’s easy when you break it down into three areas:

• Income: Know your numbers in terms of how much you earn. This includes salary, side gigs, and any other income sources you have. If your cash flow fluctuates month to month, average the last few months to get a general idea of how much money you have to work with.
• Expenses: Next list out all of your fixed expenses, like housing, utilities, and insurance. Then make a separate list for your variable expenses, such as groceries and entertainment. You can either use a DIY spreadsheet and your bank statements, or get a personal finance app to help you track your spending.
• Savings: Finally, look at all of your savings, both short-term accounts for emergencies and retirement accounts (and anything in between). See if you have enough cushion and if you’re comfortable tapping into any of your accessible savings to help pay for school-related expenses.

Set a Back-to-School Budget

No matter what kind of program you choose for continuing education, there will likely be expenses involved, even beyond the tuition costs. Calculate a realistic estimate of all of those fees so you can set yourself up for successful budgeting.

Common expenses include:

• Tuition
• Books
• Supplies
• Additional fees (such as technology or lab fees)

Research your specific program and reach out to others in your workplace who have completed similar coursework. They can be an invaluable resource in setting realistic expectations for both your time and money.

Plan for Hidden Costs

Once you calculate the hard costs of going back to school, look for hidden costs as well. These might not be directly tied to your course or program, but they can change your everyday spending without you even realizing it.

For instance, transportation costs could increase if you are attending school in person. Whether you drive or take public transportation, calculate those extra expenses for the length of your program.

Also consider any new technology that you’ll need, such as a personal laptop. Will your living arrangements change? Do you expect to eat out more when you add coursework on top of your other responsibilities in life? Perhaps you’ll need extra childcare. Incorporate any potential extra spending into your budget to make sure you’re still on track during school.

Explore Financial Aid Options

Avoid feeling overwhelmed as you gather information on the true cost of continuing education. You may have financial aid available, so look into maximizing that help first and foremost. If you’re enrolling in a college program, look for relevant scholarships and grants. You don’t have to repay either one of these, making them free money in your pocket to help cover your expenses. Look for opportunities through your education institution as well as industry associations that promote ongoing learning in the field.

Student loans are also available, either through federal programs or private lenders. If you have time in your schedule, you can also explore work-study programs that allow you to work in a field relevant to your course of study. Explore Federal Student Aid programs to see if you’re eligible for any type of financial aid. 

Cut Unnecessary Expenses

After reducing your education costs with assistance programs, try to streamline your personal budget as much as possible. Here are some easy wins to start with:

• Cut back on subscriptions: It’s easy to lose track of how many app and streaming service subscriptions you have (especially if there are several people in the family). Take the time to tally up your subscriptions and see how many you can eliminate to lower your monthly spending.
• Eat out less: You’re likely going to have even less time than usual when going back to school, but try to avoid eating out unless it’s already incorporated into your budget. Instead, fill your freezer with simple, easy to prep meals. They’re cheaper and often healthier, too.
• Lower your textbook costs: Instead of buying your books new, look for used copies or use a textbook rental service.
• Use that student discount: Depending on your enrollment type, you may qualify for student discounts on various products and services. Check what’s available in your area, such as reduced transportation rates and lower subscription rates. Many retailers and entertainment establishments also have student discounts with an ID.

Incorporate New Savings Strategies

Whether you’re saving up for future school costs or want to continue building your emergency savings while in school, you can stay on top of your goals with a few smart strategies.

To start, figure out what expenses you can lower in your budget, especially in the variable categories. But even your fixed expenses may have room for improvement, such as negotiating insurance rates or shopping around for a better cell phone plan.

Also see if there are ways you can increase your income through part-time work or side gigs. Maybe you take on a few extra hours at your existing job every month. Or you could sign up with a dog-walking service to get some fresh air when you’re not studying. Finally, commit to saving a certain percentage of any one-time income sources as well, like an end-of-year bonus or tax refund.

Utilize Available Resources

Both your company and your education institution may have resources available to help strengthen your finances while you’re enrolled in a program. Starting with any financial counseling services can be extremely helpful in learning about all of the resources available to you. Plus, EdAssist coaches help you simplify and prioritize all of your responsibilities to find ways to overcome obstacles and make your time in school as easy as possible.

In addition to student discounts, explore resources from your school. Maybe it’s on-site amenities like a gym that allows you to cancel your subscription elsewhere. Or maybe it’s a free shuttle service that cuts back on your monthly expenses. The more resources you can take advantage of, the better off your finances will be both now and in the long run.

Before enrolling in any education program, check with your manager and HR department to find out what benefits your company offers in terms of coaching and tuition support. Going back to school can absolutely be achievable for you, especially when you tap into a full network of assistance.