Your budgeting plan will need a facelift
Adjusting back to school, whether you decide to go back soon or wait, comes with its own transitional challenges; and what happens with your finances is no exception to that.
While the financial component may vary based on your situation, you will want to consider how going back to school can affect every aspect of your financial life, whether that’s from a change in salary, cost of attendance, or moving and potentially adjusting to a new cost of living. You could even be in a different life stage altogether from the last time you were in school.
Creating a realistic budget for your household expenses and assessing how that could change with a dramatic salary decrease would be in your best interest when considering your options.
Think about adding in the expense of paying tuition and student fees and what options you might have for financial assistance from the institution.
Finally, don’t forget that transitioning to school could also mean transitioning to a new area, cost of living, and housing situation.