6 Tips to Help You Budget for a Coding Bootcamp
The Learning Format
The first thing to consider is; what type of learning experience best fits your schedule and financial situation. A full-time bootcamp programme demands 40-60 hours per week of your time, can your job lose you for that long?
The other option is an Online Mentoring, which allows you to study at your own pace at times that are suit you. You can study remotely and in the order you feel is best for your learning style.If
you’re on a tight budget, learning online may seem like a better idea but it may not be. You will learn how to code faster in the classroom, which means you can get back to earning!
Rent & Utilities
Most coding bootcamps are located at a central location within the city and these areas tend to have higher rental rates. Trust us, we’re located in Dublin – on average €1,600 per month.
Rent costs less on the outskirts of the city but this means a much longer commute. If you find public transport frustrating and can’t afford the commute – a city centre location may actually be better in the long run. Websites like daft.ie are great for house hunting, however they can be quite disheartening.
You’ll also be collaborating with your colleagues often, during and after class, so sticking close to campus will be more convenient.
To save on housing costs, consider obtaining a short lease on a small space (you’ll barely even be there). Or share a rental with one of your fellow bootcampers – you could wind up creating an amazing business idea!
Food & Drink Luxuries
Chances are your eating habits during a coding bootcamp will change. Try perform a loose food and drink budget and add about 20% because bootcamp is busy. You’ll be grabbing (fast) food whenever and wherever you can, so it’s easy to blow the food budget if you aren’t careful.
Half way through the day, you may be dying for a freshly brewed coffee from a local café. This will cost way more than you think – so stick to filter coffee – it’s only 3 months after all!
More importantly, if you spend all of your money on takeouts – your health will suffer and that brings about it’s own financial perils.
Don’t skimp on nutrition just to save money. You can eat healthy for cheap and the added bonus is good quality foods to keep up energy levels and mental sharpness.
This is one of those “hidden” costs that you might not have thought about. If you have to leave your job to attend a coding bootcamp, you should budget for this loss of income.
Use this equation: Annual Salary ÷ 52 × (12 Weeks + Post-Bootcamp Career Seeking) = Lost Income
Example: If you leave a job that pays €25,000 per year, attend a 12-week, full-time bootcamp, and spend 4 weeks looking for a job – total income lost is €7,692. Be sure to include this when calculating the total cost.
We do have financing options available and if you ace your Software Development Bootcamp, the ROI will very quickly bridge the income losses.
Since coding bootcamps don’t grant you a degree, you aren’t eligible for a traditional student loan. So many students either pay through credit card or use savings.
Currently employed folks can request to attend a coding bootcamp for up-skilling. After all training is one of the most important values to employees and is amazing for retention.
By listing ways the company will benefit from your new skills, and making the commitment to stay with them for a certain amount of time after graduation. Your human resources rep is confident that you’ll stay if the company makes such a big investment in your future!
After coding bootcamp ends, it’s time to get career hunting!
It usually takes several weeks to get an offer from a company, as only a lucky few get immediately hired. It can take up to 2 – 3 months and in this time – students usually polish and improve the projects.
The final week of Code Institute’s programme is our “careers week.” This is where we invite various industry-leading companies such as Google, Facebook, Fernego, Accenture and more to meet with our students.
We can’t promise employment at the end of it, but we’ve designed our programme to mirror the jobs market and employer expectations. Bootcamps are designed to teach you the most industry-relevant skills to minimise the downtime spent seeking employment!For more information on Code Institute’s favourable student loans – get in touch or sign up for one of our open evenings below!