Overcoming financial barriers – Tips for saving money
Apart from the fact that we spend one-third of our lives working, it’s essential for our mental wellbeing, our health, and our pocket, that we do something we love. If you’re working in a role that isn’t for you, then it’s time to re-educate and upskill, if that’s what will get you moving. Don’t let financial barriers get in your way.
Financial barriers are a significant reason for many people not achieving their career goals. However, if you were to weigh up a short-term spend for a long-term goal, I think you’ll find that the investment is worth it.
Why haven’t you changed job yet?
Picture the scene. You know someone who’s unhappy in their job, and they know that they want to change career. They know what they want to do, and understand that to make this change, they’ll need to educate themselves. They’ll need to become qualified. You hear about this week after week, and you ask, “why haven’t you moved yet?” Their response? “I can’t afford it”.
Yes, education can be expensive, but the wise among us consider it as an investment. Of course, those people also expect a return from that investment, and education is something that repays.
Across Europe, software developers are receiving excellent salaries. To weigh them up, check resources like payscale.com and see what the average salaries look like. Checking those salaries over five years, for example, shows a steady climb in what a developer earns every year. Taking these average salaries highlights just how quickly an investment in software development can return your investment.
If a loan is something that you have to take to upskill or reskill, it’s time to map out the return of your investment. It’s also an excellent time to put some extra order on your finances. Below are some practical tips for saving money while repaying a loan. While these may seem quite simple, they all make perfect sense.
Budget, Budget, Budget
Paying back debt means that you need to tighten your purse strings, but things can be easier if you budget your expenditure. Check your bank records. Write down your standing orders and direct debits, and put a budget in place for essentials, like your weekly food shop, and your travel expenses. Know exactly what money you have left, and budget accordingly.
Don’t impulse buy!
Whether it’s coffee from your favourite café or a special offer you just saw on a stunning top, if you want to save while repaying a loan, then these things can wait. Don’t impulse buy; you’ll only regret it later.
Do you need those luxuries?
Whether it’s a monthly subscription to streaming apps or that expensive TV package, it might be wise to drop some of the luxuries that you can do without.
If you drive to and from work, perhaps it’s time to consider carpooling. This will save you money on fuel, and it’ll give you a chance to socialise!
Write a shopping list
Prepare a list before you go shopping. This ensures you don’t buy unnecessary items. Plan your meals a week in advance, so you know exactly what’s needed. Apart from saving money, this is a great way to reduce your food waste. Also, make sure you shop in a store that offers good value – many shops offer very competitive prices on the items we need.
Go out less
It might seem drastic, but a night out is a sure way to overspend. Invite your friends over.
Focus on the course!
If you’re participating in Code Institute’s programme, use this finance as a motivator to get the course done. The quicker you finish, the faster you can get a new career and start seeing the return on your investment.
Don’t let financial barriers stand in your way
With Code Institute’s Full Stack Software Development programme, you can become a qualified software developer in 12 to 60 weeks. Often, people who choose to do this programme continue working and partake after work, which for many, eases the financial fears.
No matter what you do in life, when it comes to learning and personal development, financial barriers must be removed.