Sustaining Yourself During IT Training: Financial Planning Tips for Success

IT training prepares employees for lucrative careers, helping bridge the gap between existing and new technologies. An intensive program requires anywhere from 2 to 5 months to complete, depending on the type of program. Courses can be intensive and challenging, and that means IT training may require careful financial planning. Without a financial plan, you might face unnecessary stress and distractions. You might even be forced to abandon your career goals. Some of these challenges can include tuition costs at other institutions, time spent training, reduction of income, and unexpected expenses, such as transportation costs and books.

Read on to learn tips and strategies to help you plan for expenses while getting your training. From evaluating your current financial situation to creating a realistic budget, there are plenty of ways to achieve your educational goals while paying bills.

Assessing Your Financial Situation

The first step when preparing for IT training is determining where you stand financially. Start by listing all income sources, including money from employment, financial support from family, and other sources. Be sure to include any savings you might have. Compare all income with recurring expenses, such as rent, utilities, food, transportation, and personal items.

Personal budget tools can help you save time and money. Check out Mint, MoneyManager, and Dime. Google Sheets can also be helpful if you’re looking for a no-nonsense approach to budgeting.

Setting Financial Goals

Once you’ve assessed your current financial situation, it’s time to create realistic goals. Calculate exactly how much money you’ll need to cover expenses while completing your training and deduct that amount from your current balance. Be sure to include any variable expenses that might come up, such as certification exams and unexpected auto repairs. With financial planning, you’ll eliminate unnecessary financial stress that could derail your training.

Budgeting During Training

Creating a sustainable budget is critical to managing your finances as you complete your IT training. Consider the following steps:

• List all recurring expenses: Compile a thorough list of expected expenses, including supplies, rent, utilities, insurance, and transportation costs.
• Separate wants and needs: Filter expenses by necessary items, like rent and utilities, and those you can do without, such as take-out coffee or online subscriptions. Eliminate unnecessary expenses while in training.
• Calculate your income: Include savings, family financial support, grants, loans, and income.

You might be wondering: Is Per Scholas free? Per Scholas offers no-cost tech training which includes materials and other necessities. However, you must meet the income requirements, and you’ll need money to live on during training.

How to Manage Expenses

Financial readiness means your budget must be realistic during IT training. You may need to adjust your lifestyle to ensure you have enough money to live on. Some practical ways to cut down on daily expenses include:

• Meal planning: Purchase items on sale and prepare meals in advance. Planning ahead helps eliminate the temptation of eating out, which can increase your food costs.
• Choose alternative transportation: Instead of driving alone, opt for public transportation where available, carpool, or ride your bike or walk to reduce expenses.
• Housing: Consider getting a roommate or moving in with a friend closer to your training center.

Building an Emergency Fund

An emergency fund is essential for smart financial planning. It’s a stash of money you set aside to use in times of crisis, such as unexpected medical expenses, car repairs, or loss of income. Typically, your emergency fund should cover 3 to 6 months of expenses. If you don’t already have one, consider starting an emergency fund at least a year before your IT training begins. Make it a habit, and continue building it throughout your training.

Assessing Community Resources

Aside from an emergency fund, don’t be afraid to ask family and friends for support during financial hardships. You can also include community resources, such as food banks and housing, in your financial planning. Some nonprofit organizations, such as local religious groups, may offer support when you’re going through tough times.

Maintaining Financial Health

During training, keep a close eye on your finances by monitoring your income and expenses. Don’t be afraid to adjust your budget when necessary, especially if changes occur, such as loss of employment. Monitoring your budget will help you stay on track and prevent surprises you can’t manage.

Avoid thinking you’ll handle issues as they arise. With financial planning, you’ll know how to react if setbacks occur. Whether you have an unexpected bill or an income change, an alternate plan can get you through unexpected issues without derailing your training progress.

It’s also important to avoid credit card debt and unnecessary loans. If you must borrow money while in school, be mindful of the long-term implications and be sure you’ll be able to repay the loans when the time comes. Apply for financial aid and assistance only when necessary.

Post-training Financial Planning

After completing your training, create a short-term budget to carry you through the transition to full-time employment. Consider a short-term gig, freelance work, or paid internship while searching for a career position.

Once you’ve landed a job, focus on paying back any loans and rebuilding your savings. Setting aside even a small percentage of your income can lead to big savings over time.

Per Scholas learners in Full-Time IT Support or End User Desktop Support (EUDS) classes may apply for a Zero Percent Loan from Ascent for financial support during training.

One Final Check

By answering these questions honestly, you’ll know if you’re ready to enter an IT training program. It will also help you identify areas you can improve to ensure success. Don’t wait until you’ve started your training to consider your finances. That can create stress and problems that could reduce your chances of success. Instead, prepare for challenges by creating a plan of action.

Key questions to consider include:

• How much money will I need to meet financial obligations as I complete training?
• How will I pay bills once I complete the IT training program?
• What expenses can I eliminate to help meet my obligations?
• Will I be able to work while I’m in training?
• Do I have any additional resources?

Conclusion

Financial readiness is essential to your success when you’re considering IT training. Start by assessing your current situation, setting realistic goals, and creating a budget that separates your wants from your needs. Plan ahead by building an emergency fund, monitoring your spending, and minimizing any acquired credit card debt and loans to keep you on track throughout your training program.

For more information on Per Scholas or our financial training, contact one of our financial coaches.