How to Afford to Take a Masters in Health Administration

Education is worth the investment, but it’s not free and takes time to be affordable. There are several different ways to pay for an Online Masters in Health Administration degree course which we’d like to explore in this blog post. The MHA degree online is an ideal solution for career-minded professionals who are willing to allocate some of their free time to its pursuit.

Here are several approaches on how to pay for a degree and get a significant return on your educational and time investment during your career.

Put Together Some Savings

While you may or may not have been successful at putting together some savings from your salary before, it all comes down to having a motivating goal that’s personally meaningful to you. In which case, cutting back on the cable TV package, adjusting your number of restaurant trips per month and doing away with the gym membership for jogs around the park doesn’t seem like much of a sacrifice any longer.

Put together a spreadsheet with the total cost of the course, enter the amount you can save every paycheck and calculate how many months it will take to save the money to pay for the degree in cash. Then do what you can to either reduce your expenses to save more, add a second job or get busy with a side hustle or two.

Side Hustles

Side hustles are all about coming up with mini businesses that can make money in the short to medium term with limited upfront investment. In most cases, there is still some capital required to get started, but you can prioritize the ideas that show promise and also are free or close to free to start.

Take out a piece of paper and a pen, and brainstorm the different ways you can think to start a side hustle. Perhaps it’s something you know how to do that you can offer as a service locally in the evenings or on the weekend? What if you developed a website to promote products through reviews to earn commission? Or become a teacher to younger students who need to learn new skills. There are many different possible side hustle projects. Find the one(s) that fit your personality and skill set and get started.

Take on a Second Job

A second job can be anything that brings quick income in the door that can double or triple your savings rate. Delivering pizzas is one job, doing odd jobs for people on the weekends or working as a handyperson to fill in for people on the weekend is another thing you can do.

The big difference with a second job is that you’ve already covered all your living expenses, so other than any additional transportation or clothing expenses, the net proceeds are yours to save up. While it’s difficult to juggle two jobs and you might have to keep it separate from your main employer, it can make the difference between getting ahead with your education or having to put aside the dream of advancement.

Affording further education is never easy. You can take out a student loan if you can qualify, but it will come with interest added on top and it’s not always the best option. If you can find a way to fund it yourself without relying on a clean credit history to pass a loan application, that’s likely to be the best move even if it takes you a little longer to get there. Then you’re able to study without the added pressure of another debt to pay later.

About Pepper

I am a single working mom, trying to raise my kid the best way I know how. Join me as I navigate my way through the jungle that is Single Mom-hood, armed with rose-colored glasses and strength of spirit. As pepper adds spice to food, so does my daughter add spice to my life. She makes life no less than…PEPPERRIFIC!

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